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Does anyone have any idea if we are screwed?

*effect.

And why is this anonymous?

Litigation(ADP mostly people want to avoid court in poor economic times), Bankruptcy, and foreclosure practice maybe safe. Any practice that has to be tied to a large law firm may take a hit.


But in order for there to be another "recession" there has to be two quarters of negative growth. So we shall see.

Again, the difference between 2011 and 2008 is that this time around, the fundamentals are still there with the exception of employment numbers. This is a reaction to both a gigantic screw-up by S&P (which is going to make some people really rich; we probably haven't heard the last of this) and 636 collectively incompetent politicians in Washington. The public seemed to realize that things were not all doom and gloom when they observed the paradox of the situation: people were escaping market uncertainty caused by a downgraded U.S. credit rating by buying up U.S. debt.

The blame doesn't rest evenly on all of those parties, but what's important to this particular conversation is that it's significantly easier to adjust for known quantities of incompetence than it is to repair broken fundamentals. It's good that people are starting to consider answers to important questions before economic indicators are poor; hopefully that will help us avoid the bad economy that everyone is fearing.

On the other hand, preemptive and incorrect groupthink has failed us before (see 1929-31, 1937, 1979, 2000), so hopefully people react correctly this time instead of digging the hole deeper.