The bears have consistently warned us of a protracted recession due to the arduous consumer deleveraging that would take a long time, I don’t think they counted on it happening this fast.
From Business Week, change in household debt outstanding.
The Great Recession might be over a lot sooner than many think. Households have liquidated assets very fast to shed debt. They feel much less wealthy, but their anxiety must be waning. Good news none-the-less.