Even though the government hasn't officially declared our current economic crisis a recession, we all know it's here. Car dealers know for sure, and he's an excerpt from an article on cnn.com regarding a car dealership in Florida:
Mr. Thomas has stopped ordering new vehicles, and he is relentlessly cutting costs, including his own salary. He is slashing medical benefits and matching funds for the retirement accounts of his remaining employees. He has stopped giving free oil changes and tires to charities, stopped offering coffee to customers and even canceled janitorial services for the bathrooms.
Sounds like the contraction phase of the business cycle. Government grows the money supply leading to easy credit, malinvestment occurs, we reach a peak (consumers are tapped), and then the pain begins, as you can see above.
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