60 Minutes presented a 13 minutes report on the real state of unemployment in the US. This is an eye opening moment for those who still think that we're back in the "old-normal" of the credit bubble...
Unfortunately, I cannot embed the video, but you can watch it from this link to CBS.
You will learn that things are far worse than during the great depression, and that the real unemployment in California is 22%.
Notable quote: I was a shopoholic, I was trying to reform myself but there's nothing like to lose your job to completely reform a shopoholic. [...] I never would have believed that $5 would mean so much.
These are just more proofs of the long term shift that is happening in the US: from credit addiction, people are shifting toward frugality and will become nation of savers. Exactly like what Japan went through, 20 years ago. This means deflation as well.
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