It's not really a good afternoon, is it, what with massive job losses. But I felt I had to say something to acknowledge the fact that I haven't blogged all day, having been off at a blogging workshop at Yale, and then, frantically trying to catch up. This is the glamorous blogging lifestyle, my friends: three hours away from the internet makes one feel dangerously disconnected, like the whole financial system might have collapsed without your noticing.
It didn't, quite, but the jobs numbers suggest, as Joseph Brusuelas put it, a "slow motion train wreck". Unemployment is a lagging indicator. Let's say that Ken Rogoff and Carmen Reinhart are correct in their comparison of this crisis to other developed-world financial disasters: