TightWind is written by Kyle Baxter. Stay Hungry. Stay Foolish.

From Time Magazine:

Traumatized by layoffs that have cost more than 1.2 million jobs during the slump, U.S. consumers have fallen into their deepest funk in years. ‘Never in my adult life have I heard more deep- seated feelings of concern,’ says Howard Allen, retired chairman of Southern California Edison. ‘Many, many business leaders share this lack of confidence and recognize that we are in real economic trouble.’ Says University of Michigan economist Paul McCracken: ‘This is more than just a recession in the conventional sense. What has happened has put the fear of God into people.’

In one of history’s most painful paradoxes, U.S. consumers seem suddenly disillusioned with the American Dream of rising prosperity even as capitalism and democracy have consigned the Soviet Union to history’s trash heap. ‘I’m worried if my kids can earn a decent living and buy a house,’ says Tony Lentini, vice president of public affairs for Mitchell Energy in Houston. ‘I wonder if this will be the first generation that didn’t do better than their parents. There’s a genuine feeling that the country has gotten way off track, and neither political party has any answers. Americans don’t see any solutions.’

The deeper tremors emanate from the kind of change that occurs only once every few decades. America is going through a historic transition from the heedless borrow-and-spend society of the 1980s to one that stresses savings and investment. In the short run, this helped trigger the cyclical recession, which is likely to run its course in the next few months. But when it’s over, America will not simply go back to business as usual.

From Time, in 1992, that is. Sound familiar?

Just saying.

(Via Marginal Revolution, which has been smartly comparing this recession to past ones.)