' “These are not layoffs... they’re permanent job losses,” said Barry Rithotlz this morning. “These people are not going back to work anytime soon.” That is the difference between a recession and a depression. In a recession people get laid off... and then they are called back to work when things go back to normal. But in a depression, they are let go permanently.' Bill Bonner hits the nail on the head in this article in my view, I've got a few Uni mates now who are employable but have been laid off and have not found any work for over 6 months despite their efforts (all with mortgages and young families). Common sense says another market correction event has to happen in the next 6-12 months. HPC should follow, resilient though it seems...

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