You know its a recession when your friends start getting fired.
Unfortunately, I'm now at an age when it's my friends children that get fired.
I heard today of a very bright chap who hasn't worked since September. He is married with two children and living in what most people would regard as a big house.
He is so hard up for money he asked his father for £200 to pay for groceries. His father ( who recently bought( rented?) a new Mercedes and lives in another, bigger house) told him he couldn't spare it. The wife went to her mother and borrowed £300. The school fees are two months behind. There's effectively no equity in the house.
Where is it all going to end? It can only be in mass bankruptcy.