The next few years won't be fun, but the reasons are key to why this recession will be a lot more bearable than the financial crisis.

Any kind of downturn is bad. <br><br>Things will suck for people who are out of work, and some people will be trading down. But this recession has been prompted by employment being too high, not because capital formation had been structured in a way that was obviously unsustainable.<br><br>The housing bubble was full of stupid credit. That set off the crisis that set off the financial crisis. This is the opposite. It's the result of stupid amounts of good credit because that's where rates had to set to at the end of '20 to keep the country from full on collapse. <br><br>The next few years won't be fun for those out of work. That's why the fed manipulates employment in the first place. But this is important. How you end up where you are is often at least as important as where you end up.