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September 14, 2009



I agree with your assessment of the economy. I worked through stagflation the first time around, and I see many of the same indicators now. My own salary is frozen; on top of that, my firm have suspended all bonuses and recently re-wrote the vacation policy to cap at three weeks and the personal leave policy (sick days) at ten days. Essentially, that discounted my annual pay by 15%. No luxuries in this house, not for a long time. Where I work, the streets are a ghost-town at 9:00 AM, and public transit ridership is down 5% or more. I think it's going to be a very long recovery.

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