>> I'm not sure if this is in reference to what we were talking about last month at your place,
> In part. But also I was countering the assertion that because the EPR fell during the expansion, recession was nigh.
Well, my point wasn't that recession is necessarily nigh, but that whenever it does arrive unemployment may not be starting from much lower a level than it is today - which would mean we'll be up in double-digits again when it comes. You're actually making my point for me by pointing out that EPOP fell over the last expansion - if that repeats itself with this expansion, we'll be getting into a real ratchet effect with unemployment.
SA