Dec '08 2
News To Know: No Kidding
Yesterday the National Bureau of Economic Research announced that the U.S. has been in an economic recession since late 2007. For just about everyone else, this was pretty old news. The stock market responded accordingly and tanked, as the Dow fell 679 points. Despite all the bad news, the government still says it is working hard to stem the losses and Fed Chief Bernanke has outlined some additional actions that could improve the economy.
Comments
John Ellis says:
The main news media amaze me. Many great men study economics in college. Many accounts muddled thorugh years of training. Yet we are led to believe that a news reporter with a GED knows more about recession than all these collegs. It was extremely rare that any reporter dared to open an accounting text book, or even a Webster dictionary to find the definition of "recession". They interview laid off garbage men. They ask magazine readers for polls. BUT heaven forbid that they should actully read the definition. As if opinions mean more than facts.
A recession only exists after economic indicators show a consistent drop for 6 months consecutively.
The scary part is that enough people actually believe the news media, and act accordingly. Out of fear, they stop spending, they stop investing, they horde savings and bonds.
I am 58 years old, and I am sick and tired of hearing news media spokesmen say things like "the worst economy ever" or "the worst disaster ever",
The main liberal news will only be happy if American is poorer that any third world country.
All this economic mess today is their fault. I hope they are satisfied (although I doubt it).
12/08/08 4:51 PM