No, not really, but you did panic for a second there didn't you. I bet in that one second you considered taking all your money out of banks and stocking up on food. Well, that's what the world did when the United States announced that we were in a recession in the fall of 2008 - people panicked, the stock market lost a record number of points, people started taking money out of banks, etc. Did you know that we were already in a recession in the winter of 2007 - sure the stock market was dipping a little bit, but no one was taking money out of banks and everyone was feeling dandy.
That, ladies and gentlemen, is the power of words and the media. If they did not have that recession announcement, I bet everything would still be OK. And through the power of capitalism, the companies that deserved it would have gone bankrupt now and the government would not be handing out these bailouts and the United States would not be in a trillion dollar national debt.
Something to think about.
BBC Article: "Obama Suggests Recession Easing"
Photo from BBC.
That, ladies and gentlemen, is the power of words and the media. If they did not have that recession announcement, I bet everything would still be OK. And through the power of capitalism, the companies that deserved it would have gone bankrupt now and the government would not be handing out these bailouts and the United States would not be in a trillion dollar national debt.
Something to think about.
BBC Article: "Obama Suggests Recession Easing"
Photo from BBC.
1 comments:
it's more about the power of confidence in our financial system than our media or words alone.
you can call a depression a recession, or say a recession is fundamentally strong, but the bottom will still fall out.
"If they did not have that recession announcement, I bet everything would still be OK." -- do you really think that if they hadn't shouted 'recession' that the toxic mortgage assets would magically be capable of being valued? it's the anatomy of a bubble -- people knew the gig was up long before that
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