It's official, we're in a recession - the Media says so...WTF?!?!

[Rule10b5]

I guess the MSM's self-fulfilling prophecy of a recession has come true. Reality, basic economic forces, supply/demand, capitalism be damned.

Are you seriously suggesting that the recession is due to the media?

That's the most inane thing I've heard in years. And I say that after enduring 4 years of econ in our government friendly higher education system, and 8 years as a securities litigator.

Every economy cycles and there isn't a single thing an exterior force (government or media) can do to stop it. Every up is balanced by a down, and we happen to be heading for a trough (or every bubble pops, if you happen to like that analogy).

The only effect that government regulation (or media frothing) can have is to spread the peaks and troughs and make things worse. Spreading doesn't mean smoothing -- quite the opposite.

For the past 9 years (starting with the end of the tech bubble) we've had:
(i) overly cheap credit due to artificially depressed lending rates (and the knowledge that the government would step in for a bail out);
(ii) deliberately weakened monetary value due to oversupply to hurt foreign holders of U.S. debt securities;
(iii) regulation and tax costs that cause offshoring to avoid the same; and
(iv) a stupid war that's accomplished nothing but to further drive inflation by bumping oil costs through the roof (and yes, we're fucking losing -- if not the battle, then certainly the war by alienating the rest of the world and engendering ill-will for generations to come, and getting ourselves into a mountain of debt to pay for it).

Gee, I wonder what the hell happens when there is massive unrepayable debt (and a change in bankruptcy law that's too complicated to address here), weak money, and general inflation?

Anyone who thinks that things are as bad as they are for any reason other than the actions of the government messing with what should have been a free and efficient market is a bloody imbecile.

[RocketFoot]

The only thing the news is good for is the weather.

Ha...it ain't even good for that! LOL

[Swarner793]

I could care less what the MSM tells me. They are there for the sheep and feeble minded. My household income will increase 25 - 45% this year. Is that because of George Bush or Ed Rendell? I don't think so, as a matter of fact, the latter has put many obstacles in my path as I started my second business last year. These businesses are recession proof (it is not prostitution ).

This is why it is so important to build your personal economy, so you are not so dependant on the national or global ecomony. I grow and raise (and can) a large portion of my family's food products. That which is not self derived is purchased in prudent manner. Obvious items must still be purchased and you will take a hit, but then, just earn more money The silly era of consumerism will be rough on many, from losing homes they never should have had to performing jobs that really are not needed. They have just arrived in Consequenceville. I lack the same empathy for them that I do for fools that do not take responsibility for there own safety and security.

Not void of compassion, just tired of the whiners. As far as "thanking" George W. Bush, he does not owe me anything, that is for Government dependant people and that line sure as hell does not form behind me.

Be safe (and self-sufficient).

Scott

[God's Country]

The only thing the news is good for is the weather.

So much for the news being good for anything

[Rule10b5]

I could care less what the MSM tells me. They are there for the sheep and feeble minded. My household income will increase 25 - 45% this year. Is that because of George Bush or Ed Rendell? I don't think so, as a matter of fact, the latter has put many obstacles in my path as I started my second business last year. These businesses are recession proof (it is not prostitution ).

This is why it is so important to build your personal economy, so you are not so dependant on the national or global ecomony. I grow and raise (and can) a large portion of my family's food products. That which is not self derived is purchased in prudent manner. Obvious items must still be purchased and you will take a hit, but then, just earn more money The silly era of consumerism will be rough on many, from losing homes they never should have had to performing jobs that really are not needed. They have just arrived in Consequenceville. I lack the same empathy for them that I do for fools that do not take responsibility for there own safety and security.

Not void of compassion, just tired of the whiners. As far as "thanking" George W. Bush, he does not owe me anything, that is for Government dependant people and that line sure as hell does not form behind me.

Be safe (and self-sufficient).

Scott

Beautiful post, man. Rep headed your way.

[Seventy4Blazer]

if i had it my way media wouldnt be the left wingers that they are...

[RandomTask]

My household income will increase 25 - 45% this year. ... as I started my second business last year. These businesses are recession proof (it is not prostitution ).

Drugs then?

[God's Country]

Are you seriously suggesting that the recession is due to the media?

I think perhaps what the OP was saying is that people too often rely on a very bias media to determine reality. I have no doubt that many people, regardless of their financial situation, have no clue what a recession is and how it may (or may not) be affecting them. But if the talking heads say it's happening it must be true. The media does have a tendency to create panic where none previously existed.

[Rule10b5]

if i had it my way media wouldnt be the left wingers that they are...

I'm glad you don't.

[angus]

The so-called fourth estate is more concerned with keeping us up to speed with celebrity foibles than in critical analysis of current events. I am always reminded of Cyril Kornbluth's 1951 short story The Marching Morons whenever I turn on any MSM news channel.