Glad you point out that big media is sensationalizing this economic downturn by presenting the raw numbers and making historical equivalencies from those amounts without bothering to show any context. There is pain but its obviously not dire or deep.
A recession was expected when oil prices hit over $100 since so many people drive big SUVs. That shut down the purchases of big trucks and tanked the American auto industry. Now that the Big 3 are finally transforming themselves and the other unsustainable mortgage loan practices have been exposed, the US economy can move on again much more efficiently.
To me the positive aspect of a recession is it culls weak companies like Circuit City allowing stronger competitors to reap the rewards. Recessions happen so be prepared for them.
AKdave
of OH
@
Jul 12, 2009 12:01:26 PM
Just another puff piece
Did any of U.S. News & World Report's writers predict the current state 12 months ago? Let's face it, economic writers have no more idea where the economy will be, better or worse, 12 months from now than any of us could predict ourselves by throwing darts at a chart containing projections while we are blindfolded. We're all flying blind.
Another View
of AL
@
Jul 07, 2009 13:48:26 PM
None of this
addresses the facts we need to know. How did "bubbles" in asset prices (stocks, then homes) put us where we are? What caused the "bubbles"? What kinds of jobs are being lost? What did they pay? What kinds of jobs are being created? What do they pay?
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AKdave of OH @ Jul 12, 2009 12:01:26 PM
Another View of AL @ Jul 07, 2009 13:48:26 PM
Muser of NM @ Jul 06, 2009 10:54:25 AM
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