Which ever you choose to call it is caused mostly by the news media. After all, we all watch, listen, or read the news. How many times have you seen or hear that oil is going up? How many time DID it go up? EVERY time. Why? We all went out like fools and bought gas which created a frenzy, allowing the oil companies the chance to raise the price because gas is now in short supply. Same way with the banks. We all went out and borrowed money like crazy when it was available. Wall Street had a bad day, this sent investors into a panic, which in turn sent big business into a panic because they have listings on Wall Street which is now in a crisis because investors will not invest because WE as a whole think the nation is in a Recession or Depression. If investors would continue to invest (with a little more knowledge), business' operate with a LOT more knowledge, and we as a whole operate our lives with a LOT more knowledge and common sense, we would see a change for the better REAL SOON. Why do we let ourselves be placed in these positions by a handful of greedy fools that want to manipulate the world? Do we not have the brains or the courage to stand up against this type of public corruption? Think back to when there was no talk on TV or radio concerning a Recession or Depression. Every thing was working fine for MOST families. As the media increased talk about impending financial doom, the closer to reality it moved until BOOM. Here it is in everyone's life and we are dominated by it. Stop playing a part in the play that you don't even want to be in. Live your life. Don't be a nay sayer of doom. If you want to life a good life then by golly go live it and stay away from all the negative in the media.
Is you venting? recession isn't as extreme as a depression. Recession is short term low economic activity , depression is same but accompanied with high unemployment. I agree, if business corporations operated with honesty then we wouldn't have all this noise of economic woes n yes, I do keep on living my life.
Well I guess we ruled out your theory on Depression didn't we. Turns out, what we are going thru is not short term, we do have high unemployment rates, and Recession is as extreme as Depression. Business' will NEVER be honest, and sadly the governmant will get better at being crooked. But hey, it could be worse. Right?
The current economic downturn is not caused by the media, it's caused by the collapse of a real estate bubble that spread throughout the global financial system in a particularly toxic way. The job losses are real, the bankruptcies of huge businesses are real, the erosion of infrastructure and loss of U.S. industry is real, widespread poverty is real, and the steady disappearance of the middle class is real.
If you turn off the news and don't think about it that will cheer you up for awhile--until you can't eat or pay your mortgage either, at which point you just might turn on the news again. There's really no reason to mindlessly attack everybody who isn't you for watching the news. If everyone turns off their TV set right now and keeps it off we'll still be in a major financial crisis--but hey, maybe you are right and everyone else is wrong. Maybe you should email the idea to Obama.
Turn off your TV! Save the economy!
Sure, why not?
Nothing else seems to be working. Thank God you thought of this, and just in the nick of time.
You have nicely thrown a stone to the pond of current problem. People do not want to rectify themselves rather blame some one else.
We should work. we should create. We should be economic. And of course stop day dreaming. If we create and innovate we can come out of the crisis.
I heard a good expression the other day -
When your next door neighbor loses his job - It is a recession.
When you lose your job - It is a depression.
I agree the media has made an impact, but the biggest reason for the US slowdown is that folks were constantly taking out home equity loans as their house value continued to overinflate in value... once that bubble busted spending had to decrease since so many people were living beyond their means on the backs of home equity loans. At least that's how I see it.
Jyoto Kothari I agree. We need to stop freaking out and start working. It isn't that there isn't any work to be done, it's just that there are no more JOBS. Jobs and work are two different things. They should be the same but they aren't always, which I think is part of the problem.
I agree that HELOCs were not so good, but banks were part of it. They made it easy for people to do foolish things instead of facing reality, because it created profit. Now look at the banks though. What a mess. So maybe it wasn't such a great idea after all.
Oh well. Don't bother to watch and learn. Every time the news media rants and raves about ANY subject long enough, it comes to pass. It's not the media making up the reports, just showing and telling of what is to come. The news media went on and on and on about oil going up. The more they talked about it the higher it went up. Congress even spoke about the "speculators" that were feeding the information to the media, with hopes and anticipation of oil going up. As the whole process dragged on what did the investors do? BOUGHT oil stocks. As the prices went up, they sold off shares to others which drover the prices up even more. The news media was the "culprit" to keep others out of jail for giving out information, that was going to make these same people big money. Can you say "insider trading". I seem to recollect a famous wealthy person going to jail for doing the same thing, only the media was not involved. The news media, be it Democratically or Republican driven, is in fact egging a lot of this crap on. Watch your news. Hamas has been launching rockets indiscriminately at Israeli territory for a while. Now that Israel has fired back, the news media is all over Israel for firing missiles at KNOWN Hamas hideouts. Whats up with this crap? Now the world is jumping down the Israeli governments throats for doing what? PROTECTING their own. It's not about WHAT you watch on TV, rather WHAT you do with the information. You either panic and fall into the directed trap, OR, take the information and use it to your benefit. Most people panic with every word of impending doom they hear.
This is their business my dear!! They are there to earn money and the people are befooled by them.
Look at the oil price now!!!!!!
"The current economic downturn is not caused by the media, it's caused by the collapse of a real estate bubble that spread throughout the global financial system in a particularly toxic way."
Actually it was caused by 'wallstreet'. They bought morgages from banks, bundled them up and got to AIG to rate them top, when they were mostly junk,
and sold them all over the world, and everyone made big bucks, until the finance charges reset, and people began defaulting. Now the big banks are
broke and a new hybrid socialism is all the rage. The taxpayers buy the banks but do not own them.
The main cause of all this mess is greed and ignorance. Just like people think it is very easy to make money through adsense. Some opportunists take chances to exploit those people. However, we know the reality.
Similarly people go to stock market to multiple their money without having knowledge of the trade.
Normally those people lose a lot.
Consumer culture is also a reason of economic failure.
You may refer to some of my hubs about the topic.
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