Economic Fear Mongering
Monday, January 28th, 2008
The latest daily talking points the media seems to be harping on is the so-called impending doom of a recession. While I try to stay away from politics and the economy in this blog (for my own sanity), I just had to broach this topic.
I’m tired of hearing the media/pundits scream and pout that a recession is on the horizon or already here in the U.S. While I don’t claim to be any sort of financial expert (far from it), I think I have enough common sense and basic business/economics acumen to see most signs do not point down the recession road as much as they would like us to think.
Even the curmudgeon Andy Rooney, who is the definition of a pessemist, said last night on “60 Minutes” that he doesn’t think there is a recession, while at the same time making fun of the Wall Street Journal.
“I don’t know anything about economics but I don’t think what we’re in is a Depression - or even a recession - whatever the difference is.”
Ironically today’s commentary essentially agrees with Mr. Rooney’s statement that we are not in a recession.
Check out “The Economy Is Fine (Really)” in today’s Wall Street Journal by Brian Wesbury. Brian is chief economist for First Trust Portfolios, L.P. here in Chicagoland. A common sense approach is needed when evaluating today’s US economy. This commentary summed it up concisely in my opinion.
