Thursday, May 15, 2008

No Recession?

I read this morning that the Wall Street Journal, quoting experts of course, thinks we've headed off the recession. How's that again? I'm reminded of a poster of a '50s-style family gathered around the TV while the talking head says, "Experts agree everything is fine." Bankruptcies are up, foreclosures are up, repossessions are up, unemployment claims are up, food stamp use is up, and people are using their credit cards to buy bread, but we're OK. Who is "we"?

People, just because everything (And I mean everything. Food, fuel, goods, services, debt, equity, realty.) has been turned into investment vehicles and those vehicles have been hijacked by day-trading speculators who are currently pumping them doesn't mean everything is fine. It just means The Great and Powerful Oz is telling you to ignore the man behind the curtain.

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2 Comments:

At May 16, 2008 at 4:17 PM, Blogger Thai said...

Knute, I left a rather rude comment directed towards you on Hell's blog the other day which you did not deserve.

Please accept my apologies.

 
At May 17, 2008 at 2:24 PM, Blogger Knute Rife said...

Fully accepted. Please come back.

 

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