I've heard it all.
But the 3 biggest whoppers keep coming back, over and over again.
#1: The recession is over. (Ha,Ha,Ha)
Right. We believe the media about as much as we do the politicians. It isn't over with unemployment numbers still piling up, new bodies on the heap every week. And foreclosures still hitting record highs (no, "slowing slightly" doesn't count - they're still growing every day!).
#2: The stock market's recovering. (If that is what they call recovering, I am sure glad I don't buy Stock)
If so, it's the worst "recovery" in history. Stock markets in China and Europe are delivering up to SIX DOLLARS IN PROFIT for every ONE ours is!
Why? Our economy still has tons of bad subprime loans, thanks for all the greedy politicians and bankers.
Other economies may be saddled with dunderhead politicos too, but not subprime defaults. Our stock market is limping along like an anemic bum in the gutter, looking for bottles to turn in for change.
#3: Foreclosures are down. (if your an idiot that buys this, get off my Blog now!)
What a spin-job that was! We simply threw a few less houses on the bonfire this month than last. Does that mean there are less? No!
In fact, if you compare it with the same month of the previous year( check realtytrac), when the economy was crashing big-time, the rate is UP 18% this year!
If you search out media stories in the Great Depression,they also constantly broad casted "recovery is just around the corner."
For 8 miserable years.
Look, you can actually make a ton of cash in these bad times and the worse ones to come. Truth is, there are more millionaires made in recessions than any other times. The main reason being, when things fall apart, there are smart people (like me, our my partners) positioned to pick them up...
Do I sense a little frustration with the media? The most dramatic thing that I've learned from our current economic conditions is that if the media doesn't have any news for us the will make some up!
ReplyDeleteAnd the check is in the mail, etc...
ReplyDelete