Tuesday, January 22, 2008
Good news everybody!
According to the Money Advisor on ABC's Good Morning America
, we may be headed into a recession, but, to quote the advisor, "A recession has become this really bad word. It's not a depression."
UPDATE: Welcome Atrios visitors! Had I know I'd get linked to, I would have made an audio clip of the statement - a good blogger practice to assure readers of the validity of a quote. But I did listen to it repeatedly (via TiVo) to be sure I reported correctly what she said. Took place at about seven minutes into the first hour of the program.
I'm giving you the best compliment I can. Up into the Bookmark Bar for
And if I lose my job, can I stop paying mortgage payments to Countrywide? Just so we can share the pain?
"Recession" is a more or less a euphemism for depression, which, in its turn, succeeded "panic".
heh, yup, could use that audio. So much more exciting!
The only people that matter in this nation have piles of goddamned money they could literally swim in. Whatever pain the proles suffer because of national or global financial calamity really are immaterial. Do you think Bush, Cheney, most members of Congress or any number of corporate CEOs don't ultimately have the resources for both them and their heirs to survive quite well regardless of whatever recession/depression we suffer? Five million$$ in your mattress and you could give a damn how Main Street fares, you're taken care of.
What we have in this country is class warfare, and everybody but the rich are getting their holy arses kicked all the time.
A recession is if the other guy loses his job. A depression is if you lose your job.
It's OK because it's a recession not a depression. Sure.
Several people have been credited with this quote. The first credit I heard was Dave Beck, a long ago Teamsters leader.
"If your neighbor's out of work it's a recession. If you're out of work it's a depression"
That is the profound truth about any setback in the economy.
No 'recession' should be viewed in a cavalier manner.
>"Recession" is a more or less a euphemism for >depression, which, in its turn, succeeded
Today's euphemism is "correction".
Panic, depression, recession, correction: the term I heard over and over yesterday while talking to a financial planner was "adjustment."
As Marie Antoinette said when told the masses didn't have enough bread to eat "Well, let them eat cake!" Our inside the beltway "leaders" seem to have the same narrow mind-set. "I don't see it, there for it doesn't exit." And such are revolutions created.
Anonymous had it almost right. From a commenter at the Wall Street Journal:
A recession is when you neighbor loses his job.
A depression is when you lose your job.
A recovery is when George Bush loses his job.