19 November, 2008

The recession may be more protracted?!

"Wall Street hit levels not seen since 2003, with the Dow Jones industrial average falling below the 8,000 mark, as the fate of Detroit's Big Three automakers and the economy disheartened investors. A cascade of selling occurred in the final minutes of the session as investors yanked money out of the market. For many, the real fear is that the recession might be even more protracted if Capitol Hill is unable to bail out the troubled auto industry."

This was the asinine headline on Yahoo Finance today after another bloodletting on Wall Street. I am considering making an archive of all the headlines they use, since they often try to tie the day's market activity to events in an overly simplistic manner. Sometimes the market changes because the market changes. This volatility is no longer beholden to the day's news.

So my amusement is with the statement "the recession might be even more protracted" as if we've been in a recession for a long time, and this might make it longer.


The reality is, the recession has BARELY begun. We've been in a recession for 5 minutes, and these prognosticators are talking as if they know something about anything.

But I could be wrong. Perhaps the government will bail out the big three automakers, who will quickly begin doing business smart, and investing in future technologies and energy saving, and make cars that compete with Japan and Germany. Perhaps our financial industries will realize the error of their ways, and the CEOs will stop taking fat salaries and bonuses, and some type of responsible business practice will emerge. Perhaps hedge funds and day traders will stop playing the yo-yo of the world economy for extreme greed, and think about the long term prosperity of entire nations on the globe.

And.. after all that has occurred... I will gladly conduct a celebration for the first monkey that spreads his wings as he pokes his head out of my ass.

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