•
•
•
•
What is DaniWeb IT Discussion Community?
You're currently browsing the IT Water Cooler category of DaniWeb, a massive community of 370,596 software developers, web developers, Internet marketers, and tech gurus who are all enthusiastic about making contacts, networking, and learning from each other. In fact, there are 2,046 IT professionals currently interacting right now! Registration is free, only takes a minute and lets you enjoy all of the interactive features of the site.
Please support our IT Water Cooler advertiser: Affiliate Marketing
Oct 18th, 2007, 1:16 pm
Are Americans brain-challenged when it comes to the economy? Or misinformed by the mainstream media?
It's a question that must be asked today, after a CNN-Opinion Research Poll released this morning shows that nearly half-of Americans think we're already in a recession.
That, after continued strong economic growth in quarter after quarter of positive gross domestic product (GDP) growth, and after 49 straight months of positive job numbers. The de facto definition of a recession is two straight quarters of negative GDP growth -- a benchmark that hasn't come close to being reached, despite the best efforts of the mainstream media to convince Americans we're in economic peril.
The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales."
The GDP measures the economy's output. It represents the total market value of all goods and services produced in the United States during a specified period.
The CNN story doesn't mention one word in support of a strong economy, particularly the latest bullish GDP and job creation numbers. It does find time to gloat how the "recession findings" may be having an impact on President Bush's approval rating, which hovers around 36%.
Imagine that. Only the lame stream media can tout "recession findings" where no recession exists. In the process, they're leading average Americans off an economic cliff. If people think the economy is in recession, they're more likely to put the brakes on personal spending and hunker down until the economy is vibrant again -- even though, by most measures, the economy is vibrant right now.
Thus, the media's clamor for a recession becomes a self-fulfilling prophecy. Wall Street traders call it "talking down" the economy.
That's exactly that the media is doing, without any facts to back its doom-and-gloom scenario up.
Shame on the media and shame on CNN. It's no wonder people don't trust the media.
It's a question that must be asked today, after a CNN-Opinion Research Poll released this morning shows that nearly half-of Americans think we're already in a recession.
That, after continued strong economic growth in quarter after quarter of positive gross domestic product (GDP) growth, and after 49 straight months of positive job numbers. The de facto definition of a recession is two straight quarters of negative GDP growth -- a benchmark that hasn't come close to being reached, despite the best efforts of the mainstream media to convince Americans we're in economic peril.
The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales."
The GDP measures the economy's output. It represents the total market value of all goods and services produced in the United States during a specified period.
The CNN story doesn't mention one word in support of a strong economy, particularly the latest bullish GDP and job creation numbers. It does find time to gloat how the "recession findings" may be having an impact on President Bush's approval rating, which hovers around 36%.
Imagine that. Only the lame stream media can tout "recession findings" where no recession exists. In the process, they're leading average Americans off an economic cliff. If people think the economy is in recession, they're more likely to put the brakes on personal spending and hunker down until the economy is vibrant again -- even though, by most measures, the economy is vibrant right now.
Thus, the media's clamor for a recession becomes a self-fulfilling prophecy. Wall Street traders call it "talking down" the economy.
That's exactly that the media is doing, without any facts to back its doom-and-gloom scenario up.
Shame on the media and shame on CNN. It's no wonder people don't trust the media.
This blog entry was written by Brian.oco. It has received 610 views, 1 comment, and 0 linkbacks.
•
•
•
•
401k biotech bush chips cisco computers consumers dollar economy employees energy exports funds gdp hardware hdtv housing ibm india inflation intel ibm internet investing investments investors linux manufacturing media microprocessors microsoft money news nintendo online photo portfolio recession retirement semiconductors sony spending sprint stocks taxes technology video video game video games 2008
All Recent Tags Comments (Newest First)
Toulinwoek | Junior Poster | Oct 22nd, 2007
•
•
•
•
I think most Americans are eschewing some "de facto" definition and simply looking at their paychecks and comparing them against their buying power.
If Bill Gates, Larry Ellison and Warren Buffet (just to name a few) each raked in $160 million last year, but me and all 20 members of my extended family didn't earn enough to keep up with inflation, then the AVERAGE is still going to look good, even though the MAJORITY are actually doing worse!
I could hardly give a rat's patootie about the GDP. I'm not saying it doesn't matter or that I'm not affected by it on some level, but If I have to work an hour longer today than I did last year to buy sufficient groceries for the week, then my family is in recession! My bills aren't getting paid by the general economic boom...if there is one.
If Bill Gates, Larry Ellison and Warren Buffet (just to name a few) each raked in $160 million last year, but me and all 20 members of my extended family didn't earn enough to keep up with inflation, then the AVERAGE is still going to look good, even though the MAJORITY are actually doing worse!
I could hardly give a rat's patootie about the GDP. I'm not saying it doesn't matter or that I'm not affected by it on some level, but If I have to work an hour longer today than I did last year to buy sufficient groceries for the week, then my family is in recession! My bills aren't getting paid by the general economic boom...if there is one.
Post Comment
•
•
•
•
Only community members can start a blog or comment on blog entries. You must register or log in to contribute.
•
•
•
•
•
•
•
•
DaniWeb IT Water Cooler Marketplace
Related Blog Entries
- Dell Steps Up Its Linux Offerings (13 Hours Ago)
- IBM On a Tear: Google, Microsoft - Not So Much (1 Day Ago)
- Don't "Buy It Now"? eBay Stock Slides Today After Sluggish Growth Estimate (3 Days Ago)
- Trouble with Your Vendor? Try Twitter (1 Day Ago)
- Microsoft Don’t Know Jack About UI Design (2 Days Ago)
- Is Microsoft really in talks with AOL? (2 Days Ago)
- I hate to say it but text to speech is a waste of time (4 Days Ago)
- Microsoft Denies it Demanded Changes to Yahoo Governance (3 Days Ago)
- The Netbook Market Booms with Linux Onboard (3 Days Ago)
- Sooner than I expected (3 Days Ago)
Related Forum Threads
- media player f**k-up (Windows NT / 2000 / XP / 2003)
- Windows Media Player 7.1 (Windows 9x / Me)
- Windows media player (Windows NT / 2000 / XP / 2003)
- Difficulty viewing Media programs (Windows NT / 2000 / XP / 2003)