The current farce played out in the media with the fear of catastrophe if the debt ceiling isn't raised does not anger me.. Actually quite emotionally detached from it all. A story I've seen repeated too many times with the same stale, predictable 11th hour magic solutions concocted out of thin air
I will admit one thing that does irritate me to no end even though it is also a repetitive 'dead horse' beating by the corporate media: The incessant and determined refusal by the media to stop calling this recession/depression a 'recovery'.
Examples of last 24 hours include:
A Recovery That Repeats Its Painful Precedents (NY Times)
Fed may need to do more if recovery stalls-Fed's Williams (Reuters)
Miron Says US Can Cut Budget Without Hurting Recovery (Bloomberg)
** Miron is a Harvard Economics Professor
And on & on the lie goes.. when it will stop, who really knows?
I said a few weeks ago that when I really want to understand what's going on in US finance and the overall economy, I don't focus my attention on American news. I actually read British newspapers. Why? Because British publications do not have any agenda or motivation to paint a false-rosy picture of the US economy.
The following are portions of a commentary in the Guardian UK by Richard Wolff, a Professor of Economics at the New School in New York:
"The so-called economic "recovery" since mid-2009 was chiefly hype, a veneer of good news to disguise and minimize the awful underlying economic realities. The few (large corporations and the rich) who bear much of the responsibility for the crisis made sure that the government they finance used massive amounts of public money to support a recovery for them. The mass of the population was excluded from the government-financed recovery for the few."
"From the depths of the crisis in early 2009 until now, there has been absolutely no recovery whatsoever in wages or jobs for US workers.The crisis of the capitalist system in the US that began in 2007 plunged millions into acute economic pain and suffering. The "recovery" that began in early 2009 benefited only the minority that was most responsible for the crisis: banks, large corporations and the rich who own the bulk of stocks. That so-called recovery never "trickled down" to the US majority: working people dependent on jobs and wages. The countless claims of "recovery" as if it were a general economic event spread across the entire US economy were, and are, lies. They hide the tragic truth of ongoing economic crisis for the many."
And now that you understand better, enjoy your Friday and try not to watch much news unless an over-saturation of fear is something you enjoy experiencing.
PS Unofficial prediction for Friday.. Assuming there's no debt deal, markets will drop, probably more dramatic in afternoon to close in the -350 to -400 range. This organized and intentional pulling from the market will be intended to spread fear among Washington and most Americans who truly don't understand the shell game they're being drawn into. This won't' be the big 'crash' as it were.. just a warning shot across the bow, to use navy-speak.
But don't worry-- if there's no agreement by Monday, it will go up a little on the dip so that's a buying opportunity. Plus once it Does get done..and it will.. the market will irrationally spike and of course then, All will be Well won't it kids?
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