Recession; In the span of no more a few months the word is now ‘fair game’ in America.
An American Recession, no less. After only a handful months these two words can be freely connected in advertisements and in public media formats.
This after a time in which any Democrat or liberal spoke of a coming recession they were dismissed as ‘kooks’ and ‘doomsayers.’
I was one of those ’doomsayers.’ And I was right.
While the prevailing wisdom is to downplay a sick economy and a weak dollar I do not believe this to be the correct course of action.
If the economy is sick, we should know about it.
If the dollar is about to drop, we should know about it.
If a stock is about to devalue, we should know about it.
And on, and on.
I believe that one of the reasons we have suffered this recession is due to this very mentality combining with the ‘greed is good’ mentality.
A broadcaster, a stock quote broker, a banker or an economic journalist has no benefit to being truthful to their audience and every benefit to simply remaining mute. Or worse yet, talking up a business, stock or concept that they know to be unsound.
The idea that saying into a camera or many media outlet the raw truth of the economy as being a detriment to that economy is false.
The investors and consumers need to be able to make informed decisions. If those trusted to give honest and credible advise are proven to simply communicate in a ’one answer only’ situation then the reality of market hazards remain the sole property of those already succeeding in market endeavors.
Leaving us, the common people, out in the rain.
March 29th 2009