Recession or Depression?
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This is what Slate has to say about the current situation:
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"Widely reported hopes that the bailout of American International Group was going to lead to a market rally went out the window yesterday morning with the opening bell as stocks plunged, credit markets seized up, and investors around the world scrambled to put their money into safe government bonds and gold. In short, it seems investors decided that it's officially Time To Panic. Knowing full well that casual readers might chalk up this latest development as simply another in a string of bad days in Wall Street, the papers make sure to emphasize that if you were worried yesterday, you should be terrified today."
LINK: http://www.slate.com/
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So is this just typical media exaggeration and hyperbole? America has had a mental cripple bozo as president for the last eight years. People like the head of the Federal Reserve and the Treasury Secretary are both smart men but they really don't know what action they should take. They are scrambling from one extreme move to another.
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None of this inspires confidence in the country's leadership.
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I think it is a clear overstatement of the severity of the situation to say that we are already in a depression. But stopping a "panic" is difficult. Generally it takes inspiring leadership, and the Dumb Ass that America has as president at the moment has lost all credibility.
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This "panic" situation is much like holding a revolution. Once it gets started one really doesn't know how it is all going to end up. And it tends to have a life of it's own.
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What is the best advice one can give for getting through the current situation? Think about the people you have known who always seem to have a smile on their faces. People who are almost always happy. This is the type of person that succeeds in difficult situations. To quote Monte Python “Always look on the bright side of life.”
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Clearly these are interesting times we are living in!
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LINK: http://online.wsj.com/article/SB122169684690350209.html?mod=todays_us_page_one
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