I don’t understand:
Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens.
It wasn’t the Great Depression. It was the 1981-82 recession, widely considered America’s worst since the depression.
That painful time during Ronald Reagan’s presidency is a grim marker of how bad things can get. Yet the current recession could slice deeper into the U.S. economy.
If it lasts into April — as it almost surely will — this one will go on record as the longest in the postwar era. The 1981-82 and 1973-75 recessions each lasted 16 months.
Unemployment hasn’t reached 1982 levels and the gross domestic product hasn’t fallen quite as far. But the hurt from this recession is spread more widely and uncertainty about the country’s economic health is worse today than it was in 1982.
I don’t get it. The Republicans and some in the media are calling this the Obama recession and the Obama bear market and the Obama economy, but this says it will be the longest recession on record. Yet Obama has only been President for a few weeks. The math just doesn’t seem to work.
Sometimes I think the media and the Republicans are just making shit up.
On a serious note, the last few years have been really eye opening for me. I was never one of the Republicans who thought the media was liberally biased. I always felt they were just lazy and superficial (and MoDo is a fine example) and on issues outside their safety zone (faith and religion, for example), and they just were not equipped to discuss them. However, it becomes more and more clear every day that the media is not biased towards liberal or conservatives, but rather, it is simply in the business of defending the status quo for the wealthier members of society. The reason social conservatives and progressives both hate the media is because they really don’t care about either group or their issues. This is about protecting the amassed wealth of the few.
The past couple of weeks we have faced nothing but story after story about how the market (translation, the folks who created this mess) are nervous about the Obama plans, when no one will admit that the “markets” will only react positively to bail out after bail out with no pain for the people at fault. The same people who created this mess are now bitching about the attempts to fix it, and upset because it might not continue to reward them. The MSM is providing no critical analysis but serves merely as a platform for people kvetching about reverting to the tax rates that were in place just a few years ago. The fact that the same people whose buddies are receiving trillions in taxpayer dollars to fix their mistakes are allowed to go on television and chant socialism is mind-numbing.
It really is breathtaking (especially since most families in the country just got a tax cut from the Obama administration). Can anyone give me any reason why Jim Cramer is asked for advice on anything, let alone given a broad forum to savage the attempts to fix the mess he helped to create?
[poll id = 8]
Pick up to three.