Lacking A Point
But they’ve got a poll, so who cares? CNN, 6 in 10 Americans expect a depression:
NEW YORK (CNNMoney.com) — Nearly six out of ten Americans believe another economic depression is likely, according to a poll released Monday.
The CNN/Opinion Research Corp. poll, which surveyed more than 1,000 Americans over the weekend, cited common measures of the economic pain of the 1930s:
- 25% unemployment rate;
- widespread bank failures; and
- millions of Americans homeless and unable to feed their families.
In response, 21% of those polled say that a depression is very likely and another 38% say it is somewhat likely.
The poll also found that 29% feel a depression is not very likely, while 13% believe it is not likely at all.
But economists, even many who feel current economic risks are dire, generally don’t believe another depression is likely.
Sounds like meaningless, exaggerated fearmongering. Everybody’s worried about a recession. Might be worth asking how many thought we’re headed into a 1930s depression with millions of starving homeless Americans before CNN asked them.
… Banerji said that the increasingly grim view of the economy will by itself lead to cutbacks in spending by both consumers and businesses. That in turn will result in greater job losses and more economic pain.
”The fact that the majority of people believe we are going into a depression ensures that the recession will get worse,” Banerji said.
Sounds like Main Street’s sort of like Wall Street that way, driven by fear and given to panic, egged on by gloom peddlers who are thrilled to have more gloom to peddle. You know how it works in the news business. Bad is good. Worse is better. Depression, well, look on the bright side. Great news!
I don’t know about you, but I’m more depressed already … that so many Americans are that clueless and that a major news organization is wallowing in it.
Topics: America, media, money, moronocy
Posted by Jules Crittenden at 12:10 am on Tuesday, October 7, 2008
4 Responses to “Lacking A Point”
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October 7th, 2008 at 12:34 am
I am very depressed … by the prospect that our next President is going to be an empty suit beholden to the Chicago mob.
October 7th, 2008 at 9:09 am
They might as well just use an all-purpose headline now:
Polls Show Many Believe Our Claims
October 7th, 2008 at 9:18 am
[...] like meaningless, exaggerated fearmongering,” answers Jules [...]
October 7th, 2008 at 10:30 am
Well, they’ve been treating an economic boom as a recession for so long, no wonder people think a real recession is actually a depression.