How Bad Is it?

8.1% unemployment. That's bad. Unemployment was much worse not that long ago. How about the entire period of November 1981 through December 1983. What was that like? In the media it was always somewhat gloomy, but it seems like the media negativism is worse this time. And even more mindless.

There have been some economic extremes in my lifetime. How about 18% mortgages? Or double digit inflation year after year. Globally. And whatever happens to the U.S. is usually much worse in most of the rest of the world.

Most people in the U.S. do well all the time. Some never do well. During such crises, there is a bit of crossover of the mosts to the somes. If the media didn't over play it (and we "mosts" never looked at our 401k statements), the mosts would hardly be aware of the crisis. 

I truly believe that contributions from the media towards a negative psychological state of the masses are significant to overall trends. Most of it isn't news from a well-informed source, it's just drivel. 

So the answer is, it's not that bad. Who do you trust, TV writers or me? At least I have an MA in economics. If you have some dough and can figure out some winners, it's time to buy!