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Here is a video from the Colbert Report last night satirizing this weeks cover of Newsweek. It's amazing how much people are willing to celebrate when the economy takes a slight upswing. After the creation of 160,000 jobs and a slight increase in consumer spending, many believe that the worst is over. While things may be getting better, I think its important to truly learn from the current economic crisis or we are destined to repeat the same mistakes.
Here is the link to the video:
http://www.colbertnation.com/the-colbert-report-videos/270724/april-13-2010/dow-hits-11-000
and the original article from Newsweek:
http://www.newsweek.com/id/236190
What do you all think? Is it too early to start celebrating or do you think that the United States is the "Comeback Country"?
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I think things have been so bleak some are excited to be excited. Others are trying to capitalize on these gains for political reasons. I think in general it isn't bad to be happy about positive economic outcomes but Chloe makes a very good point that it is so important that we don't forget about the need for reform.
ReplyDeleteWhile I have no doubts that we are on the road to recovery, I find that all these articles about the end of the recession to be scary. Just because there is a little good news I hope that this doesn't create a cocky attitude that puts us into the mindset that causes us to forget the need for change to prevent it from happening again. This-time-is-different syndrome ring a bell...?
ReplyDeleteI absolutely do not think that this means a whole lot. How many of these 160K jobs are related to the Census? This article: (http://www.huffingtonpost.com/2010/04/03/census-jobs-boost-employm_n_524468.html) estimates 600,000 hirings related to the Census. So there was probably in reality a job loss simply because of these temp hirings. As I think I've said before, I hate looking at one statistic and then making any real judgments about the grand scheme of things.
ReplyDeleteDespite that, I feel that we are on the way to recovery. Some sort of reform is clearly needed. I have to agree with all of you who posted above me. Finding the right balance between regulation and protection will be important. Too many restrictions could create a problem nearly as big as having no regulation at all. Creating effective policy will be no easy task.
I agree with Noah in that you can't just look at one statistic. I think that the recession is far from over, but also that it is okay to get excited over good things because we cant all be pessimistic! Positivity is a good path to recovery, and things are better than they have been in the past. In regards to the U shape recovery- I think we are on the upswing just not too far up yet.
ReplyDeleteI agree with Kelsey and Noah, although the market has made a substantial recovery from its 6000 point low there are still millions of people unemployed and in bankruptcy from the housing crisis. I think that the market is making a good recovery but like you guys said there is still a long way to go.
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