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Monday, December 1, 2008

Newsflash: We are in a recession

From the AP today:

Most Americans sorely knew it already, but now it's official: The country is in a recession, and it's getting worse. Wall Street convulsed at the news — and a fresh batch of bad economic reports — tanking nearly 680 points.
So this is why people are afraid of uttering the -R- word (and god forbid we let out the Great -D- word, either): merely announce that we are officially in a recession, and suddenly stocks plummet.

I can't pretend that I know how the market works, or why it's so volatile in the face of an uttered word, but all I can say is a big fat DUH to this announcement.



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7 comments:

sovknight said...

Recession? Wha? Where?

OPEC started this with the high gas prices over the summer. That wasn't the whole reason, but I believe it was the trigger to this mess we're in now. President Obama says he has some ideas, but even so, it's going to take a year or even year(s) to implement them fully.

With regards to the stock market, they're a bunch of lemmings. Every day a bunch of rich guys dress up in ties and go to this building and stand around in a big circle jerk for hours in what amounts to nothing more than playing follow the rumor. It only takes one to jump, then they all jump. Even the slightest little turbulence in the currents can set off a chain reaction of disaster. Sure, the market crashes 650 points in one day, but the next day, some senator somewhere says something, or some foreign country does something completely unrelated, and suddenly the market is up 650 points. It's a retarded system based on nothing but opinion and rumor. It's worse than the BCS.

Trovan said...

Recession?

I'm not sure. Maybe its a rescission, or an omission. Possibly even cessation.

Well, no. Probably not that one.

Contamination?

heidikins said...

wait....what recession?

xox

jess said...

i ignore this stuff. my brain doesn't work when it comes to finance stuff.

Sra said...

I think this whole thing started well before the high summer gas prices, although the prices (which in my memory have been high for about 4 years) are probably a contributing factor.

I love the circle jerk metaphor. Quite apt methinks.

bejewell said...

(covering ears) LA LA LA LA LA

I can't hear you I can't hear you I can't hear you

Although truthfully, it's not like it's the end of the world for me. I have no investments to speak of except a tiny 401(k), and the house I own tanked a long time ago.

Back to my denial now.

Claire said...

Recession? Oh, crap, I thought they said "Wii session." Great, what am I going to do with all these extra copies of Mario Kart?

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