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View Poll Results: Did the media create this recession?
Yes 21 28.77%
No 52 71.23%
Voters: 73. You may not vote on this poll

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Old 04-15-2008, 07:41 AM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,774,354 times
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Does anybody else think the media created this recession but continually reporting nothing but doom and gloom and convincing the consumer to not spend? Few people realize this but during the last recession the economy actually started shrinking in July 2000. You never would have known we were in a recession. Why? A Democrat was is office. The media was talking recession last year when GDP was growing a 4+% I am no fan of Bush, but the media wants to further damage his legacy at all costs and what better way to do that than topping off a failed foreign policy with the worst recession since the Great Depression.
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Old 04-15-2008, 07:56 AM
 
20,194 posts, read 21,551,095 times
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Damage his legacy? GWB is an idiot. Rising food costs, rising energy costs, war in 2 countries and the WORLD, giving millions of dollars to foreign countries and just recently 200 MILLION dollars to a 500 M global fund for food, falling stock prices, plummeting dollar, creating new departments, over 9 trillion in debt, social security and medicare problems, etc. etc. The media doesn't tell Bush what to do, they point out his mistakes. I don't blame Bush, he was an idiot before office and showed it when he was in office. I blame the Americans who voted him into office, apparently they wanted an idiot in office and they should pay the price... and the price IS decreased standards of living... I wish they stop moaning and griping about the economy that THEY caused... you put an idiot as a leader, what did you think was going to happen?
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Old 04-15-2008, 08:27 AM
 
Location: Texas
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the media didn't cause lenders to make bad loans and borrowers to buy more house than they could afford. Our economic problems have been in the making a long time now. It is now that we are really starting to feel it. 16 years of increasing federal bureaucracy is never a good thing. we are in serious need of devolution and fiscal responsibility (both consumers and the government). The savings rate for this country is absolutely pityful.
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Old 04-15-2008, 08:44 AM
 
1,821 posts, read 4,181,924 times
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exactly. a false economy based on consumer spending that in iteself came from credit, and deficit spending all the way to the top, it was meant to correct at some point. The administration's take and attitude towards fiscal and monetary policy has been extremely detrimental and that printing press is running out of steam. The ride is over, it's time for houses to correct in prices; this recession was a long time in the making.
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Old 04-15-2008, 08:49 AM
 
12,787 posts, read 18,609,227 times
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No, the media did not create it. Recessions are inevitable.

They have hyped it a bit too much- we are not technically in one yet, although we may well be. But that is the nature of the 24 hour slamathon that is the media.
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Old 04-15-2008, 09:12 AM
 
19,699 posts, read 59,585,832 times
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With a few notable exceptions, the media pulled punches with Bush. The man used a hammer against anyone who would call him to task. The media found that out early on, when Helen was banned from his press "conferences." To me, that wasn't the mark of a President, but of a frightened control-freak.

Since everyone was watching the jiggles of the stars and wanna-be stars on Fox, as shown by the ratings, that doom and gloom wasn't in the face of the public anyway. Only the people with half-a-brain, who sometimes switched on Bloomberg or CSPAN or lowered themselves to a little NBC news got concerned. But then, even that broadcast got choked - not by a vast right-wing conspiracy, but by the apathetic public. Remember after the Katrina debacle, when NBC's Brian Williams declared that the program would not abandon New Orleans until it was on the road to recovery? It only took a month or two before the american public had overruled that decision, and pressures of ratings were brought to bear, causing it to abandon coverage of that depressing city and the depressing response by FEMA and the governments involved. Why was coverage abandoned? Because the american people got bored instead of angry, as they have been increasingly wont to do since the 1980s. Yeah there was a brief sense of outrage from a lot of folks, but there wasn't the stamina to push through the layers of government and continue to demand real fixes. The bureaucracy is too strong, the people too weak.

If you are talking about the housing bubble, then I might agree that the media played somewhat of a part, but I'd agree because of the exact opposite of what you are suggesting. The problems created by the low interest rates and lack of oversight in the housing market were certainly not because of "gloom and doom from the media. However, media euphoria exacerbated those problems, by the homeowner channels promoting "Flip this House" and heating up the real estate markets to a white heat. I'm sure their advertisers, like Lowes and Home Depot loved the added sales from the home improvements like granite countertops and added rooms, but the shows were an irresponsible use of the media. Add to those mainstream house flipping programs the unregulated "Get Rich Quick in Real Estate" schemes promoted on infomercials, complete with two bikini clad beauties in every pool, and the speed at which the train of inflated pricing and poor credit slid down the track towards the missing bridge of sustainability increased.

Evilnewbie is 100% correct. The people who put a man in charge of our atomic weapons when he couldn't even pronounce nuclear, and placed an economics incompetent in control of the economy, were sheeple. To co-opt a phrase from the heady days of that success, they need to "Get over it."
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Old 04-15-2008, 09:28 AM
 
10,820 posts, read 8,852,861 times
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The recession started in November. The number employed has dropped by 678K since November according to the government's survey of households. That survey usually leads the business payroll survey at turns.

Table A-1. Employment status of the civilian population by sex and age

I think the media, and especially the business media, is trumpeting the recession call because they want extensive government interference in the financial markets and the economy. Just turn on CNBC for the last nine months.
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Old 04-15-2008, 09:32 AM
 
12,787 posts, read 18,609,227 times
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Quote:
Evilnewbie is 100% correct. The people who put a man in charge of our atomic weapons when he couldn't even pronounce nuclear, and placed an economics incompetent in control of the economy, were sheeple. To co-opt a phrase from the heady days of that success, they need to "Get over it."
The President, incompetent though he may be, does not control the economy (thankfully!). This is not the USSR of old. The economy is not centrally planned. Its a (mostly) free market. The only President who ever did was FDR and that prolonged misery. So could we all get over blaming the frat boy for the inevitable.
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Old 04-15-2008, 09:35 AM
 
Location: Texas
4,936 posts, read 7,144,560 times
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Quote:
Originally Posted by lchoro View Post
The recession started in November. The number employed has dropped by 678K since November according to the government's survey of households. That survey usually leads the business payroll survey at turns.

Table A-1. Employment status of the civilian population by sex and age

I think the media, and especially the business media, is trumpeting the recession call because they want extensive government interference in the financial markets and the economy. Just turn on CNBC for the last nine months.
All in an effort to bail out wall street financials via the Fed. People need to eat their loses. Laissez Faire.
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Old 04-15-2008, 09:43 AM
 
Location: Texas
4,936 posts, read 7,144,560 times
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New deal democrats are just as guilty as Bush for the economic woes we face today. Entitlement programs make up over half the federal budget each year. That being said, consumerism is the biggest reason why we are where we are now. Perhaps corporations, pop culture, and the media all have fed the monster of instant gratification, but ultimately the blame falls on us as a society for caving. Hard work, modest living, and pious values are non existant in today's society. The very principles that made this country the world super power are long gone. China has us by the balls. We can no longer claim to be the most powerful nation on earth.
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