Let’s face the harsh truth: The more we talk about the coming financial doom that we face, the sooner it’s going to happen.
The flavour of the moment for newspapers, the news and online media outlets is to proclaim the world is in deep trouble financially; to a point where our current way of life is at risk. While there’s some truth to the current economic woes, it’s really not as bad as the media make it out to be. So, it’s nice to see a representative of the media finally have something smart to say about our current economic climate. According to the CBC: “Media coverage of [the] recessionary economy [is] adding to economic woes.” Really?! I would never think that the constant reporting of bad economic news would in turn make the global economy worse.
As I write this post, Canada’s unemployment rate sits at 6.6%. During the recession of the early 90s, 1993 saw the highest unemployment rate for Canada at 10.8%. Much higher than the forecasted 7.4% – 7.9% unemployment rate analysts see for Canada by the end of 2009. The last time Canada saw unemployment in the mid to high sevens was back 1998. I remember times being pretty good in 1998. Not only was Canada’s badly damaged construction sector finally steamrolling along but “Breed The Killers” was released by Earth Crisis. Enough said.
So how do we fend off the impending Depression? Well, here’s my advice: Wake up, don’t turn on the news, go to work and be productive, head home to rest and/or work on a side project, don’t watch the news, and repeat 4 more times each week until the weekend which will include all the aforementioned tasks at hand except for going to work. Please note that one can easily substitute/add to not watching the news with: not reading a newspaper, surfing the web (does anyone really say that anymore?), talking with friends or co-workers about the economy or opening a mailed 401k/RRSP statement.
We can believe analysts all we want but, realistically, they don’t have much of a clue as to what will happen over the coming year. An analyst can only make estimates on current and past data. Just like you or I, they’re making an educated guess on what they believe will happen in the coming months and year based on past and current market trends. So, if the flavour of the month is to proclaim that we’re all doomed (more with each passing month it seems) then analysts will make dire economic predictions. If we all believe the economy is going down the tubes, inevitably it will.
All This Talk About The Financial Apocalypse Is Going To Make It Happen
Let’s face the harsh truth: The more we talk about the coming financial doom that we face, the sooner it’s going to happen.
The flavour of the moment for newspapers, the news and online media outlets is to proclaim the world is in deep trouble financially; to a point where our current way of life is at risk. While there’s some truth to the current economic woes, it’s really not as bad as the media make it out to be. So, it’s nice to see a representative of the media finally have something smart to say about our current economic climate. According to the CBC: “Media coverage of [the] recessionary economy [is] adding to economic woes.” Really?! I would never think that the constant reporting of bad economic news would in turn make the global economy worse.
As I write this post, Canada’s unemployment rate sits at 6.6%. During the recession of the early 90s, 1993 saw the highest unemployment rate for Canada at 10.8%. Much higher than the forecasted 7.4% – 7.9% unemployment rate analysts see for Canada by the end of 2009. The last time Canada saw unemployment in the mid to high sevens was back 1998. I remember times being pretty good in 1998. Not only was Canada’s badly damaged construction sector finally steamrolling along but “Breed The Killers” was released by Earth Crisis. Enough said.
So how do we fend off the impending Depression? Well, here’s my advice: Wake up, don’t turn on the news, go to work and be productive, head home to rest and/or work on a side project, don’t watch the news, and repeat 4 more times each week until the weekend which will include all the aforementioned tasks at hand except for going to work. Please note that one can easily substitute/add to not watching the news with: not reading a newspaper, surfing the web (does anyone really say that anymore?), talking with friends or co-workers about the economy or opening a mailed 401k/RRSP statement.
We can believe analysts all we want but, realistically, they don’t have much of a clue as to what will happen over the coming year. An analyst can only make estimates on current and past data. Just like you or I, they’re making an educated guess on what they believe will happen in the coming months and year based on past and current market trends. So, if the flavour of the month is to proclaim that we’re all doomed (more with each passing month it seems) then analysts will make dire economic predictions. If we all believe the economy is going down the tubes, inevitably it will.