Friday, January 25, 2008

The Sky is Falling, The Sky is Falling

I must confess that my blood pressure always goes up a bit when I see the distortions, poor education and political bias on TV. I have a strong need for reporters to be accurate and fair and that makes my television viewing a very sad experience much of the time.

For example, ever since the housing market started to wobble the media has been screaming that the USA is in a "Recession". Not true! "Recession" has a specific meaning to economists and by their standard we are not in one.

Tonight I was watching Jon Stewart, a rare event because he is so biased and so often wrong. He had a women on who is supposed to be a "Specialist" on the economy and she said, "Our unemployment rates are very high..." Not true!

The unemployment rates in the US are half those in much of Europe. They are at historic lows.

I expect politicians, both democrat and Republican to distort the data, but I wish the news reporters would actually report the news.

In the USA we desperately need some basic education on how the economy actually works. So many people think the President has a lot of influence on jobs, inflation and oil prices. He does not. He cannot raise or lower any of these factors.

The Congress has much more power than a President. However, the Federal Reserve has more influence than any other government agency. So, wake up and recognize the facts. You will sleep a lot better.

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