Rex Hammock is talking to you. I recommend you listen:
Collectively, the news media of the mainstream variety move through such narratives. Since September 15, the narrative has clearly been that we are in the midst of “financial crisis.” According to the narrative, the crisis is more than a cyclical recession, it’s “the worst since the Great Depression.” To those “reporting” the economy, anything that supports the narrative is news, anything that challenges it is noise. Again, I’m in no way suggesting the narrative is wrong and I’m in no way suggesting the economy is not horrible, however, the determination of the historic ranking of our current economic woes will be up to historians years from now, and not up to those of us living through it.
While there are some who feel the need to have a narrative that has us never emerging from the current economic downturn, history is clearly on the side of those who believe that at some point, there is a bottom.
Read his whole post at Rex’s Blog.
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