It ain’t over till the fat lady sings. So, is she singing? Not yet.
For sure, today was far better than previous ones in the financial world–markets went through the roof, the U.S. seems to finally have some sort of plan (based on the British model) to pump money into banks and there seems more consensus among European and Asian finance ministers than most experts previously had predicted.
And, yet, while this is all great news for the short term, it doesn’t at all mean the world’s economy is suddenly all healed and capable of jumping up and playing a soccer game (in Europe, anyway).
We still don’t know how many more Americans will foreclose on their mortgages (which is how this entire mess got started) and we still don’t know how many more Americans will be thrown out of work or how many businesses will fail.
Case in point.
If you journey back to the 1930s, there were two, not one Great Depression. The first, which really got underway some three years after the 1929 stock market crash, was largely eased by FDR’s New Deal social programs. But then, like a bad virus, the economy took another nose dive and, this time, it took the WW2 economy to pull the U.S. out of Depression. And, even then, things only returned to normal–in fact, better than normal–after the war was over because there was pent up demand for all sorts of consumer goods not readily available during the war.
So, like I said, it ain’t over till the fat lady sings. Right now, she may be marching toward the stage, but her mouth ain’t open just yet!
For More Commentary, Please Visit www.notimetothinkbook.com, The Official Website For THE Media Book Of 2008-09, No Time To Think
No related posts.