Posted by
The New THOMA$ REPORT on Friday, May 09, 2008 8:06:47 AM
Larry Elder says, " 'It's a recession,' said former President Harry Truman,
'when your neighbor loses his job; it's a depression when you lose yours.' For
people facing home foreclosure, job loss or the struggle of paying high gas
prices, the definition a recession seems immaterial and insignificant.
True." The term "recession" is a mathematical term, indicating
two consecutive quarters of reduction in the economy. But to those who have
lost their homes, been fired, and cannot get another job that pays as much as
the one they had. THIS is a "recession." It is not. The
"foreclosure problem" was not caused by an economic downturn. It was
caused by a combination of lenders making loans they KNEW the borrower could
not repay, buyers accepting loans they KNEW they could not repay, hoping for
the government to "bail them out." This had "rippled" into
the job market and caused SOME layoffs and an "employer's market" in
hiring. Workers should simply rent a house and accept a job at a lower rate of
pay (for a while) until things "open up." Whining and crying won't
make things better. Thinking we are "in a recession" won't do it. We
have to "think positively" because those who BELIEVE we're in a
recession will create their own "self-perpetuating prophecy" and will
CAUSE a recession. (Larry Elder/Human Events)