Turn on the local news, 15 minutes of fear, doom, gloom, switch the channel, more nightmarish scenarios... and the solution of happy days will be here again? It all rides on the bail out! "Experts" explain how you can lose everything unless Congress passes the bail out!
Now this is clearly generating artificial panic. The market did go down and it's been going down as it will in any correction but that is not a collapse, that is a correction.
I'm not alone watching the spin machine create absolute panic.
Forbes also pointed out that many things are simply not that bad.
panic is spreading. Forget job security ... normally positive and optimistic people are now worried that they will lose their money. President Bush said that the government's top economic experts believe that if the Treasury plan was not passed very bad things could happen.
He said, "Banks could fail, including some in your community," further stock market declines could "reduce the value of your retirement account," "the value of your home could plummet" and "millions of Americans could lose their jobs."
They also point out this much fear mongering by a government is unprecedented. I agree.
CBS Market Watch also notes:
Monday's market plunge may have been the worst point drop ever for the Dow Jones Industrial Average but in percentage terms it came nowhere close. It dropped 7% on Monday, or just one-third as much as the 22.6% decline in the 1987 crash.
In fact, there have been 16 other occasions since the Dow was created in 1896 in which the Dow's percentage drop was greater than it was Monday. That works out to an average of every seven years.
It furthermore has been almost exactly seven years -- Sept. 17, 2001 -- since the last time the Dow dropped by a greater amount than it did on Monday.
From at least one statistical perspective, this all adds up to Monday's drop being overdue.
Who remembers the phrase, There is Nothing to Fear But Fear Itself?
The only thing we should be panicking about is the complete lack of leadership and credibility in our elected and soon to be elected officials.