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Fear driven: Economists urge folks to 'breathe'
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Keep in mind President-elect Obama's Chief of Staff to be Rahm Emanuel's comment that they wanted to take advantage of every "crisis opportunity". A crisis lets them get legislation passed without the discussion that should occur.
Thia news is doubleplusgood!
I'm looking forward to a new administration with a more positive attitude. We've had some bad personal and national financial habits that will take some time to correct, but it can be done.
I agree the media furthers panic with their non-ending news and analysis from the talking heads. There is a downside to the 24/7 news, and this is it. Endless hours spent discussing unhappy topics of any kind gins up fear and panic.
In short housing prices grew too quickly, people stopped buying and housing prices fell, both speculators and regular home owners defaulted on negative value homes. This put out of business many over leveraged investment banks holding mortgage backed securities. With almost everyone losing home value, an enormous amount of collateral evaporated thus severely reducing debt fueled consumption.
In the background there's the building retirement tsunami putting relentless downward pressure on stock, equity investments, consumption levels, and workforce size, all the while putting greater obligations on government programs.
This crisis won't be resolve until something is done about poeples debt levels, and raising the retirement age among other things.
"Hard-Hit Families Finally Start Saving, Aggravating Nation's Economic Woes"
That pretty much says it all about how mixed up our journalists and some economists are.