Fred2670 wrote:
CNN just reported that the US lost 80,000 jobs in March
No way thats healthy, but Im sure you could always dispute
the number, or blame the media for sensationalizing it.
I didn't say that we are perfectly healthy. There is no doubt that we aren't. However, our unemployment rate in March was 5.1%, which is higher than it was before(4.8% last month, which is actually pretty good) but still 5.1% is within a relatively healthy range. I am also not arguing that we could be falling into a recession, in fact the 80k can reflect us doing so, but recessions are rarely the end of the world.
BesideYouInTime wrote:
They only want us to watch their channel so they can show us ads which they're paid for showing. If consumer spending drops, so do advertising budgets, and so does the revenue of the network. It's all quite simple, really, and it applies to all media.
Umm... yeah, I know. I think I already put down the Prisoner's Dilemma logic, not only that, but I would not deny that psychology is involved in this. In fact, some economists would argue that psychology is a lot of what is involved here rather than a deep, fundamental economic malaise. Really though, each individual news station does not exercise the greatest control over consumer spending given the number of other factors involved. Really, I would estimate that consumer spending is going to have a lot to do with what individuals think of their own financial state of affairs rather than the macroeconomy. Not only that, but I am not arguing about whether we are going to be in a recession but rather whether or not the media is overhyping it in a manner reflective of crisis mode psychology rather than economic calculation.