Forget for a moment that U.S. stock markets have seen their worst start to a new year since the Great Depression or that some $2.5 trillion in wealth has been evaporated in less than two weeks.
CNN says it’s hardly the time to panic:
Time to panic? Hardly.
There are plenty of reasons to relax, especially if you are a U.S investor. Here are the top two:
1. America’s economy is still in good shape.
2. Staying in stocks pays off. Since World War II, investors who remained in stocks for at least 15 years made money
Right now, the U.S. economy is growing. It’s not rock star growth, but 2% to 2.5% a year is good, and the Fed is being very cautious.
More importantly, businesses are still hiring. Over 2.3 million jobs were added last year (the latest data on hiring comes out Friday and it’s widely expected to show more jobs added).
Pay no attention to the fact that last week not a single cargo ship was transporting raw materials in the South China Sea, the first time in history that it has happened. The economy is is great shape and this is not proof that global commerce has literally stopped.
Worry not that Walmart, Macy’s and scores of other retailers had an abysmal holiday season and are now set to lay off tens of thousands of workers. Unemployment, when calculated using models that were used during the Great Depression and that were defined out of existence by the government in 1994 show that some 23% of Americans are out of work. But we don’t calculate like that anymore, so we actually have an employment rate of about 95% in America right now.
And though the economy is officially growing at 2.5% per year based on the government’s trustworthy data, we should absolutely not look at the inflation numbers, which according to Shadow Stats are running about 4% per year. If we did, however, go totally fringe and consider inflation within the context of the economy we might notice that this purported growth is actually negative 2% if not worse.
In fact, we’re doing so well that just 45 million of America’s population of 320 million people are on food stamps right now. By all accounts, a really good sign of not just economic growth, but more jobs and an increase in personal incomes.
And with oil trading at under $30 per barrel, we can see nothing but blue skies going forward because, hey, we’re all paying a dollar less for gas now. We’re sure this will have no effect on the domestic real estate market in places like Texas and North Dakota. Nor will this collapse in oil prices cause debt burdened domestic oil companies to close up shop, potentially leading to a domino affect across the entirety of the U.S. economy. Nor will it have any impact on periphery businesses that service those companies, including all of those restaurants that saw below-minimum wage job growth explode last year.
You have absolutely nothing to worry about. The notion that an economic and financial catastrophe of historic proportions is playing out right before our eyes is the fantasy of internet conspiracy fanatics.
At this point, we encourage our readers to take no action to prepare for the coming calamity, because there is no coming calamity.
Carry on. Everything is awesome. It really is different this time.
11 thoughts on “CNN Reassures Investors: “Don’t Panic… America’s Economy Is Still In Good Shape””
No jobs, no trade, no manufacturing, and no buyers of consumer goods or commodities, but the economy is doing fine?
Is CNN now in the comedy business?
They should be, because anyone dumb enough to believe them is probably crying right now.
How convenient! “Website is not responding”. Why does that only seem to occur as your typing a comment, especially a long, thought out one. I’m not aiming at you Henry, but dammit, this happens a lot, it’s annoying to say the least. I thought you should know what’s happening.
CNN is essentially state-run media, much like you’d find in any other communist country. As if it weren’t obvious enough simply from watching, we have whistleblowers like reporter Amber Lyon:
“In October 2011, correspondent Amber Lyon told a European news service that she had been directed by CNN to report selectively, repetitively and falsely in order to sway public opinion in favor of direct American aggression against Iran and Syria, and that this was common practice under CNN.”
There’s little difference when it comes to its reporting on the economy or other issues. CNN has zero credibility on any matter of political importance.
Of course, CNN is hardly unique in serving as an unofficial government mouthpiece. All the mainstream media outlets are on the government payroll, even when they pretend to disagree with each other. They simply limit the boundaries of disagreement, staying within government-approved limits.
Sorry, I forgot to source the above Amber Lyon quote:
This immediately made me think of one of my favorite songs. 😀
There is no reason to be sad…
Had to search a moment for this classic (2:29)
…there is a moral to the story [song], but you must watch the whole thing to understand, yeah, 2.5 mins 😮
“You have absolutely nothing to worry about.”
Unless you’re stupid enough to ‘allow’ the so-called ‘government’ to ‘confiscate’ (STEAL) your guns.
Or if you don’t have enough ammo.
Maybe they will just Dorner you…
For those that did not know or need a reminder:
Christopher Dorner Shootout – Cops say “Burn It Down”
Just pulled the vid ran-dumbly off the web.
The comments are a hoot too – a few in some people speak back to the people saying it was Ok by the cops [even one by a proclaimed cop seeking pity].
A few comments in, the people not so pleased with Gov put in their few cents; things get much more interesting.
“Cops say “Burn It Down”
Turnabout is fair play.
Dorner was willing to die and even wrote that he didn’t expect to survive his rampage — he only wanted to survive long enough to kill as many of his enemies as possible. Anyone with that attitude is a very dangerous enemy. Fortunately, that kind of thinking appears to be MUCH more common among the liberty-minded than among the pigs who merely bear arms for ego, thrill, and a paycheck.
In the end, the pigs forced him shoot himself, but not before he took out a few of them. Since he killed more than one of his enemies before they took his life — and did so on his own terms — he won the conflict.
As if any listens to CNN anymore.