This idiot thinks the failing economy is a self-fulfilling prophecy

[Horse with no Name]

:wtf:
What a moran!
http://theparisnews.com/story.lasso?ewcd=2fb312d039eb68b8
Bawcum described that aspect of the slump as, “It’s a problem of loss of confidence. A lot of this is media driven. It’s a self fulfilling prophecy. You keep telling people things are bad, and after a while, they start to believe it, and then things get that way.”

Bawcum attributed some of the problem to the perception that financing is tight, but disagrees that this is the case.

“There’s a misconception that credit is tight,” Bawcum said. “But the same kind of people who were buying last year, are buying today. If you’ve got the credit, the money is there.”

General manager Mike Durette of James Hodge Motors Inc., 5100 S.E. Loop 286, shared the opinion, “To some extent, this is a media driven problem,” Durette said. “Rebates have never been better.”

[Donnachaidh]

1. having credit is NOT the same as having money

Credit to the middle class is just another form of longterm servitude.

What a f*cking idiot.

[Political_Junkie]

2. This is true in part,

but only for Wall Street where they don't deal in real money. Unfortunately, that affects the rest of us.

[geckosfeet]

5. A very small part. If the economy is a product of the news cycle, then why

does the government keep throwing money at it? Do they govern by headline? Headlines that are for the most part manipulated by the rich corporate owners of the papers?

[lligrd]

6. Very True! The Guy Is Just Admitting That It Is All A Scam

anyway. If we keep believing in it the scam continues. If not, it falls and reality sets in.

[tama]

8. Just like

all pyramid scams. It just happens that the natural boundary for this pyramid scam is quite large. Global capitalism wide.

[muntrv]

3. Yep, it's the media's fault. Not outsourcing of jobs, not wreckless schemes by Wall Street,

but the media.

[geckosfeet]

4. Keep saying that, and everyone will start buying cars and houses

and tv's and stereos and planes and all kinds of nice sparkly things again.

We are pouring BILIONS into banks and finacial institutions and NONE of it is coming out the other side. The bailouts were supposed to stabilize lending institutions, ease credit and stimulate spending. I am not sure how much of that has happened, but throwing billions of taxpayer dollars at rich corporations and rich people has certainly made rich peoples lives easier.

[Two Americas]

7. too much fear-mongering

A defender of the bail out and Wall Street in general said here recently "it is fear that is causing the problem." Later, the same person said "the economy is either driven by fear, or by greed. That is just reality whether you like it or not."

So the alternative to fear-mongering, logically, according to the arguments of the defenders of Wall Street, would have to be "greed mongering." And greed mongering is exactly what the defenders of the "free market" do.

If greed and fear are in fact all there is, an appropriate foundation for the economy, then the defenders of Wall Street here and the right wingers who are blaming the people for the economic collapse, are right.

But it is the greed that causes the fear, and that is what the defenders of the market refuse to acknowledge. Fearing the greedy is a sane response - the greedy are a threat to the rest of us. Greed is not a good antidote for fear.

Most of the people in the country - 88% according to a recent Pew research study - are not motivated by greed. Our entire economy, though, is dominated by the greedy few, and all of our politics cater to, subsidize, defend and promote the interests and desires of those greedy few.

[nadinbrzezinski]

9. Well he has a small point

it is a self fulfilling prophecy insofar as this is the NATURAL result of the RIGHT WING economic philosophy of trickle down

[kentuck]

10. As I recall...

It was Henry Paulson and George Bush that told us the world would end by the week's end if we did not give them $700 billion dollars.