Remember the story of Chicken Little? She ran around like she had lost her head due to an acorn hitting her in the head...the sky is falling, the sky is falling! Her panic made everyone in her vicinity fear for their lives.
I believe we have a similar situation right here in our own backyard.
About three years ago, the local and national news started "mentioning" the housing bubble. As each week progressed it went from was there a bubble? Could housing prices go much higher? If it was a bubble, couldn't it bust like one? On and on it went, didn't we notice that we were being lead down the old garden path? Or, perhaps we are all blondes heading nonchalantly to the basement where the lights are out and Freddy's waiting. (I can say that because I am blonde!)
Well, the newscasters made their self-fulfilling prophesy come true this past year. Oh, yes, remember how they warned us about the feared "bubble"? Well, they made dam sure that it broke.
Now if our banking hierarchy had any common sense, it would bend over backwards to keep people in their homes...restructure the loans, work with the people instead of foreclosing. Yes, I know they have to answer to their shareholders. I think a bit of honesty in banking would go a long way. Stand up and admit.."Hey, we kept lending and letting people borrow because we expected the market to keep rising, growing up, up, up"...more money, more money...
I'm getting to the point where I can't stand to watch a newscast. In their rush to be #1 in broadcast, some of them are no better than the paparazzi that plague the stars.
That's just my viewpoint and I'm sticking to it...
7 comments:
You're right... and the banks were greedy assholes.
be well,
Dawn
If we pay our mortgage out over the ensuing years it's suppose to take, we will be paying approximately 250,000 dollars over the selling price of 38,000. Unbelievable....It's only a 2 bedroom, 1bath house.....(Hugs) Indigo
I agree I think 90% of the economy is the news media contributing to it , they claim higher gas prices and 2-3 days latter we will see a big increase . I think they need to wait til news happens to report it and stop speculating because that is what is wrong with our economy they scare people and they start raising prices before they should.
Hugs
Sherry
i think they're worse than paparazzi...there was a time i wanted to be a journalist, but when i look at the media today i realize there was NO WAY i could be that and do that. they whip the public into a frenzy, set off panic and by sheer power they have over millions, they wield their influence and manipulate the behavior of those millions. i'm not saying it's all their fault...but years ago my economics professor stated - if greenspan says there will be a recession, it will happen. if he says it won't, there won't be one. the psychology of it is amazing.
Hi found you...lol thanks for stopping by
Yasmin
x
You know, I haven't watched television (except for an occasional rented movie) in nearly a year...mostly for this reason. I'm completely abject and apathetic to what is broadcast as news worthy. Makes me wanna' yerp... ;) C.
My sentiments exactly.
I don't think I could add anything of value to the words you've already written.
Rebecca
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