Everywhere you turn, people are talking about the economic slowdown, the real estate and mortgage market issues, and the ever increasing price of gas. I personally am tired of all of the whining and I cannot believe that people’s opinion of the economy are formed completely based on what they see on television or see in the newspaper. The media has made a mountain out of a molehill and it is still snow balling.
Yes, the effects are real, but what were the determining factors in starting this snow ball. I believe it is completely on the shoulders of the media. Let’s take a look: all of this started when the sub prime -mortgage market had some fall out. Does the average citizen know what the “sub-prime market” is? I don’t believe so. We know have a small short-sighted view of what “sub-prime mortgage” are now, but how did we get that knowledge? The media.
Then, the media got everyone excited about the price of gasoline. Does the media everyone remind us that if we adjust the price of inflation for gasoline, the price is hovering around where it was in 1920? I have not heard it. Check out this interesting post about the price of gasoline from Chad Bordeaux.
I finally heard one news report where I think they were getting to the heart of the matter. Jim Cramer was on NBC’s Morning Joe program and the Today Show and basically said the economy is not as bad as everyone is making out to be. This is a milestone for my book since this is the first time I have heard anyone say something positive about the economy on television in a long time.
Let’s all get in the groove – make this economy what we want it to be. We are not in a recession. We have just moved into a nation of whiners and the economy is a great crutch for everyone to blame for their own inability to be successful or move forward in their life. Use this media hype to your advantage and increase your income or grow your business. Most of all, tell everyone you know to get off their soap box and stop whining!
Donna Bordeaux is a Certified Public Accountant and Personal Financial Specialist with Bordeaux & Bordeaux, CPAs, PA in Lake Wylie, SC (a suburb of Charlotte, NC). For further information about Donna or her firm, please visit www.charlottecpafirm.com.