As Ben Stein so eloquently put it in this weekend's NYTimes, the fact is that by any standard definition of "recession" (typically defined as two consecutive quarters of negative growth) that we're not in one. Yet, we've already thrown hundreds of billions of dollars of your tax money into the banking system through intraday liquidity injections, risk shifting of billions of losses from companies like Bear Stearns' balance sheets, and so many other outright bailouts from our Fed and the Republicans and Democrats in charge.
Recall also that this "recession" we're wasting so much of your money trying to stop from happening is indeed happening anyway. Recall also that the last two recessions that we dealt with lasted a total of about eight months each.
And now we're hearing buzz that the governments and central banks of the developed world are thinking of colluding to manipulate the value of their currencies...because as Bloomberg states for some strange reason:
For the first time in 13 years, people who trade currencies say confidence in the markets to determine exchange rates is dwindling.
The crisis that may bring the so-called Group of Seven nations to coordinated intervention is the result of a sinking U.S. economy, the weakest dollar since 1971 and the biggest currency fluctuations this decade.
"Crisis"??!! The economy and the markets have turned down a little bit, just as they always do over time. What's with all the pre-emptive strikes around here? They aren't working anyway!