And suddenly we’ve gone from “Depression Era 2.0” to being on the verge of an “Economic Resurgence”…perhaps industrial media saw that all the negative hype and prophesying crushing economic defeat was not helping their advertising dollars? Today’s positive housing sales announcement follows on the heels of “cautious optimism” (read: major PR spin) from economists saying maybe the worst is over.
Or was it ever the worst? Yes over 40 U.S. banks closed and several in Europe and other countries. Yes, the stock markets lost significant value and yes unemployment hopped up a bit. Back in February I did some reading between the lines on what media wasn’t saying, a little “reality check
” if you will.
So here’s my hype-o-meter reading today: It’s Boomsday Spin Time folks. Doom is out. Boom is in. We’re on the upswing, the tide is turning…
…OK, maybe not so hyped so fast. I note the words of “caution” getting thrown in by media and economists…kind of like hedging their bets…yeah, and hedging paid off last time didn’t it? I’m just sayin’.
The reality is; housing was way out of control, subprime mortgages
were ridiculous to begin with, financial laws were too loose, stockmarkets were way overvalued and manufacturing costs are too high in North America. Then the turn to corn/grain for “green fuel” caused food costs to rise far too high and oil was also unreasonably high and at the mercy of speculators.
A few got really rich, a lot lost a lot of value and everything was out of whack. We had a necessary correction.
All of this was very good for Social Media and the Web economy as a whole as people cocooned and spent more time online, found it enjoyable and will likely stay there. Nice.
So now we spin up for boomsday…