A “Blockbuster” Economic Forecast: 500
Days of Summer
by: Jeff Thredgold
One of the painful realities of life as an economist and professional
speaker is that the subject matter of economics is typically viewed
(with good reason!) by the general public as confusing, intimidating,
and boring. As a result, trying to present economic and financial
information with an unusual twist can occasionally be a most welcome
change.
Warning!! This is my semi-annual economic, financial, and
political update…using today’s current movie titles. My
sincere apology in advance to anyone I might offend.
The Recession
So, here we are as summer is upon us, finding ourselves at
YEAR ONE and-a-half of the longest, most serious, and
most painful U.S. recession since the Great Depression. THE
HANGOVER from weak home prices, six million lost jobs, and
enormous government spending makes many of us wish we were 17
AGAIN, with few cares in the world while enjoying a
DANCE FLICK or a NIGHT AT THE
MUSEUM.
Job Losses
Too much economic BLOOD in the streets is
found across America, with 12 states now recording double-digit
unemployment rates. THE HURT LOCKER of
broken dreams is all too full.
Millions of people struggle with the ANGELS &
DEMONS of where their lives go from here. MY LIFE IN RUINS
stories are routinely told by all too many.
Ponzi Schemer
Bernie Madoff ’s victims are part of this pained list as
well. Madoff, according to himself, worked as THE
SOLOIST in the largest Ponzi scheme on record, with billions of
dollars in investor losses. He managed to keep inept government
regulators at bay for many, many years as he dealt with the
MONSTERS VS. ALIENS battling within his own mind.
Too many investors got caught in the EASY VIRTUE of
consistently reported and paid double-digit investment returns…in
both good markets and bad. Such investors took little comfort on June 29
from his admission in court that he had made “an error in
judgment.” Now there’s an understatement. Some will take
only modest SALVATION in seeing him spend his remaining
years behind bars.
Obamanomics
The new Administration continues its FAST &
FURIOUS assault upon the private sector, with the
PUBLIC ENEMIES of health care insurers and energy
companies firmly in its sights.
The TRANSFORMERS inside the Beltway will soon
embrace THE PROPOSAL to bring more and more of the
nation’s health care system under governmental control.We
seriously wish them well, as health care costs have risen too quickly.
However, the phrase “We’re from the federal government and
we’re here to help you” still scares many of us to
death.
Many hope that the medical role of MY SISTER’S
KEEPER in the future won’t be determined within a
rationed health care system by some faceless government
bureaucrat…the direction now followed in too many of the
EARTH’s nationalized health care systems.
The U.S. Military
American soldiers just completed their scheduled withdrawal
from major metropolitan areas in Iraq, including Baghdad. Iraqi security
forces now control the major cities within that country, where
LIFE IS HOT.
Any modest AWAY WE GO euphoria, however, is tempered
by the American military buildup in a LION’S DEN
known as Afghanistan. American soldiers, including G.I.
JOE, will attempt to strengthen their understanding of
LOCAL COLOR and customs so as to boost their success
against the Taliban and Al Qaeda. These groups remain
OBSESSED with our destruction and their return to an
ICE AGE-style domination of other people’s
lives.
The Federal Reserve
Fed Chairman Ben Bernanke continues his focused
SURVEILLANCE of the nation’s economy, including
the QUIET CHAOS at times within the nation’s
financial markets. His supporters will avidly seek his reappointment as
Federal Reserve Chair by the President when Bernanke’s term
expires in January 2010.
Bernanke’s critics see the ORIGINS of the
GHOSTS OF (INFLATION) PAST in his extremely aggressive
monetary policy and fear a DRAG ME TO HELL future of
much higher inflation pressures. Others wonder (WHICH)
MOUNTAIN will have to be climbed in coming years…that of
facing inflation OR deflation.
U.S. Economic Recovery
Better News? THE STATE OF PLAY of the American
economy is now in transition from the LAND OF THE LOST
to one where a return to modest economic growth is expected. Such
imminent growth does not suggest that serious issues regarding
residential housing, commercial real estate, more job losses, or shaky
consumer confidence will be behind us.
However, a sense of KNOWING (or hoping) that the
economy’s next widely expected direction is UP
will help us feel better.We will get through this.
IMAGINE THAT!
