Just Smile
…and the recession will go away.
For the umpteenth time, CNBC is declaring an end to the recession. That’s right, we’ve turned the corner again. For those following CNBC we’ve turned so many corners that some might say we’re going in circles. In the minds of the Wall Street cheerleaders, a few positive signs are enough to stand up and say “mission accomplished” and start promoting the next run. It’s really cute and the new varsity letter that CNBC will receive from Wall Street will surely look nice but there’s a lot more reason for concern than celebration these days.
This ongoing theory that the economy is can be magically improved with a few smiles is ridiculous. Absolutely, the market can be moved with sentiment but to cherry pick a few small positive points and overlook the fact that the banks were on life-support a few months ago is quite a stretch. They are only alive because of massive government intervention and the pumped up numbers by a few may not last. The market needs more than a smile to move forward in any meaningful way.
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