Thank You Mr. Obvious - Tire Review Magazine

Thank You Mr. Obvious

Last week, SEMA held a webinar with the senior economist and economic advisor at the Federal Bank of Chicago, William Strauss.

Mr. Strauss, as with many so-called economists connected with the Federal government, holds a strict definition for the word “recession,” So he boldly told the webinar audience that, in fact, we weren’t in a recession, as defined by some group called the National Bureau of Economic Research, which apparently is the judge and jury on this matter.

Now, before I go further, I want to say that this was not SEMA’s fault. They are smarter than that, and Mr. Strauss, whose bit of insight came after weeks of watching the financial world – all over the world – explode.

In fact, just after receiving SEMA’s report on Mr. Strauss’ webinar comments, GM stock fell through the rusted floorboards to $5.42, pushing the Dow into a death spiral drop of 650 points. Bad timing that.

I don’t pretend to know on what planet economists reside, but apparently it isn’t this one. I have heard and read countless “we’re not in a recession” statements in recent months, from politicians and money people, as have you I am sure. But I think they are all right on the nose.

We’re not in a recession, we’re in a Depression. And I don’t care how they want to define that.

When I see bank after bank, financial institution after financial institution get bailed out or bought by a government, to me that is the equivalent of the great consumer bank runs of 1929-30 that pushed us into that decade of misery. Now we’re trying to prop up credit markets so that businesses can survive. If they don’t, there will be millions and millions out on the street, all of them wondering where the recession was.

As for Mr. Obvious here and the rest of the economists, please leave the happy BS at home. We’re not buying your hair-brained rules. Go outside once in awhile and see how the world really works.

If you have comments to share, send to me at [email protected].

– Jim Smith

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