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So what's the deal?
Severe recession or just your run-of-the-mill one?
As we end another week of wild swings, swinging to this conclusion:
Tough times are coming. The only debate...how tough?
And that's pretty much the focus right now.
Not whether the financial rescue works but whether it will do anything at all to help the economy.
Two words: probably not.
But even the bailout's most severe critics say the sheer size of all that government spending will stave off what could have been a far worse recession.
I don't know about that...money can buy you time, it doesn't buy you cures.
But I do know about this:
Certainly all this contraction in stocks will contract the economy.
Sales will slow, homes will still go begging, and jobs will still be lopped off.
I guess I'm just not in the camp that says sales will stop, and homes will not move at all and so many jobs will be lopped off, that our very economy will fall off a cliff.
But that's the debate...a turn? Or torture?
I see the former. I don't see the latter.
What I do see is a world press convinced there is no former, and only the latter.
That's what gives me pause, and should give you pause too.
Unemployment rate leaps to 6.1%
American workers fear for their jobs
Cavuto: We’re Bad, But Europe’s Worse
