One of the disadvantages to running a paper route is that you have to get crackin' at 2:30 a.m. everyday. One of the advantages, however, is that when there are extra papers, you can read the news to your heart's content (which for a news junkie like me, feeds my habit). And on rare occasion, I get my hands on a stray Wall Street Journal, which provides a much broader perspective than our own Indianapolis Star. :)
"President Barack Obama has turned fearmongering into an art form." This opening line from a recent editorial by Bradley R. Schiller sets the tone for his article which separates the doomsday rhetoric coming from President Obama and many of the Democrats from the actual realities of this economic crisis in which we find ourselves. Schiller in no way diminishes the economic strains which are pressing us as a nation, but his historically balanced evaluation of the economic situation is a refreshing change from the typical rhetoric we've been subjected to.
Whenever I hear President Obama stand in front of a microphone and paint various apocalyptic scenarios, it isn't a stretch to imagine him standing like a wild-eyed prophet on the sidewalk in front of the White House holding his cardboard sign yelling, "The End is Near!" (while simultaneously pointing to his adminstration as the savior of our nation.) But as Mr. Schiller points out, "Mr. Obama's analogies to the Great Depression are not only historically inaccurate, they're also dangerous." (For more on his assessment, take a minute to read this very insightful article.)
The important point for us, the American consumers, is to be sure to resist the urge to follow the herd. For if we turn off our own critical thinking skills, we devolve into the kind of sheeple who take the rhetoric coming from the mouths of our leaders at face value. And we begin to mistakenly assume that their version of circumstances corresponds with reality, when in fact, it may not. 
UPDATE: In that same WSJ paper, the Cato Institute took out a full page ad in response to the statement President Obama made on January 9th, suggesting that economists from across the perspective are in support of government intervention in this economic crisis. He further reiterated this idea in his press conference last Monday by stating that there were virtually no economists who weren't in support of his approach to solving the economic crisis. The Cato Institute (and the 243 economists who signed the ad) would disagree. (In fact, there have since been an additional 123 economists who have added their names to the list.) Again, this should give us pause as we evaluate the various aspects of this economic situation and which salvific approach may serve us best in the long run.
Is depression here or not? not very clear. But if you look at the past history recessions and depressions come and go. Economies go through cycles and recession is part of the cycle. I read the history of cycles at http://www.recessioninfocenter.com
so if you tighten up during recession it makes sense
Posted by: jeff | February 16, 2009 at 06:07 PM
What bugs me about this stimulus bill (I know that's not what this post was specifically about) is that it was voted in on Friday but won't be signed until Tuesday. Why was there such a rush to get it voted on if it wasn't even going to be signed until four days later? Many members of Congress have acknowledged not even reading the bill. How can you accurately vote for something you haven't even read? Many people will say that Congress votes on bills all the time that they haven't read cover to cover. Not only is that not a valid excuse, it uncovers more problems that need to be fixed.
Posted by: Eric Page | February 17, 2009 at 03:44 AM
I was thinking about the timing, too, Eric. Obama is screaming about the need for action, but waits four days for the photo op?
If he really wanted to make a statement, he should have gotten a picture of himself signing it in his pj's the night it was passed. Hell, he could have had Pelosi and Reed there in their robes for a big Democratic slumber party. They could have had humus on flat bread then a pillow fight with big sacks of our money.
Posted by: Resident Atheist | February 17, 2009 at 11:19 PM
Yeah. I can sort of see waiting until Monday...but even though Monday was a holiday, there's no reason (that I can think of) they couldn't have given congress the weekend to read it and then have them vote on Monday. I'm curious if any of them read it over the weekend and regretted their vote.
Posted by: Eric Page | February 18, 2009 at 07:04 AM
Kind of like the growing number of Americans who are waking up to the new reality and regretting their vote last November... :)
Posted by: John | February 18, 2009 at 10:18 AM