Economic Meltdown, or Media Hype?

Have you noticed anything weird about this economy? One of the weirdest, most perceptually jarring things about the economic crisis is that everything looks the same. We are told every day and in every news venue that we are in Great Depression II, that we are in a crisis, a cataclysm, a meltdown, the credit crunch from hell, that we will lose millions of jobs, and that the great abundance is over and may never return. Three great investment banks have fallen while a fourth totters, and the Dow Jones Industrial Average has fallen 31% in six months. And yet when you free yourself from the media and go outside for a walk, or to the mall, everything looks the same.

Everyone is dressed the same. Everyone looks as comfortable as they did three years ago, at the height of prosperity. The mall is still there, and people are still walking into the stores and daydreaming with half-full carts.

The point is: Nothing looks different.

It's as if the news is full of floods but we haven't seen it rain yet.

What do you think? Is this "The Great Depression II", or a media-made frenzy? We'd love to hear your opinion. Just use the comment link below and sound off.