Whew! That wasn’t so bad. Sure, it’d suck if you’re someone who lost their job or your retirement, but it looks like it’s all OK from here. The banks will now be allowed to get healthier based on a flick of the pen, stocks are up and most importantly, Jim Cramer has called the end of the depression.
Guess it wasn’t a great depression or anything like that. Just a modest 18 month depression. No souplines. No great works programs. No civil unrest. And No tent cities. Now that’s the kind of depression we like.
That being said, some folks disagree. Like this angry commenter on the Yahoo message boards:
1. tell the 2 counties in my area, whose unemployment rate is 19% and 14% respectively, the depression is over.
2. Tell your neighbour Dave Cote from Honeywell I have email evidence in which his minions have ORDERED American project managers to refrain from issuing purchase orders to American manuafacturer’s and to issue purchase orders to the Indians and Chinese.
3. Tell the local owners of 2 mega malls the depression is over as they enter Chapter 11.
4. Tell the UAW the depression is over as GM declares bankruptcy and dumps their fat labour contracts and pension obligations.
5. The depression is over for a select group: the finanicla fraudsters, who, for a brief moment in time, actually feared prosecution for their deliberate fraud and fleecing.
6. When you see Mr. Cote, tell him I want my hedge clippers back.
Dude, what are you, some kind of economic girly man!? The depression is OVER.
No, but in all seriousness. Indicators have looked a little better, and the stock market tends to be a good digester and predictor of information. It’d be awesome if Cramer is right and it’s all back up from here.