Marketplace: "Everything is fine"
A bizzare juxtaposition of stories on “Marketplace” last week. Felix Salmon from Reuters and business writer Heidi Moore spoke with the host about the Dow reaching 10,000 and both agreed that as the economy goes, “everything is fine.” All that’s needed to fix it, they agreed, is for CEOs and consumers to understand this supposedly plain fact and start spending.
Minutes later, RZA of the Wu-Tang Clan was on, talking about his new book: “You look at this economy and…you look at people suffering,” he said.
Did no one at Marketplace think it odd to juxtapose these comments? I’ve got news for newspeople Salmon and Moore: Everything is not fine. The underemployment rate is at an all time high. The unemployment rate is actually higher than it was 27 years ago because Reagan changed the way they measure the unemployed, to make the number look better.
Not to get all self-pitying and shit, but I for one have been underemployed for 10 months and watched my life savings diminish by half since Bear Stearns imploded.
Perhaps business writers need to spend less time looking at their Bloomberg terminals and more time on the streets of America, because times are strange indeed when a rapper–even one as gifted, intelligent and well-informed as RZA–knows more about the state of the economy than two so-called business journalists.
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