h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

Just been thinking - the press are telling us we're in a credit crunch and a recession. But would we *know* that if they didn't tell us, and, ultimately, would our behaviour be dirfferent?

Like if we didn't know there was a slump in the housing market, would we still be buying and selling like befiore, would the banks still be lending.

If we weren't told of this "financial crisis", surely we would keep spending and things would sort themselves out. Instead they tell us we're in a recession, and then people panic and stop selling/buying/lending. Or is it just me?

That's got me thinking.

They reported on the UK national news last week that it looks like we're at the start of a recession. They said "we hope this won't be a self-fulfilling prophecy". I thought, "well stop talking about it then". It'd just scare people into not spending and actually lead to a recession.

I saw that too.

Seems a bit stupid when they said themselves that the report could cause it. Bit of a paradox really.

Ressecions happen even if they aren't reported but fearmongering doesn't help.

NPY,

I agree with you. I remember in the 60s when the Footsie as it is called now broke the 100 barrier! It seems incredible now.

The panic created now is mainly as a result of the speed of communication. If things were slower there would be time to think and decide whether a crisis was developing, but now the minute it plunges all hell breaks loose and the ensuing panic sends it plummeting even further, often unnecessarily I think.

There is a lot of evidence that tough times are ahead, but perhaps they seem worse because we have become used to credit etc. being freely available, often to a ridiculous degree. A correction was definitely needed to bring people, companies etc. back to reality but the coverage is definitely fuelling the downturn.

it is a worry when 'banks' get in hot water but it had to come. I am not even going to mention governments who are incompetent.

Websailor

True that there was a dip copming anyway, but all the hype!!!! Really don't think it's half as bad as they're making out. Hope I'm not being naive here though.

No your perfectly right the dip would have happened anyways but is being greatly agrivated by the press.

I agree with you NPY. I think there is a huge risk we'll just talk ourselves into it. What you said made me think of a somewhat simpler, but classic example: The fuel protests a couple of years ago and also more recently with stocks becoming low-people going out and panic buying just making the problem worse.

I'd forgotten about that one! I heard a quote on the radio at the time of someone who saw a queue at a petrol station and "felt compelleed to join it". Like what!?!?!?!

Exactly, It just gets ridiculous.

I think it's important the press reports the situation but hearing every little blip in the stock market, housing market etc (and now speculation on unemployment after last night's newsnight) could be getting a little counterproductive I think. Unfortunately that's what we're likely to get with 24 hour news channels though (I used to be addicted to BBC News 24-now I've managed to curb it a bit). As every little development happens, it goes straight out there and just adds to the panic because of the urgency of it.

...That was a bit muddled but you know what I mean

Yeah. Think I heard something on the news earlier about higher unemployment. And there's that strike today too. Never got our bin emptied....The press need to calm down!!!

yeah its just crazy.

The strike was far from universal. Our household rubbish and garden waste was collected as usual today. I think ours might be done by contractors who wouldn't be affected.

Websailor

Yeah it was a Unison strike so I guess if that's not your trade union you're unlikely to be involved in it. I personally think good on them for standing up for what they deserve. The people who've critisised the strike seem to forget that not all jobs in LG are white collar office ones and those on the lower level wages flippin well deserve a better deal.

Rant over. Sorry. I wasn't implying you didn't agree with the strike.

That's ok. In our region many of them are getting substantial pay cuts so I would support them. It couldn't be a worse time to find your pay packet has shrunk

Websailor

Yeah. Only fair to get a good wage. Though there are those on the other end who get paid something stupid. Like footballers or actors who get more in a week than us normal people get in 20 years. No offense to any of them, but it kinda seems a bit distorted really to get £1 million a week for kicking a ball about when there are people getting less than a hundred for some real hard yucky work.

I think it annoy me even more when some TV presenters get an absolute fortune for presenting a foul mouthed show, when others who present something intelligent, interesting and worthwhile get substantially less. Especially when it is our money!

There is something dreadfully warped about our values today, but I guess all of us would take the money and run if the opportunity arose !



Websailor

yeah. That's probably true unfortunately.

I can't stand the way footballers get paid so much. It makes me furious. Also, the fact that some of them are very poor role models. You would think a high profile and a big income would make them think twice about their behaviour.