Economy - Where Are We At Right Now?

I've been watching and reading literally dozens of news reports and articles over the last 2 weeks concerning the economy. The report below by Reuters, unlike many I've read, is a fair one though the speculation about what will happen the latter part of the year is just that- speculation.

Please don't believe everything you hear and read about the economy. I've read a number of articles saying that the U.S. economy is sliding, not just into a recession, but into a depression. Folk, technically, we aren't even in a recession at this time. A recession is usually defined as two fiscal quarters – six consecutive months of negative growth. While we may soon enter into a recession by this definition, we are far from an apocolyptic landscape regarding the economy.

A lot of measures have been and are being taken such as the economic stimulus package and the aggressive moves by the Federal Reserve in cutting rates (by the way they are meeting again in a little over a week and there is a fair to good chance they will cut rates yet again). While these moves have been decisive and dramatic it will still take time for the impact these measures to take effect - about 4-6 months, actually.

One thing is for sure, much of the media is obsessed with reporting that the U.S. economy is tanking and already in a deep recession. However, not only is this not true but, as has been the case with past recessions, there’s no way to know for sure until well after one has begun. So, much of the talk is just that - talk. Certainly, much of the news has been greatly based on prediction and even(do I dare say it?)emotion and sensation. This doesn't help things and it can even greatly hinder. Negative press can create and feed into negative sentiment which can, in turn, create a negative climate and become a self-fulfilling prophecy - as we all know.

So, watch this video and stay tuned for more information. Thanks.