LitaWrites (real_lawyer) wrote,
LitaWrites
real_lawyer

Drinking from a half-empty cup

Misinformed quote of the day: Edward Yardeni, chief investment strategist at Oak Associates, told the NY Times that "We've spent the whole year going through a litany of fears, from bird flu to monetary overkill to bursting the housing bubble. I'm exhausted listing all the things to worry about, but none of these things has affected the economy or corporate earnings."

He's half-right: when the middle class and working poor suffer downturns in earnings and benefits and fear of a pandemic spur new pharmaceutical products, corporate profits soar and the rich grow much richer. But Mr. Yardeni, the economy has been affected! You or your very rich clients may not have to choose between putting gas in your car and buying new school clothes for your kids, or making your mortgage payments instead of replacing your roof, or supermarket shopping vs. a bathroom makeover. But thousands--maybe millions--of Americans are making these choices today and every day out of necessity. And millions have definitely let medical coverage fall by the wayside because it is too expensive to even contemplate.

Sorry you're "exhausted", but try juggling your diminished earnings from the downturn in the real estate market while paying all the bills that pour in. Then you'll know that the cups most of us are drinking from are half-empty, and filled with sour grape juice.
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