To watch cable news, one would think that the economic sky is falling. Chicken Little himself, Ali Velshi of CNN, almost suffered spontaneous combustion yesterday as he practically yelled at the camera, “YOU’RE GOING TO LOSE YOUR JOB! I’m not saying it’s Armageddon, but…”

The thing that upsets me even more than the armchair economists that have come out of the woodwork is the fact that we have actually come to a place in the US in which our government has the power to, with one vote, cause the stock market to tumble 777 points. Because Czar Paulson decided to float the idea of a $700 billion free-for-all, with the full support of the President, we all lost yesterday. Word is, $700 billion isn’t even a figure based on fact; rather, the treasury department just needed a “really big number” to give confidence to the market. Say what?

We should not be in a position where our government – and their reelection campaigns – can cause a stock market tumble and “credit crunch.” As our leaders point fingers, I’m left thinking, “Look, this shouldn’t be any of your fault!”

The fact is that not all economists think the sky is falling. Even if it is, I’m still not convinced that our government needs to start building support columns to keep the sky in place.

What I am certain of is that the news media needs to give it a rest and leave the scare tactics to Washington. For the record, despite yesterday being the single largest point drop in history, it doesn’t even rank in the top ten for percentage drops. Maybe someone should tell the media…

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