Recession? Schmession!

Every financial forecast seems to be more dire than the last. The housing sector is in a free fall, the credit debacle is starting to take on the disastrous proportions of the Titanic sinking, the dollar is now worth less than the Canadian dollar, the market, as in stock, saw a descent in the last few days that echoed the historic crash where men jumped from buildings in this very city, oil--the all so precious commodity--is now at an all time high, consumer spending is down, unemployment on the rise, and it seems the entire entertainment industry is at a standstill with the Writers' strike taking place on both coasts. With such cheery news on every evening broadcast, well, it sure makes me want to go out and spend some money to boost the sagging economy.

The gloom and doom of each financial report is cause for concern. Yet, the effects of this downturn (the euphemism used by the Fed) will surely be noticed slowly. It will not be as dramatic as the stock market crash of the 20's where entire families were forced out on to the streets. But there is no denying that there will be some casualties.

The Economist reports Los Angeles County will, if not already, be in a recession faster than the rest of the country. Since this is the Economist reporting, it was loaded with facts, statistics, and lots of gloom. I don't know why I've gotten hooked on this magazine, but I do find it endlessly fascinating to be reading about the world as told through the purview of the Brits. And not to mention the incredibly articulate, well written editorial responses that start with the salutation of: Sir.

Most of the this news about company profits and the economy on the macro level (all those economic classes have taught me, if not much else, the language of economics) will fail to report on the human casualty. It will not focus on families having to decide between petrol for home and automobiles versus the endless Christmas lists amassed by their children. Or the senior citizens on fixed incomes having to decide between heating or medications. Speculators, who are driving up oil prices, have no ability to see how their profiteering is affecting whole swaths of the population. So, with the holiday season in full stampede, every forecast paints a picture bleaker than the last. Surely, there will be a Dickensian resolution for us all. And a Tiny Tim, who will declare, "and a Merry Christmas for all."