Our future looks so bright...

Discussion in 'Wall St. News' started by capmac, Jun 22, 2008.

  1. capmac


    Everything seemingly is spinning out of control

    By ALAN FRAM and EILEEN PUTMAN, Associated Press Writers
    Sat Jun 21, 3:14 PM ET

    WASHINGTON - Is everything spinning out of control?

    Midwestern levees are bursting. Polar bears are adrift. Gas prices are skyrocketing. Home values are abysmal. Air fares, college tuition and health care border on unaffordable. Wars without end rage in Iraq, Afghanistan and against terrorism.

    Horatio Alger, twist in your grave.

    The can-do, bootstrap approach embedded in the American psyche is under assault. Eroding it is a dour powerlessness that is chipping away at the country's sturdy conviction that destiny can be commanded with sheer courage and perseverance.

    The sense of helplessness is even reflected in this year's presidential election. Each contender offers a sense of order — and hope. Republican John McCain promises an experienced hand in a frightening time. Democrat Barack Obama promises bright and shiny change, and his large crowds believe his exhortation, "Yes, we can."

    Even so, a battered public seems discouraged by the onslaught of dispiriting things. An Associated Press-Ipsos poll says a barrel-scraping 17 percent of people surveyed believe the country is moving in the right direction. That is the lowest reading since the survey began in 2003.

    An ABC News-Washington Post survey put that figure at 14 percent, tying the low in more than three decades of taking soundings on the national mood.

    "It is pretty scary," said Charles Truxal, 64, a retired corporate manager in Rochester, Minn. "People are thinking things are going to get better, and they haven't been. And then you go hide in your basement because tornadoes are coming through. If you think about things, you have very little power to make it change."

    Recent natural disasters around the world dwarf anything afflicting the U.S. Consider that more than 69,000 people died in the China earthquake, and that 78,000 were killed and 56,000 missing from the Myanmar cyclone.

    Americans need do no more than check the weather, look in their wallets or turn on the news for their daily reality check on a world gone haywire.

    Floods engulf Midwestern river towns. Is it global warming, the gradual degradation of a planet's weather that man seems powerless to stop or just a freakish late-spring deluge?

    It hardly matters to those in the path. Just ask the people of New Orleans who survived Hurricane Katrina. They are living in a city where, 1,000 days after the storm, entire neighborhoods remain abandoned, a national embarrassment that evokes disbelief from visitors.

    Food is becoming scarcer and more expensive on a worldwide scale, due to increased consumption in growing countries such as China and India and rising fuel costs. That can-do solution to energy needs — turning corn into fuel — is sapping fields of plenty once devoted to crops that people need to eat. Shortages have sparked riots. In the U.S., rice prices tripled and some stores rationed the staple.

    Residents of the nation's capital and its suburbs repeatedly lose power for extended periods as mere thunderstorms rumble through. In California, leaders warn people to use less water in the unrelenting drought.

    Want to get away from it all? The weak U.S. dollar makes travel abroad forbiddingly expensive. To add insult to injury, some airlines now charge to check luggage.

    Want to escape on the couch? A writers' strike halted favorite TV shows for half a season. The newspaper on the table may soon be a relic of the Internet age. Just as video stores are falling by the wayside as people get their movies online or in the mail.

    But there's always sports, right?

    The moorings seem to be coming loose here, too.

    Baseball stars Barry Bonds and Roger Clemens stand accused of enhancing their heroics with drugs. Basketball referees are suspected of cheating.

    Stay tuned for less than pristine tales from the drug-addled Tour de France and who knows what from the Summer Olympics.

    It's not the first time Americans have felt a loss of control.

    Alger, the dime-novel author whose heroes overcame adversity to gain riches and fame, played to similar anxieties when the U.S. was becoming an industrial society in the late 1800s.

    American University historian Allan J. Lichtman notes that the U.S. has endured comparable periods and worse, including the economic stagflation (stagnant growth combined with inflation) and Iran hostage crisis of 1980; the dawn of the Cold War, the Korean War and the hysterical hunts for domestic Communists in the late 1940s and early 1950s; and the Depression of the 1930s.

    "All those periods were followed by much more optimistic periods in which the American people had their confidence restored," he said. "Of course, that doesn't mean it will happen again."

    Each period also was followed by a change in the party controlling the White House.

    This period has seen intense interest in the presidential primaries, especially the Democrats' five-month duel between Obama and Hillary Rodham Clinton. Records were shattered by voters showing up at polling places, yearning for a voice in who will next guide the country as it confronts the uncontrollable.

    Never mind that their views of their current leaders are near rock bottom, reflecting a frustration with Washington's inability to solve anything. President Bush barely gets the approval of three in 10 people, and it's even worse for the Democratic-led Congress.

    Why the vulnerability? After all, this is the 21st century, not a more primitive past when little in life was assured. Surely people know how to fix problems now.

    Maybe. And maybe this is what the 21st century will be about — a great unraveling of some things long taken for granted.

  2. So much "Gloom & Doom & Despair" on ET these days . . . with one cut and paste article after another.
  3. I love recessions but I can't stand the marching band of pessimists and nay-sayers that appears with it.

    I can't stand mass behaviour in general, but it's all the more tolerable when it borders on euphoria. When terms such as "powerlessness", "helplessness" and an "onslaught of dispiriting things" become fashionable, I prefer to disconnect and just focus on profiting from depressed valuations.

  4. DOOM and GLOOM back to January February levels !

    Stock market shows it true colors diving day after day, frustration, hoplelessness, anger and sheer negative sentiment
  5. all that shit is already priced into the mkt
  6. These cowards are back.. did the same thing six months ago they are doing the same now.. destroying SPX, NDX, RUT and other indexes and than they cannot make a living out of it!
  7. Ansare


    Been trading long?
  8. Day, how about being a stand up guy and put a little cake where your big mouth is. I don't think you have a dollar of real money at risk, but since you love to come here and belittle people for trading for a living, where do you stand? Ok time to do some chores for your parents. God only knows people in their 30 or 40's should not be living in their parents house. I would imagine you are one of those putz's.
  9. prc117f


    No different than the late 70s. People will move on, in 1-2 years all this will be past history. Americans are such whiners, they need to stop crying and grow a backbone.
  10. The cut and paste indicator is at an all time high. Have we forgotten how to do critical thinking?
    #10     Jun 22, 2008