Economic Meltdown, When You Finally Get the Memo

The economic meltdown came so fast and so furiously, most of us weren’t sure how to even reaction.   With the markets plummeting, housing prices on a steep decline and people getting laid off left and right, we were left with mixtures of anger and grief.  To at least some degree, life as we knew it was over.

What I mean by this is that most of us having been living over our heads for years.   We all believed we deserved certainly luxuries, everything from the pricey wines to the trendy wardrobes.   Men were having their shirts custom made, and women just had to have the bag of the season.  Designer, shoes, suits, shirts, dining out,  lavish vacations, were no longer anything special but just another part of our regimen.

We made money and then we borrowed more.   We bought houses that were way over our heads, automobiles that offered status but at a very high cost.  We leased cars we couldn’t afford.   We took lavish vacations, ate out in cutsey restaurants.  We bought gourmet food and fine wine.   We were massaged on a regular basis.  We went nightclubbing and sat around over expensive vodka and a bowl of caviar, playing with our electronic gadgets.  We actually thought that none of it would end.
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And then it did.   Now it’s time to tell ourselves and our families that life as we knew it has at least temporarily been put on hold.   The level of disbelief is considerable.  Husbands and wives are fighting.  The childen, spoiled from years and indulgence, simply can’t believe they have to cool it with the designer jeans and trips to the maill.   As for the gourmet foods, it’s the big box store for most of us.   Restaurants?   Yes, some of the top of the line steak joints are still doing well, as are the lower priced coffee shop.   As for that cute little storefront bistro. let’s just say it’s rare that you need reservations.

So after all those years of indulgence, the bottom has now fallen out of the economy.   It’s a bitter pill to swallow.   A sad but unique experience.   Ironic that it comes at such a price.

Real Experts and Phony Experts. In the Media, It’s Hard to Tell

There is an old saying about people believing what they read in print.   With so many people blogging on the Internet and selling self-published books and periodicals, there is a surfeit of information.  But the fact that there is a lot of information doesn’t make most of it particularly accurate or authentic.   Websites like Snopes.com is forever confirming of invalidating alleged articles, facts, studies, whatever.   Nevertheless, specious information still gets out there, and people take it as truth.

For instance, Martin Eisenstadt, a self-proclaimed senior fellow at the Harding Institute for Freedom and Democracy declared that former Vice Presidential Candidate and current Governor of Alaska, Sarah Palin, did not know Africa was a continent.   People believed it.  News outlets carried the story.   It came from an authority, after all, an expert source.   The only problem was there is no actual Martin Eisenstadt, and the Harding Institute only exists as a website domain.  In short, it was a hoax.   But people still believe that Sarah Palin does not know that Alaska is a continent.

Now Sarah Palin may believe a lot of things we may view with concern.   Believingshe has valid foreign policy expertise because she can see Russia from her window or wherever, does not make for credibility.  And her alleged adherence to the theory that humans co-existted with dinosaurs some 6,500 years ago, makes here more of a candidate for Alley Oop than a Vice President of the United States.

But she is not the only spurious story.   There is the Obama missive about his being raised a Muslim.   There is the story that Bill Gates is giving away money for passing along a chain letter.   There is no end to the nonsense people will buy.   There is no end to the rumors people will spread.

In a democracy everyone is entitlted to their opinion.  What becomes quesitonable is the steadfast belief in far too many that every opinion should carry equal weight.   This I’m afraid is more of a product of a dumbed down culture than it is a model of democracy.   It is far better that those who have actual background experience, knowledge of the subject, be accorded greater credibility than those who don’t.   Even then there is a chance the experts will get it wrong, but they will be less apt to float out some crackpot theory on the Internet in hopes that by virtue of spreading it will carry some authenticity.

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If you are looking for proof, look to the news media.   Every now and then you get someone who actually knows what he is talking about.   The rest of the time we get pundits who are posing as experts in order to make a living.     Most of the time they will write a book, which is really a few paragraphs expanded into a volume.   This is called expertise.  And you wonder why the literacy rate is somewhere near a third world country.   You wonder why the economy has been run into the ground.   Well, surely, there are legions on the media who will wax considrably as to why it all happened.   But they will never get to the point.

For one thing they are incapable of getting to the point.   Reference points are limited and insight is myopic.  It is like finding the cure for a disease rather than developing drugs that will just pay for the maintenance of a disease.  Once you get to the point you really have nothing more to say.   Your story is over.  You can no longer milk it.   You have killed the proverbial goose that is laying those golden eggs.

So rather than reach a conclusion or make a solid point, we manufacture new experts.   We don’t manufacture much anymore in this country, but we produce our experts by the dozen.   And what do they have to say?   Too often they have as much to say as the mythical Martin Eisenstadt.   Eisenstadt at least knew he was a joke.   Can’t say the same for the majority.

Between the rumors, the legends, the emails and the expert insights we find on the media, we can surmise that there is not that much to learn from them.   At the end of the day it is up to you to educate yourself and go by your gut.   Bear in mind that educated gut is a lot more rewarding in its results than just gut without education.

It is a tough economy in a hard world.   To be armed is to keep learning.  Learning means reading source material as well as the opinions.   It is difficult to find the time.   But spending this life and all eternity in confusion is not an attractive alternative.   Unless you don’t care where your information comes from and how accurate it is.   Just keep your chain mail to yourself.