Gloomy thoughts on a sunny day. Why did the stock market dip last week right after our federal election?
According to Vancouver Sun business columnist Harvey Inchin, “negative global forces” are conspiring against any lasting positive effects from the Conservative win. Hmpf. So much for us.
There’s more. Economists who predicted the 2008 recession are warning of another one within the next two years. Nobody listened to the warnings before, and it seems no one is listening now.
Writing in Market Watch, Paul B. Farrell, a behavioural economist and author of nine books on economics, says “long-term historical thinking” is a low priority for U.S. movers and shakers who are more concerned about “today’s trades, quarterly earnings and annual bonuses” than they are about the future.
He says it is “virtually certain” the moneymen will be so focused on the good things happening now they’ll miss the warning signs.
They won’t take steps to protect their assets because they don’t believe a downturn is coming.
It struck me that what Mr. Farrell was saying about the economic deniers applies equally to the climate-change deniers. Many scientists have been, and are, predicting an environmental meltdown.
They’re not sure when it will come, only that it will, but because so many of the world’s leaders (and followers) don’t believe it, they aren’t taking steps to protect our environmental assets, our land, air and water.
I really truly hope the Doomers are wrong economically and environmentally, and that the People in Power (PIPs) are right in seeing only the sunny side.
Many people in the western world, particularly the U.S., rejoiced in the news of Osama Bin Laden’s execution. His death undoubtedly made the world a better place, but will Al Qaeda go away? Or will the followers see their former leader as a martyr and seek revenge?
Diana French is a freelance columnist for the Tribune. She is a former Tribune editor, retired teacher, historian, and book author.