Yesterday, UK government minister Vadera in an ITV news interview said that a few green shoots of economic recovery were appearing. Welcome news one would think, that would be played up positively. Not a bit. With opposition politicians weighing in with criticism that this was "insensitive" to the many being put out of work and at least one business association leader saying he couldn't see any positives, the minister later apologised. Unbelievable!
If there is anything that is most needed now, it is a dose of positivism instead of the doom and gloom that now pervades business and economic reporting. Half the problem these days is one of confidence, for banks to lend to business, for consumers to spend. We need more commentary like Sir David Tang's Optimism is the Cure for the Downturn (kudos to BBC for posting something positive).
As for being insensitive, someone who has been laid off (I claim some credibility from having been through that twice) would much rather hear that things are starting to get better to give hope and confidence in the job search.
In economic terms, it is now January, we are in proverbial frozen-over hell and a person looking outside might believe that spring and warm summer will not come again. It will be a while before it happens but it will.
The current pessimism means opportunity - now is the time for investors to be looking for the best bargains in the stock market.
Thursday 15 January 2009
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