If I was handed a copy of today’s Wall Street Journal only a couple of years ago, I would have thought the headlines were a forecast of an ethical and economic Armageddon. How otherwise does one interpret the following captions, from just one day’s newspaper?
Governor Jailed in Alleged Crime Spree
In Illinois, Blagojevich Is Accused of Seeking to Sell Obama’s Senate Seat; Five-Year Corruption Probe
AIG Faces $10 Billion In Losses On Trades
The Stock Picker’s Defeat
The Fallen; Bill Miller. The declining fortunes of leading business figures. Second in a series.
Hard Times for Parmigiano Makers Have Italy Ponying Up the Cheddar
Government Tries a Bailout, ‘Just as There Was for Banks,’ to Help Struggling Producers
Fannie, Freddie Executives Knew of Risks
Restaurant Jobs, Like Tips, Shrink
Big US Employer Traditionally Has Served as a Fallback for Jobless, Immigrants
Panel to Criticize Handling of Bailout
Specifics of Stimulus Take Shape
Democratic Leaders Resist Growing Push for a Package Larger Than $500 Billion
Rangel’s Problems Dog Democrats
Pressure Mounts on Merkel for Bigger Fiscal Boost
Drop in Japan Tool Orders Exposes Global Spending Cutbacks
Developing Countries Feel Slump
Auto Bailout Moves Closer; Senate Battle Next Hurdle
China Urges Its Airlines to Curb Plane Orders
Pirate Attacks Keep Law Firm Buzzing
Sony to Cut 8,000 Jobs, Close Factories
Electronics Giant’s Turnaround Effort Undermined by Slumping Demand, Holiday Discounts
Resorts Feel Chill From Recession
Businesses and Consumers Curb Travel Plans; ‘AIG Effect’ Helps Create New Tone
GM Sees Sales Plunge in Brazil
NFL to Cut Jobs in Face of Recession
New York Times Holds Talks With Lenders
Safety Trumps Yield in Bill Sales
Investors Scoop Up 0% Short-Term Notes
Fed Weighs Selling Own Line Of Debt
Securities Firms Claw Back at Failed Bets
Some Commodities Investors Find Another Way to Lose Money
Reddy Ice Executives Gain On Prearranged Trading Plans
Tycoon’s Fall Is a Warning for Europe
Sanahuja Patriarch Loses Control of Metrovacesa; the Perils of Heavy Debt
Families Cut Back on Day Care As Costs – and Worries – Rise
These headlines are pretty much in order as they appear and although they are selective, there are no offsetting, positive ones. Perhaps that is merely a tendency towards yellow journalism to sell papers. But no wonder we all live in a state of anxiety without any real explanation as to how we have arrived at this point (although many commentators are adept to spinning plausible stories with the advantage of hindsight) and, certainly, without understanding how the forces behind these stories might play out in the future.