This from my new friend Alfred Levitt…
He was watching CNBC today and noticed that they elected to carry Bernanke’s remarks to the Senate Banking Committee rather than President Bush, who was addressing the nation about the economy.
While a obvious choice in some respects, I believe it says something very important about what the country is thinking, not merely CNBC or its editorial choices.
I think it says that most people see the current economic situation as much more grave than previous economic downturns. It’s starting to make the Internet bust look pretty tame in comparison.
Dollar cratering, inflation at 27 year highs, credit markets decimated…. what next?
This one is getting scary folks. Hang onto your life jackets.