Today's economy

Today’s economy media pack – 2009.04.24

By Kevin Press,

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It’s not a depression, but it’s the worst downturn since 1945. McDonald’s is “lovin’ it.”

  • Financial Post. It’s a recession, not a depression. “As jobless rates skyrocket, numerous pundits have raised the spectre of the Great Depression, capturing headlines and garnering lucrative speaking venues as they prophesize inevitable devastation. Already overwhelmed by painful losses, many investors capitulate, preferring the refuge of cash to the prospect of utter ruin.”
  • Financial Post. Why corrections are beautiful – and necessary – things. “Yes, markets are down considerably today after a six-week run. The following essay is from Steve Selengut, author of The Brainwashing of the American Investor and A Millionaire’s Secret Investment Strategy.”
  • The Globe and Mail. Bank of Canada readies new weapons to fight record slump. “Canada’s gross domestic product contracted at the fastest pace on record in the first quarter, reflecting a new economic reality of fewer jobs, lower profits and weaker spending, the Bank of Canada said Thursday.”
  • The New York Times. Global economy called worst since 1945. “The global economy will most likely contract this year for the first time since World War II, and the recovery will take longer than expected, the International Monetary Fund said Wednesday.”
  • The New York Times. Redefining capitalism after the fall. “The recession will end. No one is marking the calendar, least of all President Obama, but the president is hinting at an audacious ambition as he waits for that inevitable if distant day: a redefining of American capitalism.”
  • The Wall Street Journal. What’s a global recession? “The International Monetary Fund was slow to apply the word ‘recession’ to the current global downturn, partly because it didn’t have a good definition (and partly because it didn’t want to spook markets and IMF members).”
  • The Guru Investor. Biggs vs. Mauldin: Will the rally hold? “The big question in the market these days is, of course, whether the current rally is really the start of a new bull run, or if it is another bear market head fake. And two interesting, differing takes on the topic come from top strategists Barton Biggs and John Mauldin.”
  • Daily Finance. China’s domestic market could be the recession buster we need. “Late last week, amid falling export sales, industrial overcapacity, and massive unemployment, China’s economy reported its worst quarter in almost a decade. Although GDP grew 6.1 percent over the previous year, this was significantly lower than the 6.8 percent gain of the previous three months and the 10.6 percent gain reported a year ago.”
  • Daily Finance. McDonald’s is lovin’ its recession profits. “If you’ve driven past your local McDonald’s lately, you’ve probably noticed that it looks a lot fuller than most other restaurants in your area. That’s because the number one hamburger chain has become the master of what consumers are salivating for during the recession: a bargain meal.”

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