Sometimes events overtake a perfectly good opinion piece and render it moot.  I had a nice, short piece all planned out on how the economic crisis was a bunch of media ratings headlines and nothing more.  While an unemployment rate of 7.8% was bad, it was nothing compared to past historical recessions.  We were in a normal recession, slightly worse than the previous two but better than most recessions.

                Unfortunately, the government happened.  President Obama inspired fear and worry with repeated warning that if his spending plan weren't passed we'd all be doomed.  The stock market plunged as his newly appointed cabinet spoke of nationalizing banks and taxing people per mile.  The 'buy American' protectionists measures and huge new debt of the spending bill increased concerns in financial markets both at home and abroad.  Now unemployment is rising faster than before while the government prints new money to pay for the stimulus, raising the worry of future inflation to a near certainty.

                We are still not in a crisis.  Full employment is defined as being a 5% unemployment rate, even a 10% rate will be less than what many European countries have had for decades.  If the government reigns in future spending, extends the Bush tax cuts and avoids protectionist measures calm will prevail.  Now that his spending plan is passed, Pres. Obama will hopefully use the bully pulpit to calm the markets and avoid investment-killing new government expenses.  The vast majority of the media wants Obama to be given credit for saving the economy.  If they start reporting good economic news the public will follow, just as their earlier reports of doom and gloom helped begin the economic recession.  Unfortunately, Pres. Obama is a socialist at heart.  He may not know any course of action other than destructive government interference.  His near-term actions may well determine if a crisis actually develops in reality, not just in news headlines.