Scaring us into recession

February 25, 2009

Scaring us into recession

Wise words from Phil O’Reilly this morning on breakfast when he suggested that we might just be scaring ourselves into recession, with a lot of help from mainstream media. The more people are told the sky is about to fall in, the more they will expect it to be so. As a result, spending stops, demand falls and it becomes a self-fulfilling prophecy. Mainstream media has hyped a story that has been running since September 2007 (and a bit before that). A little less hysteria might be the best way forward. It will be interesting to see the results of the ‘jobs summit’ on Friday this week.

25/02/2009 1:57:20 PM | Debate, Economy, financial crisis, listening, media, New Zealand

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