As a layman ignorant about the economy I was petrified by the dire future of what Merrill Lynch has described as global recession. My economist friends to calm me said: 'Relax! Only in depression will you lose your job. In recession only your neighbor will lose his job.' That reassured me. My neighbor is very rich but nobody knows if he has a job. However a few days ago all my worries vanished. It seems that all these so-called economic experts are scaring us simply for perverse pleasure.
A genuine expert has spoken at last. Nobel Laureate Amartya Sen succinctly explained in a TV interview what this entire so-called crisis was all about. He revealed how it could be defused. Mr Sen conceded that there was recession, but was not sure how deep it was. In other words not my immediate neighbor but neighbors who live some blocks away might lose their jobs. They too need not worry. Mr. Sen explained why the recession occurred and how it can be made to disappear.
He said: 'In a recession you have to see to what extent it has been caused by a gigantic external problem, but there has not been any external problem. It's just that people lost confidence'. The positive side is that just as (the economy) can decline by lack of confidence, once confidence comes in it can also dramatically improve. Like, suppose there is a change in government'.I hope Barack Obama can win' he speaks presidential anyway' when that happens I think you will see the confidence turn around quickly.'
Phew! So it was all about confidence! And the first to lose confidence were the super rich bankers and financiers. They lost so much confidence that they ceased to lend money to each other. After that naturally everybody else lost confidence too. That is why the recession. But now everything is all right. The super rich who lost confidence in George Bush have regained confidence in Barack Obama. That is why everybody will regain confidence once Obama is in.
The super rich have regained so much confidence that Obama could afford to spurn Federal poll funding and managed to acquire the biggest campaign fund in US history. He has exceeded the Bush campaign fund for the second term. Obama is spending more than four times what McCain does on advertising. So how can he lose? Thanks to Goldman Sachs and buddies who first displayed confidence in him, Obama's list of donors continued to swell. After his expected victory ' poof! The global crisis will start to fade and disappear. Don't underestimate Amartya Sen. He knows what he's saying.
Let us pray that by some miracle McCain does not win. If he wins the consequences are too horrible to contemplate. The confidence of the super rich bankers will plumb to new depths. Holy cow, how depressing will that be?