How many times are they going to tell us this? Over and over and over. It is like a mantra from the “Office of the President-Elect”. Since the economy is a beast that is easily frightened, Obama isn’t helping by repeating this over and over. He is creating a self-fulfilling economic outlook.

Beyond that, I don’t even believe it is true. I am old enough to remember the 70s. I remember double-digit inflation, interest rates at almost 20%, unemployment at 10% and gasoline sales on odd and even days based on your license plate number. It was far more ugly than anything we are seeing today.

In fact, were it not for two things – the stock market and the MSM – I wouldn’t even know there was a crisis. I see no evidence of it in my daily life. Nevertheless, Obama and the media keep hammering home that this is the “worst economic crisis since the Great Depression” which leads consumers to put off spending, business owners to put off hiring and investors to put off investing. The more Obama and media tell us that we are doomed, the more likely it becomes that we are.

I don’t know what the future will bring and neither does anybody else. This thing may yet get much worse and then again it might not. I suspect that Team Obama is keeping expectations low so, that if things do get worse, they can say, “See, I told you how bad it was before I even took office.” If, on the other hand, things improve, Obama can take credit for his Messianic ability to heal the world economy.

Either way it is bullshit and he is just fanning the flames of fear and economic panic.