Just one night after CEO Donald Trump told "Larry King Live" viewers that the U.S. is in a "Depression," Suze Orman, personal finance expert and host of her own show, started talking about people in bread lines - but she wasn't making a historical reference.
According to Orman there are people in bread lines right now, some of them white collar workers:
"There are some people who can't find a job, they're trying to do anything and everything in their power to get by. They've lost their home, lost their car. They don't have any money in retirement, they don't have a penny - and what are they doing?" Orman said on the Feb. 5 CNN broadcast.
Historically pictures of bread lines evoke the extreme suffering and need of many Americans during the Depression-era.
But Orman's statement is likely an exaggeration. None of the three major networks or five major papers has reported on bread lines in the past month except in a historical context. Even the current unemployment rate of 7.6 percent, which is the highest rate since 1992, is lower than the U.S. faced between 1981 and 1984. The current rate is also roughly one-third of the Depression-era peak around 25 percent.
On Feb. 4, Donald Trump was a guest of King's show and told him, "This is the worst [economy] I've ever seen." Trump continued saying, "Let's face it, Larry, we are in a Depression," according to the New York Daily News.
For over a year, the national news media has been focused on comparing our current economy with the Great Depression, instilling fear in news consumers. Compared to actual news coverage during the Depression, the media is far more negative today than in 1929.
—Julia A. Seymour is an assistant editor for the Business & Media Institute.
Editor at Large
Comments Policy
Psycho or psychic
February 6, 2009 - 14:18 ET by DontFeedTheTrollsHmmm, I wonder if Suze was standing behind me in the checkout "line" at the Acme where I picked up a loaf of "bread" earlier today.
D
Keep the ILLEGALS out, join NumbersUSA to send free faxes to your reps.
If only people in the know
February 6, 2009 - 14:22 ET by SpaceManSpiffIf only people in the know could discern between an economic depression, and mental depression.
Very interesting
February 6, 2009 - 14:24 ET by celatorVery interesting insight.
For liberal Democrats and the Old Media, everything is crisis, chaos, calamity and catastrophe. That justifies stealing your property and liberties.
She's an idiot. As previously evidenced by her insipid columns.
February 6, 2009 - 14:22 ET by jazboI wonder who she:
a) sleeps with, or
b) is related to?
Those who believe in nothing will believe anything.
Here's the answer to part A
February 6, 2009 - 19:30 ET by Caringwhiteguyhttp://www.afterelle...
from that link: I have
February 6, 2009 - 19:41 ET by MightyMouthfrom that link:
I have never been with a man in my whole life. I'm still a 55-year-old virgin."
Try the zucchini Suze, you might like it!
"There are two types of people in this country; those who provide freedom and those who enjoy it." MM says...
LOL!
February 6, 2009 - 20:46 ET by RukusShe probably has, only it was a female zucchini, or purple, or, uh, eeeew, I'm gonna spew!
Gary
Sorry Al, I've used up my allotment of "give a crap!"
Ha Rukus..
February 6, 2009 - 20:53 ET by MightyMouthI'll bet even Suze would like the company of these two intellegent and hot chicks!
"There are two types of people in this country; those who provide freedom and those who enjoy it." MM says...
MM
February 6, 2009 - 21:31 ET by RukusThanks for the link, I missed it. Kelly and Ann rock! Conservative women rock! I love it, liberals have nothing on us! That link was great, thanks!
Gary
Sorry Al, I've used up my allotment of "give a crap!"
"What's a woman gotta do to get attacked by the President...
February 7, 2009 - 00:37 ET by MightyMouth...these days"
Besides the fact that the split screen of these two drives me crazy (in a good way). The banter between the two is just as hot and ooh so right on. I thank God every day I am a conservative! (and male btw, lol)
"There are two types of people in this country; those who provide freedom and those who enjoy it." MM says...
Me too
February 7, 2009 - 01:03 ET by RukusMe too MM, me too. Conservative women rock! 'Nuff said. I love 'em!
Gary
Sorry Al, I've used up my allotment of "give a crap!"
Oh puhleeeeeze! Give me a
February 6, 2009 - 14:22 ET by bigtimerOh puhleeeeeze!
Give me a break here...
In the first place, whenever I see Orman or Trump I turn the channel...(with the exception of back when the Donald/Rosie feud was going on)...I'm just waiting for the day the majority of the msm joins those in the bread lines.
Which will never happen, because it's all baloney.
Most of those people have some kind of compensation, unemployment checks, severance pay ect....I know it depends but I am getting real sick of the msm dictating what they want to happen with the stock market arm in arm with the dem party an of course O and crew.
They will continue to chatter on...negative nabobs that they are.
What
February 6, 2009 - 14:30 ET by RagamuffinHow is this an example of liberal bias? Or falling anywhere on the liberal/conservative continuum for that matter, exaggerated or not?
It's clear her reference to 'bread lines' is an anachronism, why are you taking it literally?
It's liberal bias because
February 6, 2009 - 14:46 ET by motherbeltIt's liberal bias because the media and liberals are deliberately attempting to portray this country as in the worst economy since the Great Depression (unemployment 23 % etc). Even after it was shown that as late as 1978 the economy was worse than it is right now, they still cling to that mantra.
That's bias...portrayin everything in the worst possible light.
By portraying us as on the brink of doom, they can say they have to implement even more regulations, spend more money, and start more new (non-essential) programs to "save America!"
Your "it's clear" is a dead giveaway...liberals always preface their opinions with "clearly" or "it's clear" or "the truth" is....in an attempt to shut down opposition.
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
"It's liberal bias because
February 6, 2009 - 15:20 ET by Ragamuffin"It's liberal bias because the media and liberals are deliberately
attempting to portray this country as in the worst economy since the
Great Depression"
That's nice.
What's that got to do with Orman? You're honestly claiming that from what she said the only possible reason she said that is liberal bias? Does it ever occur to you that even if for the sake of argument I assume there isn't one single formerly white collar person in those soup lines the reason she's wrong is because of LIBERAL bias?
Assuming Orman even found
February 6, 2009 - 17:21 ET by motherbeltGo by the bread lines Larry. Look at the people that are standing in soup lines, -Orman
Assuming Orman even found "bread lines" what proof did she offer that there are "white-collar people" in them? Did she mention a place? A day? Anything at all from her, other than a "natural assumption" from you that there must be?
OK it's not liberal bias. She's an idiot.
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
That she is mb...and as far
February 6, 2009 - 17:32 ET by bigtimerThat she is mb...and as far as I am concerned always has been.
I have never been able to stand her.
"Go by the bread lines
February 6, 2009 - 14:49 ET by SpaceManSpiff"Go by the bread lines Larry. Look at the people that are standing in soup line..."
You cannot tell someone to go and observe an anachronism.
Why bother? The lines in
February 6, 2009 - 15:23 ET by RagamuffinWhy bother? The lines in front of the soup kitchens and food banks (both of which are under greatly increased strain) are more than adequate examples of what she was getting at.
Because the game on this
February 6, 2009 - 15:10 ET byBecause the game on this blog is RECESSION DENIAL twenty- four seven. Raga, you have walked into a curious world where NOTHING is as it SEEMS. This is "What Recession I'm Doin' Fine" country! All evidence to the contrary notwithstanding of course! There are some people here who will argue the finepoints of what exact criteria must be reached in order to call it a "recession" or "depression" and nothing short of those tired old gauges will suffice for them. The sort of folk who look at millions of trees and can't see the forest.
Now, If this doesn't apply to you, don't waste my time by responding like a stuck pig. WE ARE IN THE WORST ECONOMIC TIMES OF MY LIFETIME. While I was largely unharmed by the stock market decline, not having much market exposure at this time, my real estate holdings have suffered. I have a plot of land in Virginia that was about to be sold to the neighbor who lives next door, so they can expand. Suddenly the neighbor who is LOADED, is having trouble getting the loan. I also have a house in New York which just lost FIFTY THREE THOUSAND dollars of it's worth! My family didn't lose a dime when Carter was President, our real estate values were largely okay. But that's not the case NOW. Now, people who had no exposure to the industries involved are getting screwed! WE ARE IN FREAKIN' TROUBLE!
And anyone who says ANYTHING to the contrary is a liar. Using the numbers from the 1970's is disingenuous to say the least, first, they DON'T CONTROL the NUMBERS FOR INFLATION, nor do they put them in todays' dollars. In the following example I will use people instead of "stock" but the same applies for unemployment numbers and every other number from the past. For instance, 25% of one hundred people out of work would be twenty five people. But if the MARKET of "people" EXPANDS to a THOUSAND, 10% of them being out of work would be 100. Now, you could look at that number and say the "percentage" of people out of work, now vs. then, is less, and that would be true. But it would also be "true" that the number of PEOPLE actually affected is GREATER NOW THAN BEFORE!
Globalization has changed EVERYTHING.
We have done things to the threads of our financial well-being, like, linking our money "globally" that makes the problem WORSE now, even if some of the numbers technically aren't as bad. The U.S. Housing Crises has caused the finances of the WORLD to TREMBLE. Jimmy Carter to the slight extent that he did "think", didn't have to think about the Japanese markets, or Sweden or England or anywhere else.
But you've run into a place my RAGA, where none of that will be considered by some. Nope, nothing short of line by line comparisons will work for them. It doesn't matter how many thousands lose their jobs each day, it doesn't matter that the credit industry and all interwound industry's are in shambles. They will sound like the nerd in some bad skit, who, while his pimples are popping of their own accord, will whine in a high pitch voice that the "technical numbers of a depression haven't been met!", while all around him, Rome burns.
Again, if you ain't the stuck pig, don't start squealin', not interested.
Act; This is not worst economic times in MY lifetime
February 6, 2009 - 15:43 ET by upcountrywaterWe art not in recession denial..
WE ARE IN DEPRESSION DENIAL..
So you never heard of the
Misery index check it out, whine elsewhere.
7.29 as of last reading on 12-08
Carter 21.91 in 1980
FREEDOM
(D)
good website
February 6, 2009 - 16:12 ET by katainkentthanks for sharing that link :)
Okay. Two points for humor!
February 6, 2009 - 16:15 ET byOkay. Two points for humor! The "misery index" is B.S. or at least that's what every conservative in this country called it when Carter rolled it out. Look around. Wake up. Minimizing the crises isn't helping anyone and conservatives are probably the LAST people that anyone will turn to for a solution. Sadly.
Acts; wrong again
February 7, 2009 - 13:49 ET by upcountrywaterWhy on earth would carter want this known?
The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson in the 1960's.
It is simply the unemployment rate added to the inflation rate. It is assumed
that both a higher rate of unemployment and a worsening of inflation both create economic
and social costs for a country. A combination of rising inflation and more people of out
of work implies a deterioration in economic performance and a
rise in the misery index.
I'm stating the "crisis" for what is is..
Now then when the OAF ,does carter 2.. lets see what the MISERY INDEX JUMPS TO.
FREEDOM
(D)
Acts, you really need to
February 6, 2009 - 16:01 ET by bassndudeActs, you really need to wake up. In the 70's, we had a large part of the market with Japan. Made in Japan was on every thing. There is a small town in Japan named Usa. They also stamped that on things, "made in usa", aka, Japan. What are you? Like 20?
The very idea that we were not part of a global market in the 70's is, to put it kindly, insipid. We were buying from Japan, Germany, France, Canada, England, Irland, Israel and the list goes on. So your premise is not only, wrong, but moronic.
It is in no way near the 70's level recession. We are no place near the depression. The dollar is still strong, tho not for long. Your reasoning on the unemployment numbers is also, rather simplistic. A percentage is related to the number of people employed as to the number of employed. In the 70's, you got 6 weeks of unemployment. No extra. Today, you can reapply, and be counted again. If anything, the unemployment percentages of today are skewered up from the 70's. Fully half of the unemployed should have fallen off the rolls by now to put it in line with the numbers from the 70's.
Again, we have a novice trying to make it worse than it really is. Nice try tho. Now, study up. Or at least get someone to read to you....
Save a SeAL, club a liberal!!
um yeah bass
February 6, 2009 - 16:05 ET by candanceIf this is the worst Acts has seen in lifetime then apparently he is only in his 20s.
But acts of kindness and generosity must be free and voluntary; no man has a right to compel another to follow his conscience. This is a concern which lies between a man and his God.
-Richard Fuhrman, pro slave advocate, 1823
bass, candance... Ditto.
February 6, 2009 - 16:08 ET by bigtimerbass, candance...
Ditto.
A percentage is related to
February 6, 2009 - 16:23 ET byA percentage is related to the number of people employed as to the number of employed.
You write this garble and call me "simplistic"? Of course we were in the "global marketplace" in the 70's, did anything that I wrote suggest we were not. I said, however that we were not as intertangled with the rest of the world as we are NOW. NOW the consequences of LOWER NUMBERS than we had in the 70's are ACTUALLY GREATER because of the global tie-in. Is that hard to understand? If you increase the population, or add the rest of the WORLD to it, a lower statistical percentage CAN be more people harmed than a higher percentage of an overall LOWER number of PEOPLE!
I am not twenty. I am just seeing my G.D. life savings fritter away in ways that they DID not in the 70's. Get it? I just lost FIFTY THREE THOUSAND. Plus the land I was getting ready to sell in the high six figures in Va. This is personal to me not some damned NUMBERS AND STUPID statistical wrangling!!!
Forgive my fingers. You
February 6, 2009 - 16:43 ET by bassndudeForgive my fingers. You know what I was saying. If you dont, then you have no business even being on this blog. And just for your information, the only thing that has changed with the global market sence the 70's is said trade agreement. If you think we were not as entwined then as we are now, you really are a moron.
We do not count the unemployment of the world. We do not count the employment of the world. That argument is a non starter. And if 53 thousand is all you have watched evaporate, count your blessings. Hold your land. From what I understand, according to Lex Luthur, "They are not making anymore of that." If you have land worth 6 figures, then your ok. The money you lost is still not less than your original investment capitol. Unless you invested it all in Aug. I have watched more than 100,000 evaporate. But my original investement capitol is still less than what my net worth is today. My home is still worth more than 5 times what I paid for it. In the 70's people were not so heavly invested in the markets, like today. It was only a select few who invested in the market. There were no 401K's in the 70's. There were no IRA's, none of that. And seeing as you were not in the work force in the 70's, I dont see where you have any room to splatter your nonsense.
Dont give away your youth and inexperience with your posts.
Save a SeAL, club a liberal!!
A percentage is related to
February 6, 2009 - 16:26 ET bysorry for double post.
Oink. Oink.
February 6, 2009 - 16:14 ET by KarmaWe are in a recession. Hang on; things are going to get much worse. Then things will improve. How soon? No one knows for sure, but socialism will prolong it by decades or more.
If you're holdings are suffering so much, just ditch them and stop complaining. If the neighbor is "loaded", why does he need a loan? If one of your homes lost $53,000 in value, just sell the damn thing and go buy another one. The one you buy will probably be $53,000 cheaper now too.
Take a breath. Relax. You're not going to take anything with you.
Oink.
No representation, without taxation!
"You're not going to take
February 6, 2009 - 16:28 ET by"You're not going to take anything with you."
On this at least, we agree.
Just because my neighbor is
February 6, 2009 - 16:31 ET byJust because my neighbor is "loaded" doesn't mean he is "liquid" or not highly "leveraged". It's hard to get six figure loans right now, in case you haven't noticed. And as for simply spending a few hundred thou out of pocket during this recession, well, let's just say, people are reticent.
"You're not going to take anything with you."
On this at least, we agree.
Acts... I wish you well,
February 6, 2009 - 16:43 ET by bigtimerActs...
I wish you well, and I am sorry for you and others who have suffered a huge loss...this is affecting all of us in different ways, including some in my family with businesses, some friends, our son just got laid off with no warning after ten years with a great job which he was very high up in after years of work, the business completely shut down, folded their tents, and yes, us too.
But Suzy was making this sound like we are in the Depression Days...we are not.
Here's why your neighbor needs a loan
February 6, 2009 - 20:27 ET by Caringwhiteguy. . . . and here's who made it to him in 2007. Now you and I are bailing the both the deadbeat and the lender out.
http://www.youtube.c...
went to the grocery store today
February 6, 2009 - 14:44 ET by katainkentbought bread, stood in a line. oh noes... it must be the great (media) depression.
prozac for everyone.
|All that is necessary for the triumph of evil is that good men do nothing. -Edmund Burke
Prozac!
February 6, 2009 - 15:40 ET by StarAZWe are missing the obvious--forget rebate checks and snitty little lectures--send drugs. Every day in every way, we are getting better and better.
Breads Lines??
February 6, 2009 - 14:47 ET by Pha PhaI think she used a poor chose of words. There are some people that have resorted to community food pantries. That supply food for families in tough times I donate to them.
Matter of fact, I will go there this weekend and drop off some goods.
Disaster Capitalism
February 6, 2009 - 15:15 ET by BlueCat57The Shock Doctrine and Disaster Capitalism is a book by some wacko Canadian (not Mark Steyn who had the good sense to emigrate to New Hampshire, although his choice of state does bring his sanity into question) who believes that capitalists use or create disasters to forward their agenda.
I think that it is more likely that the MSM and liberals create disasters to forward their agenda. Didn't somebody say "we can't let a good disaster pass us by" recently? Maybe Obama or one of his sychophants.
Oh no!
February 6, 2009 - 15:38 ET by StarAZYou don't suppose Suze had to cancel a tooth whitening or buy one less orange outfit, do you? Nah. She won't be hittin' the ramen anytime soon.
Pardon my ignorance
February 6, 2009 - 15:41 ET by eugeneromeroPardon my ignorance but I didn't know that there was an actual facility that hands out bread. Where do I find such a place? If they need to, they can come by my house and I'll give them the ends of the bread and the crusts that I feed to the ducks. I watch after my fellow Americans. Politics aside, I watch Orman's show and get good financial advice from it. Oh well, Money's money.
Answers
February 6, 2009 - 15:43 ET by okiehawk44Do any of you posting here know how in such a short time the economies of the world went under?
Can any of you tell us exactly what rules we need to change or enforce more stringently to break this downward economic spiral?
Is it "Mark to Market" or is it "Naked Short Selling" or is it "Subprime Mortgages" or "Mortgage Derivatives" ? What?
How did Morgan Stanley announce a record 3rd quarter profit on Monday in 2008 and announce that it was near bankruptcy on Wednesday?
Just Askin' here.
We're all just askin'
February 6, 2009 - 16:04 ET by StarAZIt can't ALL be Bush's fault...didn't he ride his bike some of the time?
Yes. I know.
February 7, 2009 - 12:03 ET by JWFIt is called a panic. No, only one economy has possibly gone under. Iceland. Everyone else, down, not out. And not even that far down so far.
Yes. I can tell you. But that is not my job. Do some research. It is all over the internet. Learn to dismiss the propaganda and you will find it.
Yes. Radically change mark to market NOW! Naked short selling, no. Subprime, uh the shadow banking system is gone in case you have not noticed. NO ONE is getting subprime mortgages nowadays. Mortgage deriviatives? I don't even know what that is. Are you referring to CDO's?
As for Morgan Stanley going from record profit to near bankruptcy. It is called leverage. Leverage goes both ways.
Sincerely,
a Veteran of a 1000 psychic wars.
Suze you are lying,...
February 6, 2009 - 16:07 ET by Red Jeep...show me the pictures. Prove it. Back up your statements. You can't . STFU!
A few facts
February 6, 2009 - 16:29 ET by Prester John1. You can now buy a house with a fixed 30-year mortgage and pay 5%. In Dec 1981 I bought my first house and had a 15-1/2% mortgage. Yes, I said fifteen and one half percent.
2. In 1979 and 80 the inflation rate was something on the order of 10-12%. Now it is, what, 4-5%?
3. The Dow Jones is in the low 8,000s right now. That is still almost 1,000 points higher than the previous low in October 2002. The SP500 is also higher now than it was in October 2002. The NASDAQ of course is something different because many tech stocks were listed there and not the DJ or SP.
Now, I am not downplaying the seriousness of the situation, esp if this stimulus package is passed.
How are we going to pay for it? Just crank up the printing presses? And we are in danger of nationalizing huge sectors of the economy, but we haven't done it yet.
Let's get a grip, tighten our belts, get involved, and support those candidates who are against what BHO and the Dems are trying to do. I have to believe there are just as many of us as there are of them.
Suze Orman is a gasbag.
February 6, 2009 - 17:56 ET by bktShe peddles new age nonsens as "financial planning", then is sought out by other gasbags and blowhards for her moronic blathering.
Just say "No" to a bad economy
February 6, 2009 - 18:31 ET by Jer"Compared to actual news coverage during the Depression, the media is far more negative today than in 1929."
The page linked by Ms. Seymour will not open, but the proposition that 1929 economic coverage was comparatively more upbeat than that of the contemporary media begs the question: "How well did that approach work out?"
Not so well--if stories related by my parents and historical accounts of the Great Depression are to be believed. Otherwise I would be the first to implore Congressional Republicans and Democrats to scuttle all legislative efforts, join hands, and launch into a few bars of "Happy Days Are Here Again". By golly, we can just sing our way out of economic hard times.
Admittedly, consumer confidence is a not an insignificant component driving the current contraction. However, it was Herbert Hoover himself who, later in life, lamented that Congress prevented him from "doing more" [read: pushing for additional government intervention] thus resulting in a vain adherence to the illusion of unhampered markets straightening everything out.
Jer
The Free Market Did Get us out of the Great Depression
February 6, 2009 - 19:44 ET by PopularTechAnd it was government intervention that created it by both Hoover and FDR.
Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War (PDF) (Robert Higgs, Ph.D. Professor Emeritus of Economics)
Carbon Dioxide (CO2) is Not Pollution
hmmm...
February 6, 2009 - 18:41 ET by MightyMouthI used to think Suze was somewhat sane. I even bought one of her books once. Maybe the CNN building has a mold problem or something else causing this dimentia.
"There are two types of people in this country; those who provide freedom and those who enjoy it." MM says...
Did I not here Rush's fill-in today say that 80% of the people..
February 6, 2009 - 19:58 ET by R D Helm...being laid off are men?
If that's true, imagine if women were 80% of the layoffs.
-Dave
Our clueless political leaders are about to drive us all over a cliff. The time to HITM is now-before we go over.
You have to excuse Suze...
February 6, 2009 - 20:51 ET by CobraMan...if she's a bit confused. She's been spending a lot of bread for the lines she's been snorting.
Obama: My job is above my pay grade
Meanwhile, Tom Joad is
February 7, 2009 - 06:52 ET by RR GOPMeanwhile, Tom Joad is getting beat up by the bosses and George is telling Lennie about where they'll live off the fat of the land and raise bunny rabbits.
You can almost hear this in the background:
"Once I built a railroad, made it run
made it race against tiiii-iiime...."
If we are indeed treated to re-living the Great Depression it will be because of these Social Democrats and their monkeying with the financial system.
I need to get me a 1930's-era hat and learn how to ride the rails on boxcars I guess.
One of the 24% who thinks George W. Bush was a great President. One of the 89% who wants to bring back the stock and pillory.
has anyone actually checked on the accuracy
February 7, 2009 - 09:48 ET by tonemeisterof this persons advice or cramers. they set themselves up as "experts". however, at least according to the wife who works in financial services the arguments are dubious at best. more for entertainment than anything else. the pictures of the breadlines in the depression are funny in a way. the stalin's propaganda people used to show movies of the bread lines in big cities . proof of the weakness of capitalism. except the people didn't look at the people in the lines they knew from lines....they wanted to know who owned all the cars that lined the streets....