Professor Elam

Sunday Sept 12, 2010

The size of the newspaper does not change a great deal over time but the content does. Let's take a look at the coverage and see what it tells us bout social mood.  Thee observations are from the Sunday San Antonio Express News.

The thing that struck me about all the solemn coverage of the ninth of 9/11 Saturday was that no one wondered why we spend so much money on the Federal Government which failed so badly on every count that day and for months prior. No one lost their job, why not?  There is simply no account ability at the Federal Level-page one. 

Page 4 recounts War Disillusionment, no kidding, what are we doing there,the Dems jumped on Afghanistan just to argue with Bush now they are there with no interest in being there, the public mood will demand a retreat by next summer if not sooner. This will be to the disadvantage of both parties.

Thousands of Greeks took to the streets in union led protests against 'harsh austerity measures.'  The measures, a few percent points less in wages and such are not harsh and do not address the problem. A cover story in Vanity Fair this month reveals that people could take taxis cheaper than riding  the feather bed ridden Greek railroad. This is occurring with world markets at recovery highs, expect a lot more dissent when the real austerity kicks in. 

The floods in Pakistan continue to cause all sorts of problems. The world is beset with floods here and there, fires in CA, oil spill in the Gulf. Natural catastrophe often accompanies market disasters. 

Homelessness is on the rise, so called poverty stats are on the rise. One in six Americans is now on food stamps, Is there a physical limit to how many could be on food stamps and have the program funded, does anyone ever ask such questions. 

More violence in Mexico, thousands killed the last few years. The failed Federal Drug War will end like the War in Afghan, amid cries for withdrawal over a failed policy. This of course has its roots in the Prohibition of the 1920s. 

The Hobby Lobby ad on page 15 is interesting, it is a customer appreciation ad, We Thank God for YOU in very large letters, You being the largest. Retail is in trouble, Hobby Lobby understands who makes their business. ON the back page of Section One Macy's features a Santa like figure, gee in Sept already?

Pay Raises at the City raise a fuss. The City Manager suggests a 2% raise for most, a bonus based system for managers. Wasn't the City struggling with its budget just last year?  This is typical the problem is behind us thinking, yet we noted just this week that downtown hotels are pressed for business. Why is a cost of living raise necessary in a deflationary environment?  Why give a raise amid national 10% unemployment?   The better idea here would be to institute time off in the place of wage increases for all. This might allow the building of some cash reserves. The only increase in cost of living is ever increasing property taxes… the city's revenue. 

OUr point is that most if not all assume that the two turns down in the economy are now over and will not be re visited. This is hardly the case. History shows we should expect at least two more such events before the 18 year period of stagnation ends. This is typical of the thinking at the top of a Wave 2, we have rebounded from the march 2009 lows, most assume all is well yet all the economic stats are negative. This is why students should be preparing to improve their resumes as much as possible. Obtaining accounting certifications is a good way to do that.