Friday, October 24, 2008

Extra Extra-- Read All About It

Only reading headlines and the first few sentences of a news story from just one source can influence how and what a person perceives to have happened.

Case in point, yesterday the Bank of Canada issued a Monetary Policy Report.

Here are the highlights of that report taken directly from the Bank of Canada website.

“Tighter credit conditions, weaker external demand, and sharply weaker commodity prices have lowered the outlook for Canadian growth and inflation.
Growth in Canada will be sluggish through the first quarter of next year, then pick up over the rest of 2009 and accelerate to above potential growth in 2010.
Total CPI inflation is projected to fall below 1 per cent in mid-2009 before rising to 2 per cent by the end of 2010. Core inflation will remain below 2 per cent until the end of 2010.
Policy-makers in major countries have taken bold actions to address the financial crisis and its effects on the economy. Canada's economy and strong financial system will benefit directly from these actions.
The policy rate has been lowered by a total of 75 basis points this month, 225 basis points since the beginning of December 2007. Some further monetary stimulus will likely be required to achieve the 2 per cent inflation target over the medium term.
The risks around the revised base-case projection for inflation are judged to be roughly balanced, but the outlook is subject to greater uncertainty than usual."

And now the headlines and opening sentences from three different news sources.
Please note the time each story was posted.

Bank of Canada sees sluggish growth until 2010

Last Updated: Thursday, October 23, 2008 11:54 AM ET
CBC News

"Canada's economic performance is expected to be sluggish through the first quarter of next year, the country's central bank said Thursday.
In its Monetary Policy Report, the Bank of Canada said growth is expected to pick up over the remainder of 2009 and to shoot to "above-potential" in 2010, as credit conditions improve and interest-rate cuts take hold."

Economy to rebound by 2010: Bank of Canada

Updated Thu. Oct. 23 2008 12:42 PM ET News Staff

"The Bank of Canada predicts we will avoid a recession -- but just barely -- and says growth will be slow and insignificant for the foreseeable future.
In its October Monetary Policy Report, the central bank said the global economic slowdown is having a sharp impact on Canada's economy. "

The Globe and Mail

Economy on edge of recession: Bank of Canada

Globe and Mail Update
October 23, 2008 at 12:43 PM EDT

"OTTAWA — The Bank of Canada says the Canadian economy is on the razor's edge of recession, and a full recovery is dubious and distant.
In a blunt 32-page assessment of the global and Canadian economies that is devoid of good news, the central bank says Canada's economy is contracting right now, and won't show any growth in the first quarter of next year."


So in 49 short minutes depending on WHICH news source published the SAME news story; we the Canadian public will have sluggish growth---no no--a rebounding economy----no wait-- we are on the razor's edge of a recession.

Read more than just headlines and opening sentences, from a variety of different news sources, to get an un-biased opinion on what is really happening in the news.
Perhaps if more people took this advise; our countries would be in better shape than they presently are.

Bear((( )))


Kay Dennison said...

Just goes to show it's all a matter of interpretation. One man's disaster is another man's triumph.

photowannabe said...

Crazy perceptions. I agree, a little knowledge is a dangerous thing.

Chesapeake Bay Woman said...

Yes, I know. Weatherforecasters /anchors have this exact same problem, which is why I gave up looking at them about a year ago. Now I just look up at the sky and decide what's happening for myself.

Same thing with the economy.

Merle said...

Dear Bear ~~ There are so many different stories all around the world on the money crisis. I just hope it all comes good in a fairly quick time.
Thanks for your comments, and remind me never to sit in front of you at a movie theatre. Take care, my friend, Love, Merle.

bobbie said...

It is amazing, isn't it? Reminds me of the game we played as children, "Whispering Down the Lane". By the time you got to the last child, the whispered sentence had changed radically.

mrsb said...

Gah! It's crazy isn't it? I hardly read the newspaper or watch the news anymore. My husband works for the news, and has to sit and watch news "feed" all day, where all the original stories come in. I just wait til he comes home and get the real news from him! So less confusing that way, lol.

Anonymous said...

So many experts [all getting paid] so many fingers in so many pies.

There is absolutely nothing you and I can do but wait for the fallout, tighten our belts and watch the same arrogant sleaze bags tell us it is all our own fault for getting into debt.

Midlife Slices said...

Have I mentioned just how much I hate the media???? grrrrrr...

TSannie said...

Wouldn't it be nice if news could truly be objective?

sablonneuse said...

Despite trying to read and listen carefully I still have very little idea of the intentions of the presidential candidates. I just hope that Americans have better news coverage and that they are intelligent enough to make a choice for the right reasons.

Gary ("Old Dude") said...

its the old the cup is half full, no the cup is half empty conumdrum---are ya a pessimest or an optimist? Your right get multiple sources to confirm what the real facts are.

mrsb said...

I've left something on my daily update for you! Click on the haunted house and scroll down to the updates section :O)

Daryl said...

I am sorry if the moron Republicans caused this to happen to your economy too ..


Darlene said...

I don't think the 'so called' experts have a clue as to the outcome of this financial meltdown. It is new territory and everyone is floundering. While there are similarities to the cause of the Great Depression (which I am writing about) the situation has so many differences that it really becomes a crap shoot.

I love your bears and today's is especially cute. It looks like Teddy is actually reading that paper. I think he knows as much about the future as does any economist.

Nydia said...

One of the reasons I hate reading news... Besides we only get awful ones! But this is even funny, it's like that game we call telephone, one person whispers a sentence to another, who goes whispering it to another, and in the end we have a totally different sentence!
Oh thanks for the sweet words on my little keyring! Good luck! :o)

Kisses from Nydia.

Eileen Williams said...

Oh, don't you just love the media?! Each headline tries to outdo the others with depressing, shocking, and horrible news. One of my favorites was a promo spot on our local TV. After listing the murders, the economic woes, the layoffs, they went right into "And don't miss what's in your refrigerator that can kill you!" Made my day!!!!

Anonymous said...

So, am I worried or not? It's so hard to tell.

Wendy said...

Good Advice, Bear. I often just read the beginning of an article. Reminds me of when we were children playing "broken telephone".

Dave said...

Amazing! Economists have predicted 9 of the last 7 recessions!

Dianne said...

Excellent advice!!

Would you like to pop on down to the states and run a newspaper or TV station. We're in desperate need of help!

Rinkly Rimes said...

That bear probably understands the world financial situation better than I do!!!!

Grandma J said...

I guess it's all a matter of perspective, and where you are coming from. I'm going to start listening to bears and only bears from now on!

i beati said...

so so true - sadly loving the pandas playing above sandy

Baino said...

Interesting that none of your commenters seem particularly fazed. I'm really getting sick of dramatic headlines and absolutely incorrect reporting. Last night "Colonial First State Freezes Funds" no it didnt . . they froze one property fund to stop money haemmoraging from it. This morning, we'll have clients panicking and trying to pull their cash out of that particular fund manager thanks to a completely erroneous headline GAH! We're only in this pickle because people keep selling down their investments . . .then again, some lucky bugger is buying them up CHEAP!