Some calm amidst the media storm
Voices of reason are slowly emerging within the media as the recession begins to bottom out, says Dougal Paver. We just need more of them, he argues.
Two things will get us out of this recession: confidence and credit. There's no doubt the former will be led by the media's attitude to short-term prospects - in other words, whether they feel that now is the time 'to talk things up.'
In recessions most people keep their jobs. In this one, the combination of low inflation and low interest rates (unlike the last two) means that, already, most people are enjoying higher disposable income as costs fall.
So, if the recession is proving good for most people, then why are we so gloomy? Because all around us we're surrounded by (real) tales of gloom. Until those start to ease off and until people start pointing out that we're not all doomed, things won't change.
David Smith's intelligent analysis in yesterday's Sunday Times was encouraging. Of the 2m+ readers that paper enjoys my guess is that maybe 200,000 will bother reading it. But it's a start.
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