What brings this to mind is Mona Charen’s December 9th blogpost, “Stampede Psychology,” in which she chides the nation as a whole for overreacting to the current economic crisis. Observes Mona:
Yes, there have been 1.9 million jobs lost since the start of the recession last year. And that's not good. But that still leaves 93.3 percent of us employed. Close to 10 percent of homeowners have either missed a house payment or are in foreclosure, according to the Los Angeles Times. That's bad obviously. But 90 percent of us are not in danger of losing our homes. . . .Or as one legionary said to another, “What are you crying about? They left 90 percent of us alive."
The economy is not as bad as our behavior indicates it should be.
Panic is never an appropriate response to a crisis. And of course losing a job or a house is not losing one's life (by the way an even smaller percentage of the usage panel accepts decimation for use when destruction other than killing is meant.)
But for Charen to minimize the effect on the whole of a nation of a near seven percent unemployment rate (that’s 10.3 million people in case you’re counting) and the fact that 2.25 million homeowners will face foreclosure this year alone, amounts to a moral deficiency. But such is the callousness of capitalism.
HT to silveradept.