A Little Perspective On The Crisis

This mess is bad, no doubt about it. But, don't give in to the panic-inducing hysteria quite yet. Here's some perspective:

Today’s stock market drop is a record point drop, but does not even crack the top 10 single-day percentage drops in American history.

Let’s stop pounding the panic buttons.

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On FNC right now, Neil Cavuto emphasizes that lending is going on and puts a damper on Heather Nauert’s panic-button heaving about credit-freeze anecdotes.

Are there businesses getting turned down for loans? Yes.

Here’s a novel thought: Maybe banks are finally learning they shouldn’t fork over money to bad risks.

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Reader Jamie e-mails this link to a history of US stock market crashes and adds:

I like that the headlines are calling today’s crash the “worst ever.”

In terms of absolute points, sure. In terms of percentages in a single day of trading, 1987’s stock market crash was far worse, and the NASDAQ slide of 2000-2002 was massively worse.

I think news media just can’t resist panic mongering. I imagine them all in the washroom of their office when the soap pump runs out of soap and they all stand around for 10 minutes going, “DOOOOOOOOOM! DOOOOOOOOOOOM!!” until the janitor shows up and puts in more soap.

So, don't go taking your money out of the bank yet, and don't freak out. This is very serious, and will have to be addressed (and we'll likely feel some pain no matter what solution gets implemented)...but let's not go overboard.

There's my two cents.