Call them prophets of gloom or the doomsday peddlers. Or, if you prefer, just go ahead and lump them all together into some even larger force that sounds darker and more conspiratorial: The Economic Cassandra Complex.
If you spend much time watching financial-news channels or surfing the Web for investment and economic advice, you know who they are: The Doomsayers. They might be urging you to dump your stocks, buy government bonds, hoard gold, brace for the “Greater Depression” by going into survivalist mode or simply to curl up under your desks to take cover from a sky that is perpetually falling.
Their voices grew ever louder over the past year, amplified by the ongoing realities of a “jobless recovery,” a sputtering stock market and nagging fears of a double-dip recession. (more…)