Are we just Pessimism Porn addicts?

From: ABC News.
Thank you so much for the insight, ABC. This is really helpful!

Bread Lines, Food Riots, Revolts: Apocalyptic Economic News Draws Eyeballs Online
By DAN HARRIS
April 9, 2009

People are logging onto the Internet to read all sorts of dire economic predictions: a new Great Depression, bread lines, riots, you name it. And with the recession taking hold, many have become addicted to apocalyptic news about the economy.

Bread lines? Food riots? Really!?

This sky-is-falling content online has the same sort of can’t-look-away quality as a car crash or porn, for which New York magazine has coined the term “pessimism porn.”

One of the stars of this new genre is Gerald Celente, a trends forecaster who’s credited with predicting the fall of the Soviet Union, the war in Iraq, the crash of 1987, the dot-com bust and, very early on, the housing collapse.

In a 2007 television interview, now running on his Web site, Celente said, “America’s headed for an economic 911. This isn’t about dark clouds; this is about reality.”

Another leading purveyor of “pessimism porn” is Peter Schiff — star of a viral video on YouTube called “Peter Schiff Was Right,” which shows the Euro Pacific Capital president being laughed at on cable shows in 2006 when he said a collapse was coming.

“Most of the profits that people have in real estate are going to vanish,” Schiff cautioned. “Just like the profits from the dot-com bust back in 2000. It’s a fantasy.”

Now, Schiff and Celente are each painting a severe picture of what utter ruin and economic disaster might look like.

“If history’s any guide, you do get the civil unrest, you do get the riots and the looting,” Schiff said.

“Breadlines, protests, tax revolts … civil unrest,” Celente said. “Crime like we’ve never seen before.”

Celente even thinks that people will be living in self-storage units.

“I mean, homeless numbers are going up already,” he said. “It’s better than living in a tent or a homeless shelter.”

In case turmoil ensues into full-fledged battle, Celente is trained in close combat.

Reader comments posted on the ABC website:

What a sad thing to conflate people’s true concerns for the future of America and search for truth with porn. I wonder if Mr. Harris would ever considered doing a story called “Optimism Crack” about the irrational behavior of stock pundits and cheerleaders of the housing market leading up to this economic meltdown. I wonder what research he did concerning how many websites these very same consumers of information viewed that are painting a more rosy view of things to come in an attempt to obtain a balanced view. This is nothing but a tabloid piece and stains the reputation of ABC News.
insultant Apr-12

Dan Harris is trying to ridicule peter schiff again, just like previous pseudo-economic ridiculed him in the past, they were all wrong. Does Dan Harris understand economic at all? 72% of GDP is consumer spending, that is not a phony economy, i don’t know what is. Our economy is so parasitic that every year the country has to borrow from foreginers hundreds of billions dollars to buy their products. so we don’t have to produce any thing, just borrow their hard-earned money and buy their products. it is so pathetic. i believe dan harris has any economic sense at all, he will call them “realists”. people, like dan harris, will make american living a in delusion and destroy their wealth.
blessedhai Apr-12

Check out the Obama Deception and search Bilderberg Society if you really want hard evidence of where we are going as a world if we don’t stand up against this tyranny and arrest all of the crooks that created this mess, including the mainstream media. Guys like Dan Harris need to go back to covering simple stories, he was in over his head talking to Schiff and Celente. When a country imports way more than they export and when consumption is at least 70% of GDP, I’m surprised this didn’t happen sooner. This just shows the mainstream media, like ABC are trying to help re-inflate a bubble that has burst. It will only get worse out there and if there is a God, mainstream media, including ABC, will go bankrupt and fade away and quit trying to cover up everything!
plow19 Apr-12

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