As I mentioned on PJTV earlier today, as much I love having 500 channels to choose from via my satellite dish and, according to Technorati, 113 million blogs out there, the amount of information and opinion and the unending pace at which it's cranked out, makes it very easy to lose perspective. In a sense, a cable channel like CNBC, as great as it can be, puts an emphasis on the rapid speed of the financial markets, when for most individual investors, they're far better off (NOTE: THIS IS NOT INVESTMENT ADVICE. CONSULT YOUR OWN FINANCIAL ADVISOR. INSERT OBLIGATORY SEC WARNINGS HERE. POST NO BILLS. DO NOT EAT PASTE, DO NOT RUN WITH SCISSORS.) essentially buying a few decent mutual funds and hanging onto them for a decade or so, rather than buying, selling, and trading like mad.

The above headline comes from a 1979 Business Week cover story which electroplated then current trends and assumed that they would run indefinitely into the future. At the time of its writing, the Dow closed at about 975, in the midst of the last days of the Jimmy Carter administration's stagflation, culminating in double digit unemployment, interest rates, and inflation, as the above ad from that era highlights.

When I was preparing for PJTV today, I came across this PBS article, which quoted from its coverage of "Black Monday", the stock market correction of October 1987. At the time, the Dow was at 2,200, and the dropped 500 points. Note the end-of-the-world tone from 20 years ago, as PBS attempted to attack the economic policies of Ronald Reagan, and perhaps in its collective subconscious, longed for the days of Jimmy Carter--if their writers even remembered the gloom of that period at all. (Of course, a decade later, President Clinton was following the basic concepts of Reaganomics--and essentially bragging about it ("We stand for lower deficits and free trade and the bond market. Isn't that great?", presumably much to PBS's chagrin.)

How long will today's economic woes last? Well, check out this CNN article quoting from Alan Greenspan, who goes from stating that Wall Street is in the midst of "a once-in-a-century type of financial crisis"--but then adds:

"Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes," Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months.

Update: Well, here's one way to liven up an otherwise gloomy day of financial reporting!

Elsewhere: "See me after class."