Market Crisis: It's Not As Bad As You Think

03/28/2008 02:45 am ET | Updated May 25, 2011
  • David Leonhardt New York Times

Until yesterday's rally on Wall Street, the news on the business pages has sounded pretty grim lately. Stocks are still down 6 percent from their peak this year, and oil is near a record high. The dollar, incredibly, is worth only 96 Canadian cents. And house prices will be falling for a long time to come.

So in an effort to cheer everyone up before Thanksgiving, this column is going to focus today on some good news. Here it is:

Stocks are still down 6 percent from their peak, and oil is near a record high. The dollar, incredibly, is worth only 96 Canadian cents. And house prices will be falling for a long time to come.

Seriously.

As long as the financial system doesn't have a major meltdown, none of these developments will turn out to be as bad as you think. Some of them are downright welcome.

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