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Financial Crisis - Book Report/Review Example

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Financial Crisis

(Hoenisch 2006). It clearly states that facts and information are different from values that exist in a judgment. We understand that a fact or evidence leading to a judgment is different from a value judgment. However, the question here is do facts and evidences on a situation enable us to make value based judgments
While we explore factual and perceptual information of the US recession, let us go over each piece of news from the leading dailies, over the last one year and carefully analyze and arrive at a consensus through Weber's dichotomy understanding of facts and values. It is essential to arrive at a clear cut estimation of facts and the information stated in these dailies to understand their different views and the origination of the credit crunch.
Body: Let us start off with the latest on the US recession. The Guardian reports "The US unemployment rate has hit a 26-year high after employers shed 663,000 jobs in March to cope with plunging demand for goods and deteriorating economic conditions.
The March figures were in line with economists' forecasts and they had little immediate impact on the financial markets. The Dow Jones Industrial Average was likely to open marginally higher at the opening bell on Wall Street.There was a degree of relief that the numbers were not worse. Peter Kenny, the managing director of Knight Equity Markets in New Jersey, said: "It gives the market a sense that we dodged a bullet in the very, very near term. It's positive in that it wasn't a blowout number of more than 750,000."Nevertheless, jobs were lost in every sector of the economy except for healthcare and education. The White House had been expecting bad news. Speaking ahead of the figures, President Barack Obama's spokesman, Robert Gibbs, said: "I think it's safe to expect - without having seen them - that we'll see additional severe job cuts in America." Despite the rising level of joblessness, economists have begun to detect tentative "green shoots" elsewhere in the economy with the US housing market showing more activity and retail sales figures edging slightly higher." Signs are accumulating that the worst may be behind us," said Nigel Gault, the chief US economist at his Global Insight, in a research note. He said he still expected unemployment to reach 10% before it peaks, with gross domestic product slipping further before bottoming out in the second half of the year. But he said: "There is now some solid evidence that the period of economic freefall is now behind us, that the next step will be a slower rate of decline."(Clarke 2009)
The above piece of news gives us a picture that the recession in the US is correcting itself, by saying that 'the worst is over' However the news states factual evidence in figures only regarding the current rate of joblessness at it is the worst in the last 26 years .

Though the paper reports about "green shots" in the country's housing sector the statement of spokes person Robert Gibbs is perceptional as he states that the employment rates would have been worse off and the current numbers are better. Though the news reported starts with evidence of joblessness and the worsening situation in the economy, it closes with a value based judgment by portraying or laying emphasis the positive side of the ...Show more

Summary

Introduction: The paper aims at providing explanation on the current recession in the US and the reasons for the origination of the credit crunch using various newspaper sources and applying the Weber's explanation of value judgments and evidence on them to understand the different views expressed in them…
Author : ariane35
Financial Crisis essay example
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