Andy On The Recession

Andy Rooney On Economic Tough Times And Memories Of The Depression

(CBS)  The following is a weekly 60 Minutes commentary by CBS News correspondent Andy Rooney.

---

I get five or six newspapers every day and I've been reading a lot of stories about what they're calling the recession we're having. They don't want to scare us, so they don't call it a Depression, they call it a recession.

Talk of a Depression, spelled with a capital D, probably means more to me than it does to you because I grew up during the worst Depression we ever had in this country.

There were pictures of bread lines and soup kitchens in the paper every day when I was a kid. Big bakeries gave away their bread when it was three or four days old and people who were out of work and hungry, lined up to get it. We don't have anything like that now.

My family was lucky because my father always had his job. He made $8,000 during the years I was in grade school in the 1930s and $12,000 when I was in high school. I was one of the rich kids on our block.

We had a live-in maid my mother paid $16 a week. She had her own room upstairs next to mine and while I forget how old I was, I couldn't have been real young because I remember how pretty I thought she was.

I don't know anything about economics but I don't think what we're in is a Depression - or even a recession - whatever the difference is. I'm as ready to blame President Bush for things as anyone else but I don't think this recession is his fault.

I look at The Wall Street Journal every day. I don't understand it but I look at it because it's all about money and I know how important money is.

Do you know what these headlines mean?

"DEAL FEES UNDER FIRE AMID MORTGAGE CRISIS," "DEFAULT FEARS UNNERVE MARKETS," "BOND INSURERS WEATHER HIT TO RATINGS," "WORLD RIDES TO WALL STREET'S RESCUE."

Oh, I don't think that's where the world is riding to.

I'm going to keep reading The Wall Street Journal though even when I don't understand it because if the world comes to an end, I know they'll have a story about it - on page six.

[be_thechange]

Andy, you''ve missed this one. In my region (central NY) the food banks can''t keep up, the unemployment figures are double what is reported because so many legit cases are refused or remain unemployed after their 26 weeks of benefits, the typical adult male or female head of household earns $10/hr, healthcare is a joke, education sends two messages: drop out now and enjoy life while you''re young or graduate and run for your life with that diploma. This is status quo for the region and NOW we''re entering a recession... and that will tear a thin socio-economic fabric even more. Americans knew they were electing another elitist politician in GW, but they allowed fear to run over rational thinking. Now we are no closer to settling the terrorism issue and are sinking into a period of economic lows unseen for a long time. You say GW is not to blame. Perhaps not personally to blame. But his kind of smug, rich, power loving businessmen have pushed this country to the brink. Thank God the common people know how to survive. I hope the greed-machine grinds to a full stop and we re-evaluate the rules for the distribution of wealth, and logic to live within our means.

[eggy1620]

How many of the home foreclosures are second homes, vacation homes, rental properties, investment properties, etc.? I don%u2019t think those folks need any help. Only people about to lose their primary residence should be bailed out.

[pproko1]

About your commentary about a recession,you have to get out of your home with no windows and go visit the ordinary family in the US who can''t make ends meet, have to choose between heat,food, and just the basic necessities to survive today. For you to say there is no problem with our economy makes no sense to at least 75% of the families I know. I do believe you are getting senile in your old age and need to leave your plush location and travel to some of our small rural areas. Hopefully this will open up your eyes to what is really going on in this country.

[carefulspide]

Although I usually like your comments Andy, I don''t think growing up relatively well off and staying fairly well off could make your opinion on the growing poverty in this country.

It is just a different kind of depression today as the gap between the haves and the have nots is widening. It is the silent depression as it isn''t quite as in your face but try to tell the losers in this econonomy that they are not experiencing a depression.

[awakenow]

I respect Mr. Rooney''s right to have his opinion on the state of affairs that are occuring in the U.S. rright now;however, if he believes that we are not experiencing a recession he is living in a BUBBLE. Contrary to what he may believe, there are people in this country lining up everyday for days old food, and believe it or not, still living (if that what you want to call it) off of $8,000 and $12,000 a year. Yes, in the U.S., one of the wealthiest countries on earth. Why? Because we have sat back and allowed the greed of the Bourgeois to out rule and overrun our conscience. Why should 4 million or more Americans lose their homes and we, as citizens, say that it is their fault. 4 families, maybe, 4 million, not so. This country has hit an all time low of concern for its citizens, and if I am not mistaken, it is, or at least it was,the citizens that make up the fabric of this country.

[DrSFG]

commonsence1 is incorrect. Government policy can GREATLY affect economic times of boom and bust. The Great Depression occurred not from the stock market crash but from the restrictive trade rules that were in place after the crash.

[blaqrubi]

The Economic crisis being what it is is 90%the blame of the subprime lenders. Period. If you were foreclosed upon, do you think you are going to continue to pay bills? NO. New Century is reorganizing right now so that they can defraud our children and grandchildren in a few years. And no one is stopping them, let''s just blame that homeless guy over there. Crime DOES pay in the USA.

[pvperson]

Someone please wake up frnk1231, I think the poor sot has fallen asleep with his finger on the enter key.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[rushlimpdrug]

frnk1231 You sound like a broken record!
Posted by commonsence1 at 09:18 AM

I would think that frnk1231 is not happy with the old faarrt Andy joking about this not even being a recession.
This may be all funny to Andy but to many the reality is they are losing houses, jobs, cutting back on ESSENTIALS, and more.
Guess to some like Andy and the CBS 60 minute crew it is all funny.
No Andy it isn''t a recession and it isn''t the president''s fault so let''s just step over it all.
Hurry and roll the windows up in the car, here comes another homeless beggar looking for a handout.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[frnk1231]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance, etc. These were mainly started in 1969 under Johnson. If it wasn''t for these programs there would be food lines as in the depression. Where I live, food banks are running out of food regularly, the increase in demand at the soup kitchens is at least 10% per year, and reportedly at least one person in over 4.5 million people go to bed hungry every night.

[mcv57]

Andy does not know what he is talking about. In the depression there were no food stamps, housing assistance

Posted by frnk1231

Give it alittle while longer, when he is out of a job and his 401k desintergrate. He going to feel real stupid.