I found the arguments in the blog to be crystal clear in understanding without much explanation, yet full of illogical and invalid reasoning and conclusions. The blogger quoted Sen. John McCain's statement today, that the "fundamentals of our economy are strong." Following this quote, the blogger proceeded to counter his statement on the economy with various news headlines from today professing how deleterious the economic situation is at this moment with the Dow Jones Industrial Average and S&P 500 dropping almost five percent respectively. In my observation, the blogger directly used today's events in the markets as though they were an economic indicator, which is not true.
Now, I will admit that with over a four percent drop in the Dow and S&P, there was an dramatic decrease and exchange in wealth that took place. Over $800,000,000,000 was wiped out from the financial markets today, and that is severe blow for one day of trading with so many gloom and doom variables in the mindset of traders. With that said, using various quotes from news agencies such as Bloomberg, NY Times, and the Associate Press all have true premises to the argument, but still draw a false conclusion.
It is because of this, that I honestly have to say that the blogger used deductive fallacies in their argument. I am not going to say that I am defending Sen. John McCain's stance on economic policy, but if you want to present a true picture of the economy based on facts with a basis, use an economic indicator such as Gross Domestic Product (GDP) to draw a conclusion, not one day's worth of events. By definition, a recession is defined as two consecutive quarters of negative GDP growth, and our economy is still "not" in a recession by definition.
Drawing a conclusion as to how the blogger critiques, I honestly have to recommend that he or she go take a few classes in macroeconomics and microeconomics if they want to improve on your weak argumentation.
Now, I will admit that with over a four percent drop in the Dow and S&P, there was an dramatic decrease and exchange in wealth that took place. Over $800,000,000,000 was wiped out from the financial markets today, and that is severe blow for one day of trading with so many gloom and doom variables in the mindset of traders. With that said, using various quotes from news agencies such as Bloomberg, NY Times, and the Associate Press all have true premises to the argument, but still draw a false conclusion.
It is because of this, that I honestly have to say that the blogger used deductive fallacies in their argument. I am not going to say that I am defending Sen. John McCain's stance on economic policy, but if you want to present a true picture of the economy based on facts with a basis, use an economic indicator such as Gross Domestic Product (GDP) to draw a conclusion, not one day's worth of events. By definition, a recession is defined as two consecutive quarters of negative GDP growth, and our economy is still "not" in a recession by definition.
Drawing a conclusion as to how the blogger critiques, I honestly have to recommend that he or she go take a few classes in macroeconomics and microeconomics if they want to improve on your weak argumentation.
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