The media are just doing what they do. Repeating what they heard...

The media are just doing what they do. Repeating what they heard or read from somewhere else. Yes, global growth is slowing and the US or G7 is also slowing down a bit but the media use little real fact and analysis to support their theories that the world will end tomorrow.

The U.S. economy will get a boost of up to 2 percent under President Barack Obama?s job plan. The OECD's new estimate for US GDP growth is 1.1% in the current quarter and .4% in the last quarter of the year. Two percent on top of those numbers constitutes a recovery, even it if is not a V-shaped one.

As for Greece, it's a bit of a over-reaction. It doesn't compare to the US credit crisis of 2008. A default would see markets rally as it would remove Europe's weakest credit link and sure up the Eurozone. Markets don't like uncertainty though, so it will sell off until something happens. The real question you have to ask yourself is who has more to lose. If the European banks exposed to Greece don't take a serious haircut of some kind and restructure the debt, they could lose the value of their bonds all together. The ECB will continue to buy Greek bonds whilst they pressure the banks to take haircuts on the debt owed. That makes markets nervous because they can't chart the outcome. In the end, sanity will prevail and life will go on. It always does. I do like shopping for stocks in this environment though.