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Macroeconomic Aspect of Thomas Gregory Toles Cartoon - Article Example

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This paper outlines that the cartoon which was created by Thomas Gregory Toles, and published in the Washington Post on the 28th of October, 2008, is not only a marvelous piece of art but also an explicit representation of the current financial scenario in the United States. …
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Macroeconomic Aspect of Thomas Gregory Toles Cartoon
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Macroeconomic Aspect of Thomas Gregory Toles Cartoon

Download file to see previous pages... The usage High Finance is an obvious reference to the subprime lending which involved high risk and a higher amount of interest. The balloon is portrayed to be flying in an ample height with reference to the clouds, which is an indication of the magnitude of the risk involved in the derivative finance market . It also symbolizes the uncontrolled number of handovers of the loan from the actual source which was the characteristic sign of liberalized derivative market.
The balloon is shown in an over-inflated state and the basket has a label on it saying ‘Actual Economy’. This very well criticizes the trial of the government for some years to have a fake magnification of the economy. This should be read together with the fact that, though the economic indicators of employment, industrial production, real sales and real income as defined by the National Bureau of Economic Research (NBER) had reflected a clear sign of recession since January 2008, the Government was highlighting the mere 0.6 percent increase in the Gross Domestic Product (GDP) in order to hide the actual state of recession and to represent a promising economy. The artist also would have intended to represent inflation through the inflated state of the balloon.
Thomas Gregory Toles leaves a hint towards the indifference of the Bush administration on the state of economic crisis as he has caricatured a character of authority, still sitting in a relaxed mode within a blasted balloon. The character’s statement that they would see what would be the impact of the blast on the actual economy also adds to the hint of apathy. ...Download file to see next pagesRead More
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