Like everybody else, I’ve been following reports that the economy is bad, that we may already be in a recession–or worse–and it has me concerned.
I *really* don’t want that to be the case, but I have to face the possibility that it is.
On the other hand, I’ve been hearing reports for the last five years about how bad the economy has been, when in fact we’ve been in a period of economic growth for the last five years.
So . . . what’s the deal?
Was it just the media wanting a scare story all this time leading them to sensationalize any possible negative number when in fact the economy was fine? Was it hatred of the Bush administration? And what does this say about current reports of a recession–or worse?
I *especially* hope that all the negative talk doesn’t lead to a self-fulfilling prophecy.
So I at least like to hear both sides of a story before forming an opinion, and thus I was intrigued to read THIS STORY IN THE WALL STREET JOURNAL.
Pardon the pun, but here are the "money" quotes (excerpts):
It is hard to imagine any time in history when such rampant pessimism about the economy has existed with so little evidence of serious trouble.
It is most likely that this recent weakness is a payback for previous strength.
A year ago, most economic data looked much worse than they do today. . . . But the economy came back and roared in the middle of the year.
Because all debt rests on a foundation of real economic activity, and the real economy is still resilient, the current red alert about a crashing house of cards looks like another false alarm.
So is the current talk just talk . . . or something more?
I report. You decide.