May 04, 2008
Recession, a reality or a self-fulfilling prophecy?
A couple of days ago the GDP growth for the first quarter was announced. The news wasn't good. The economy only grew by by .6%. But that means that we couldn't have possibly been in a recession in the first quarter.
But as Tom Blumer notes at Pajamas Media, the facts don't get in the way of the story the media wants to tell. The media wants you to believe we're in a recession so that you'll slow down your consumption which will cause the economy to contract which will mean that we're in a recession.
Since we live in a consumer economy, one of the most important factors is consumer confidence. Is it any wonder that in an election year we have so many news stories telling us that we'd be justified in having less confidence in the economy?
Posted by Henry Louis Gomez at May 4, 2008 10:05 AM
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Comments
Henry - Of course, and if a "D" is elected President
you will hear stories about how Christmas Shopping has gone up in anticipation of the new regime - shades of 1992. -S-
Posted by: Dr.Shalit ![[TypeKey Profile Page]](http://www.babalublog.com/nav-commenters.gif)
at May 4, 2008 10:22 AM
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