Posted on 09/20/2006 9:57:18 AM PDT by SierraWasp
It's the Media, Stupid
Commentary: Contrary to what you read, economy is resilient and improving
By Richard Yamarone, Argus Research Corp.
NEW YORK (MarketWatch) -- Pick up a newspaper, watch the evening news (with or without Katie Couric), listen to the radio, or read a blog, and you'll inevitably get the same message: the U.S. economy is on the verge of calamity. --snip--
The media has led investors to believe that the Federal Reserve refrained from raising its benchmark interest rate in August amid fears of a widespread, housing-induced economic downturn. Meanwhile, economists have pointed to the slope of the yield curve, a market-determined economic indicator of future activity, which has inverted, historically portending a slowdown.
Finally, there have been suggestions that the energy crisis and the pending collapse of the automotive industry are about to bring the world's largest economy to its knees.
In reality, however, none of this seems likely. There are plenty of reasons to be optimistic, with the top two being the resilience of the economy to large shocks and signs of improving rather than deteriorating economic activity.
The headlines are astonishing, with an emphasis on "crisis this, calamity that." Evening news broadcasts are peppered with sad stories of Midwestern families losing homes and jobs at an elevated pace.
--Snip-- Yet despite this negativity, employment is strong, consumers continue to ring the cash registers, energy prices are tumbling, and signs of housing strength have surfaced. We credit the dismal media musings to a slow reporting period and the desire to "be the first" to predict an economic downturn. For many politically motivated journalists, it is very important to pound the table with negativity ahead of the midterm elections. --snip--
The scariest aspect of this pessimistic "news" is that it can become a self-fulfilling prophecy.
(Excerpt) Read more at marketwatch.com ...
It seems to me that an investigation by the SEC is in order.
Clearly, these hack business writers are attempting to manipulate the market.
Where's Eliot Spitzer?
Martin Crutsinger of the AP is a major culprit.
Ah, it only took a scroll down FR to make my point on Crutsinger:
http://www.freerepublic.com/focus/f-news/1704942/posts
You mean ol Spithead, who thinks of himself as the supposedly "untouchable" Eliot Ness? (spit!)
You certainly are NOT alone! (by the way, do you have a Froufrou doggie?)
Yes, I have a red shorthaired mini Dachsund named Buster Brown.
Buster is my granddoggie. Do you have a doggie?
Yes, I have the same doggie and his name is Oscar Meyer Whiner! I have two granddoggers that are BIG dogs. They don't live with me, however...
BTTT
I'm sure happy to hear that the son's business is growing and someday I'd like to take a trip up that way and meet both of your families. That is, if they'll let me into Humbolt County!!! (grin)
Excuse me but I couldn't find anything by any "Crudslinger" in that link!
And these days, Cindy Sheehan whispers her vile hatred of her own nation and it's POTUS into Hugo Chaves' left ear and he take her cue and runs to the UN podium to call him El Diablo!!!
They're all vicious, sick bastards!!!
Yahoo has changed the list of articles.
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