The 'But' Economy

The Wall Street Journal ^ | October 30, 2003 | JACK WELCH

[OESY]

Now, I am not claiming that the economy is fixed. It's not. And there are, obviously, challenges ahead if a full recovery is going to occur. It's undeniable, however, that most companies are posting significantly improved results. Not only can millions of hard-working people celebrate -- they should. They've earned the right. That's why we can't rain all over their efforts -- their motivation and innovative spirit and can-do attitudes. Those good feelings, as any economist will tell you, are key drivers of company productivity and consumer confidence. The fact is a recovery will be a lot harder if we keep saying "but" about damn good news.

[OESY]

Jack Welch asks, Why has every silver lining got a dingy gray cloud?

[prairiebreeze]

The facts are, companies are not bricks and mortar, but people, with blood and sweat and tears. People are the reason for the recent recovery, and people are the reason it will continue -- if it does. That's why we need to tell the people who have earned it not "but," but "Bravo."

The left-biased media majority would rather fold up shop than give kudo's to the working public. They're too invested in persuading them that they're victims. Or telling them the country simply can't survive if workers are given tax cuts. And the media's complicit in the Bush-hatred, so they don't dare make too much of economic good news.

Prairie

[Damocles]

And frankly, what would be worse for the Democrats right now than an economic recovery? That's an awful big battle to lose as the election approaches.

Is Mr. Welch a FReeper?

[big gray tabby]

Welch is saying we can still talk ourselves right out of economic recovery. This is the type of battle we can join, and should.

GDP just out at 7.3%. That's real good--for us. Bad for "them".

[FlyLow]

If we are ever to get competitive again, though, we can't indiscriminately put a negative spin on what is legitimately good news. We live in a global economy; India and China get stronger and better every single day. To have a fighting chance, companies need to get every employee, with every idea in their heads and every morsel of energy in their bodies, into the game.

---

Jack Welch...you are so right. However, your old buddies are some of the ones you are writing about. We gotta keep the "good news" coming across the wire. This recovery will be part of the most inspirational political year ever...2004!!!

[OESY]

Meanwhile, the 3q03 prelim GDP surged to 7.2% as personal consumption jumped 6.6%, business investment rose 11.1%, and net exports added to the tremendous gain, as reported this morning. BUT, Mark Haines, the BIG-BUT liberal propagandist on CNBC is spinning like a top, maintaining that the GDP numbers are bad for job growth. Amazing.

Hello, Roger: Could FoxNews start a financial news channel?

[harpseal]

Ping

On or off let me know

[Lael]

Jack Welch asks, Why has every silver lining got a dingy gray cloud

Until top line growth returns, there is NO recovery!!!

[lone star annie]

I heard the same thing by Haynes. He is such a lefty. "How long can it last? Is it just a blip? How come no jobs created?" BLAH BLAH BLAH He is a lefty propagandist if there ever was one.

[lelio]

BUT, Mark Haines, the BIG-BUT liberal propagandist on CNBC is spinning like a top

CNBC is now a liberal spin station? That's a new one. They're more like market pumpers.

[lelio]

We live in a global economy; India and China get stronger and better every single day. To have a fighting chance, companies need to get every employee, with every idea in their heads and every morsel of energy in their bodies, into the game.

This from the man that funded WiPro from the beginning.

[dennisw]

The word "jobs" does not appear once. What does that tell you? This feel good drek is aimed at stockholders, not at Ameircan workers

[bushfamfan]

I just happened to catch the hosts on CNN this morning mentioning the GDP figures and the great news and then they were saying stuff like "the administration rushing to take the credit", in an irritable way and stuff like that-like it's none of the administration's doing. They are so outright with their clear bias and look to make everything negative towards the President. Now it's back to making Iraq the main focus and saying how bad it's going and how that will be the deciding factor in the next election. They are absolutely pathetic. The economy was their big issue and they keep searching for new ways to attempt to smear this President. I love watching how sad they are at such great news though. They tried so hard to make the economy sound like it was in shambles all the time.

[Mr. Jeeves]

Of course, you have to wonder -- why all the grumpiness? Why has every cloud got a dingy gray lining?

Taken a look at some of those S&P 500 valuations lately? The economy could grow at 10% for the next three years and a lot of these stocks would still be overpriced.

People are confusing a broken and dysfunctional stock market with the economy as a whole - no matter how good the economic numbers are, market valuations are going to correct back to historical norms some time in the next few years. If companies start reporting real earnings (and more important, start hiring again) that's great - but it's no reason to rush out and buy their overpriced stock. There are always values to be found in the market, so shop carefully. A secular bear market is no time to be buying and holding index funds or Dow 30 stocks.

[OESY]

CNBC is now a liberal spin station? That's a new one. They're more like market pumpers.

You're thinking of the period 1998-2002, up until the economy began to recover and the Bush administration might receive credit. Granted David Faber and Joe Kernen are far less doctrinaire, but others are often hard to take.

[lelio]

I'm watching it right now and "the biggest gain we've seen in 20 years" is said every 5 minutes. There is just came up again.

Just who on CNBC is a Bush-basher? Mark Haines? He's middle of the road.

[OESY]

Ain't no-one wanta git neah dat guy, Mark "Middle-of-da-Road
and Lost in His Underwear" Haines.

[Huck]

My wife and I were chatting about this today, in reference to this "but" article:

http://moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P64803.asp

I thought this article was nuts! We all heard the growth would be 7% last friday. The market jumps 200 points in anticipation and these people are complaining?

[Huck]

Hello, Roger: Could FoxNews start a financial news channel?

You know CNBC was his, right?

[StriperSniper]

Just who on CNBC is a Bush-basher?

Maria Caruso Cabrera(sp?) is a major lib. I don't know about direct Bush-bashing, but in the two minutes I saw her today, it was nothing but trying to look for, as Jack says "a dingy gray lining".