November 30, 2005

Bizzy’s AM Coffee Biz-Econ Links (113005): A Shift in WORM Economic Spin?

Filed under: Economy,MSM Biz/Other Bias — Tom @ 8:03 am

This may be remembered as the week, and by extension the beginning of the Christmas shopping season, when the fortified dam built by the WORMs (Worn-Out Reactionary Media, known by most as The [supposedly] Mainstream Media) to downplay the years of good economic finally burst, and the general public finally began to understand that the economy has been clicking along nicely for some time.

The good news has been plentiful in the past week, and how odd–much of it was “unexpected”:

  • Consumer confidence went way up, from 85.2 to 98.9; “expected” was 90.
  • New home sales surged“The 13 percent increase from September was the largest percentage gain in more than 12 years. Analysts said the unexpected surge was probably influenced by fence-sitters rushing to buy homes before mortgage rates climb higher.”
  • Durable goods orders were up a “larger than expected” (there’s that word again) 3.4%.
  • Despite naysayers who “expected” $4 a gallon gas by the end of the year, retail gas prices have plummeted, falling to a national average of $2.154 (near bottom at link; may require registration) for the week ended November 28. Prices at many Ohio stations are below $1.90.
  • Just before Thanksgiving, the S&P 500 and the NASDAQ hit 4-1/2 year highs.

The good news is so “bad” (that really means “good”) that The New York Times began a new spin in its Wednesday edition:

By most measures, the economy appears to be doing just fine. No, scratch that, it appears to be booming.

But as always with the United States economy, it is not quite that simple.

So now the strategy is to grudgingly acknowledge that the economy “appears” to be booming, and then to look for the first (probably false) signs of a crack. The rest of The Times article is nothing but a litany of “yeah buts” and “what ifs.” Zheesh–The press tried the same exercise in 1985 and 1986 during the Reagan Boom. After a mild hiccup, the economy kept chugging along until 1990. In 1986, The Washington Post infamously said we were in a “slump”–I could handle a “slump” like that (select 1985 and 1990 as the beginning and ending years) on a permanent basis.

A couple more years of strong economic growth and the WORMs will have to go to Plan C (again, straight out of the 1980s), where they’ll chide us for how materialistic we all are (remember “Decade of Greed”?), tell us how money really isn’t everything, and will look around for someone, anyone who is “being left behind.” But that one’s still down the road a bit.
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UPDATE: Opinipundit: “More Hoover economy……NOT!”

UPDATE 2: Also see “Whoa: 3Q05 GDP Growth Revised”

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2 Comments

  1. LOL, You nailed it.

    Comment by traderrob — November 30, 2005 @ 4:14 pm

  2. Thx. Your post is good too–updated for it.

    Comment by TBlumer — November 30, 2005 @ 4:25 pm

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