So, let’s draw some conclusions here from what we’re reading in the press, from what the best and the brightest are saying about the state of the economy.
Here’s a good one: “Economy ‘Well Into Recovery‘ ” That’s from the Fed’s Dennis Lockhart.
“The economy is actually on track. ” That’s from the Fed’s James James Bullard.
“Evidence Mounts of Strong Recovery,” from the Journal.
“Why So Glum?” from Floyd Norris.
“America’s Back!” from Newsweek.
Hard to fight the tide on this one. I mean, boy, everything sure does point to a strong recovery from the depths of the recession. The housing market, the jobs market, Wall Street, it’s all good. Okay, I’m almost convinced. Maybe it’s time to step out of the bunker.
But let’s look just a little deeper, a little further, for even more confirmation.
“Business On Uptrend Now.” Hey, that sounds good. Oh, wait, my mistake. That headline’s from 1930.
“Business Now Coming Out Of Woods.” Again, a good sign. Oh, wait, a bad sign. That headline’s from 1931.
“Recovery From Depression Is Seen For US.” Hey, great! Oh, wait, not so great: yeah, that headline’s from 1930, too.