Professor Mark J. Perry's Blog for Economics and Finance
Posted 8:22 AM Post Link
The Wall St. Journal has been making this point for years. The media keeps looking for a rope to hang George Bush questioning the economic expansion, ignoring the rise in tax revenues, harping on about the "jobless recovery" or the rise in income inequality, reducing coverage of the war in Iraq once it was apparent that the surge was working...to say nothing of the nonsense reporting on Dick Cheney.While there is definitely an element of bias in the coverage, it is difficult to find news coverage that is not overblown..think O.J. Simpson, global warming, coverage of 9-11.Are we not also seeing the results of competition as technology creates hundreds if not thousands of new ways to get information? Aren't the big networks and newspapers competing for attention with news channels, blogs, internet news, satellite TV, radio. We don't live in the age of a trusted Walter Kronkite visiting our homes each night but in an information age where we are bombarded by many sources of information and little time/ability to discern good from bad information. We live in the age of the sound byte. Fox knows this better than anyone. My apologies for bloviating. "The media is the message" - Marshall McLuhan
Bernanke Says U.S. Economy May Slip Into a Recession "It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly," Bernanke said in testimony to Congress's Joint Economic Committee today. (April 2, 2008)
Come this time next year, if a Democrat wins the White House you won't be hearing anything about how bad the economy is.
The economy entered into a per capita GDP recession in Q4.07. The economy entered into a GDI recession in Q4.07.
Indeed, Marcus, MSM will as one switch to rose colored glasses from the current - let's call them earth tone colored - glasses.
The surest way to tell if the economy is in trouble is by checking the transportation index and the furniture industry. If those two things are down we are in trouble.No need to go any further.
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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