GLAD TIDINGS ON THE ECONOMY….I missed this a couple of days ago, but Lean Left has this report on the economy:
I just heard a CNN anchor quoting an economist who thinks that, because of technological advances, globalization, and the very slow fashion in which excess inventory form the 90’s bubble is being worked off, the majority of the jobs that have been lost under Bush may never come back.
This is actually great news. You can be certain that economic booms are about to end when the conventional wisdom starts trotting out arguments about how the business cycle is finally dead and this time the good times will roll forever. Likewise, recessions are usually over when analysts finally get so gloomy that they start telling us that the economy will probably never really recover.
You can always count on economic analysts to overreact, whether it’s good news or bad news. They just never learn.