What Does the MSM Really Believe?

Bear Market Guide: Stay calm, make money - Jun. 27, 2008


Here is a little gem from within this article out on CNN today:

Put today's economic peril in perspective

Before you panic over today's headlines, and how far stocks could fall, consider the relative health of today's economy.

In the early 1970s, economic output was falling. But today, despite the sluggishness, GDP is still inching ahead.

In the early 1980s, unemployment hit 10.8%. Today, the rate is 5.5%, or about half that.

Inflation topped 12% in the 1970s and 14% in the early 1980s. Today, it's at 4%.

So if you read the rest of the MSM, today is a "horror". We are CERTAINLY in a "recession", it is just a "new kind". Apparently the new definitions are that anything sort of an absolutely stellar market, econonomy, low inflation, low prices, strong dollar, etc with a Republican in the White House is a "poor economny". "Sluggish GDP growth" is a "recession", again, providing that a Republican is in the White House. However, the story that they not doubt follow in their own investing, and are willing to share with investors that will read is that it really isn't all that bad at all.

Other than trying to pin a bit of the Carter hangover on Reagan, they are pretty much right on target. The '70s was the worst economic times that Baby Boomers have seen. Yes, it was far better than the depression, but we are yet to have any 3-term Democrats yet to give us quite the incompetence that a real depression needs to take hold. Carter did amazingly bad in one term, even anything nearly as bad as 9-11 happening. By the MSMs own admission (to investors only!) Bush isn't anything even remotely as bad.