More Economic Coverage: Woe, Woe is Us

By December 27, 2007Economy

Just finished listening to the NPR “Morning Edition” story about the drop in housing prices, which left the impression that BY DEFINITION a 3.7 percent decline in October was a bad thing. Historically bad.

Earlier, columnist Mickey Kaus asks a few telling points about media coverage of the economy:

One Hed Fits All: Are you impressed with a drop in home values of 6.6% over a year? It doesn’t seem like such a big correction, given the dramatic run-up in prices over the last decade or so. … And don’t declining prices make housing more… what’s the word? … affordable? … This evening NBC Nightly News billboarded a “housing CRISIS.” (Link available here.) I thought a “housing crisis” was when people couldn’t find housing, not when it got cheaper. (NBC’s expert: “It’s very, very difficult to find any silver lining.” No it’s not.) …

As Glenn Reynolds says, it’s all about the narrative.

Hat tip: Instapundit.

UPDATE (11:40 a.m.) The Oregonian today runs this five-day-old story as part of a package, “No shelter from the downturn.” Here’s the absolutely fabulous subhed:

The housing slump will likely
infect the larger economy,
and experts fear the nation
will slide into recession

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