And the media’s role in predicting/creating a recession. It’s all about the narrative, says Glenn Reynolds.
UPDATE (9:15 p.m.) Larry Kudlow’s cheerful. But then, when isn’t he?
At his year-end news conference, Mr. Bush said with optimism that the economy is fundamentally sound, despite the housing downturn and the subprime credit crunch. The very next day, that optimism was reinforced with news of the best consumer spending in two years. The prophets of recessionary doom, such as former Fed Chairman Alan Greenspan, Republican adviser Martin Feldstein, ex-Democratic Treasury Secretary Lawrence Summers, and bond-maven Bill Gross have been proven wrong once again.
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