Is it recovery when government expands?
MSNBC's list of metro areas that are no longer "contracting as seriously as six months earlier" (is that really good news?) consists of 23 of 381 spots on the map. The trouble is that most are capital cities, and it is not hard to speculate why.The interactive map provides an interesting picture of nation's economy sinking and sinking.
Comments (2)
Jonathan Finegold Catalán
I'm not even sure why they equate slowing economic contraction with "bottoming out". Well, at some point, yes, the economy will bottom out, as contraction slows, but I don't think it's possible for somebody to say when this is going to happen. Nobody seems to remember that there were many instances between 1929 and 1933 that the U.S. government said the recession was over and that the economy would rebound, only to see the economy bottom out in 1933.
And, of course, the "great" rebound of 1933 through 1936, which only ended in the depression of 1937.
Of course, after these authors are proven wrong in their predictions, their reputation will not be tarnished, because people find hope in their fallacious "good news".
Published: July 17, 2009 5:39 PM
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I agree. Bottoming out just sound good. A false bottom is more realistic. A false bottom is more dangerous than the known fact that the bottom has not been hit because the falling can brace themselves. We will see, but I predict rough times ahead!
Published: July 22, 2009 12:19 AM