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Media on Holiday Retail Spending: Good news or a sign of depression?
Posted by: McQ on Saturday, December 22, 2007

This is a classic. Here are the first two paragraphs from a Washington Post article:
The housing market is tanking, the credit markets are in crisis, and economists fear that a recession could be on the way — but in November at least, that wasn't enough to slow down the American consumer.

Personal spending rose 1.1 percent last month, the biggest gain in two years, the Commerce Department reported yesterday. Disposable personal income rose only 0.3 percent in November, meaning that on average, families either withdrew savings or took on more debt to buy goods and services.
No mention of the unrevised 4.9% economic growth last quarter - only doom (housing market) and gloom (credit crisis). And to really ensure you didn't miss that, well, there's the savings/debt angle to throw in there. But the laugh-out-loud moment was this:
"Apparently Americans are really depressed so are compensating by going shopping," said David A. Wyss, chief economist at Standard & Poor's. "It's retail therapy."
If you haven't figured out yet that the media is bound and determined to talk us into a recession - or at least fear of one - you haven't been paying attention. The rest of the article is more of the same. But, come on, how freakin' low can you go when you try to claim that millions of individuals doing their holiday shopping are engaged in collective "retail therapy" because they're "depressed" about the economy?

Ye gods.
 
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Give those guys some slack, McQ. Cognitive dissonance can be a debilitating disease.
 
Written By: Billy Hollis
URL: http://
This has been exactly my argument. The media, comprised of people who have no understanding of business and finance, has no ability to analyze the situation. These people offer us their own unsupported opinions and "chicken little" fantasies.

In 1992, we had a mantra of poor economy, recession, Bush, Clinton. That worked out so well for the pseudo intellectuals, they are trying it again.

Rick
 
Written By: Rick Caird
URL: http://
Anyone want to lay odds that if a Dem gets sworn in in Jan 2009, the economy will miraculously turn around?
 
Written By: bains
URL: http://
Well, we’ve been on the edge of ecomomic dooom since Jan 20, 2001 so what did you expect? (At least you’d think so if you only read the MSM.)

It’s only going to get worse. The media needs to prove the current administration is bad for the economy and we’re on the edge of doom. Of course, these nice people here are offereing free money if you vote for them. DOOM!
 
Written By: Ryan
URL: http://
Anyone want to lay odds that if a Dem gets sworn in in Jan 2009, the economy will miraculously turn around?

Buy, buy, buy! Instead of reporting every 200 point drop in the Dow, we’ll get how the recent 200 rise in the Dow is directly related to Hillary’s Midas touch. Crikey...
 
Written By: Rob
URL: http://
The media needs to prove the current administration is bad for the economy and we’re on the edge of doom.
Can this possibly be denied at this point? CNNNBCBSMSNBC simply MUST get a DEM in the WH, so the DOOM switch must be pegged at 11 for all of ’08. Prepare for the onslaught.
 
Written By: Rob
URL: http://
Back in December, 1982, Ellen Goodman wrote a similar Op-Ed piece. The economy was starting to boom, and retail spending for Christmas went way up. Goodman attributed the spending to people wanting one last good Christmas before the nuclear war that Reagan was going to send us into. Good news during a Republican administration is never for the right reasons.
 
Written By: Steverino
URL: http://
Hooverville here we come!

Another dose of the homeless crisis that was predicted to ensue if the Republicans were elected. Every day in every way keep up the pressure. Eventually happy days will be here again.

But please don’t hold your breath, my democrat friends.



 
Written By: vnjagvet
URL: http://www.yargb.blogspot.com
Apparently Americans are really depressed so are compensating by going shopping," said David A. Wyss, chief economist at Standard & Poor’s. "It’s retail therapy
Anybody ever read the Vertigo comic Preacher? It’s usually right about after someone utters a load of cr*p like this that Jesse Custer gets this "oh god save me from this a-hole" look on his face and hurls him through a window.
 
Written By: shark
URL: http://
interesting
 
Written By: Neo
URL: http://

 
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