The Economy is Fine (Really)
January 28, 2008
Post Tags: Tucson Real Estate News , Tucson-Economy
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There is commentary in the Wall Street Journal today which is getting a lot of attention on the net.
I’ve said many times in the past the media tends to be about 6 to 9 months behind reality. The numbers for 2007 come out and everyone jumps on the “Recession” band wagon. Well folks, 2007 was a recession, maybe not by the official definition of the word but tell that to thousands of families and individuals who are happy to have 2007 behind them.
“It is hard to imagine any time in history when such rampant pessimism about the economy has existed with so little evidence of serious trouble.
True, retail sales fell 0.4% in December and fourth-quarter real GDP probably grew at only a 1.5% annual rate. It is also true that in the past six months manufacturing production has been flat, new orders for durable goods have fallen at a 0.8% annual rate, and unemployment blipped up to 5%. Soft data for sure, but nowhere near the end of the world.”
Here is the Commentary you can read all of it for yourself.
Hey, that’s blue sky isn’t it? Does it look like it is falling?
