This is not the first time I noticed headlines like the following on Bloomberg:
Recession Probably Abated Last Quarter: U.S. Economy Preview
Probably? Can’t you do any better than this in reporting.
The quality of the information in the article matches the headline, with thing like
The worst U.S. recession in five decades probably eased in the second quarter
The world’s largest economy shrank at a 1.5 percent pace following a 5.5 percent drop in the first three months of 2009.
Other reports may show orders for long-lasting goods fell and sales of new houses rose
“The pace of decline appears to have slowed significantly, and final demand and production have shown tentative signs of stabilization,” Fed Chairman Ben S. Bernanke told Congress last week.
“The recession has decelerated sharply and is starting to form a bottom,’ said Joel Naroff, chief economist at Naroff Economic Advisors Inc. in Holland, Pennsylvania. “I think we’ll see some growth in the third quarter.” Naroff was the top forecaster in 2008, according to a survey by Bloomberg Markets magazine.
How does something look like that appears to have slowed significantly? Wouldn’t a significant slowdown be very visible as opposed to just appear to be there? Oh I see. It is significant because Bernanke says it is, not because there would be any actual proof supporting the views he doles out while ‘reporting’ to Congress.
Mr Naroff was the top forecaster in 2008? So he did forecast the crash then, did he. Or didn’t he. Never mind. Facts are not important anymore. It seems.
Obviously the idea is that if you put enough bullshit out there it will act as fertilizer for the green shoots.
Good luck with that.