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Wednesday, May 14, 2008

Someone is finally paying attention..

by George Dienhart

From the Wall Street Journal:

Wall Street Journal A1: "Recession? Not So Fast, Say Some: Despite Pain, Economists Begin Dialing Back Dire Forecasts": "[T]hough two main pillars of the economy, the labor market and consumer spending, have faltered, they have not collapsed as they did in past recessions. ... Job losses, meanwhile, have been less severe than they usually are in recessions. And many economists think the government's earliest estimate of first-quarter GDP growth - 0.6 percent - will be revised upward."

Repeat after me- there is no recession…