Have you noticed this theme in news coverage of the economy of late? I have, but never really put two and two together until reading this article this morning.
“Collapse, I think, is now off the table,” said Alan Greenspan over the weekend, pedal to the metal. “I’m pretty sure we’ve already seen the bottom… it’s clear that we’ve turned, perhaps in the middle of last month, the middle of July.”
“I do think it is possible that we could get a second wave down,” he cautioned, literally seconds later. “But the important issue is if we don’t — and I think the probability is that we won’t — that we are close to stabilization.”
So the worst is over, unless it gets bad again.
The major media’s singing the same tune.
What seems most likely to me is that officials and analysts want the depression to be over, but don’t actually want to commit themselves to any one position. This is because, unlike some people (ahem! Ron Paul and Peter Schiff), they really haven’t got a clue about what’s going to happen next, or what the consequences of their policy suggestions may be. Much better to play it safe.
Maybe this indicates that they’re (finally) getting an idea of their own incompetence?Published in