Now, the media, dutifully cheering for the god they created, are harping every bit of economic good news as a harbinger of recovery. But a lot of the “good news” they point to is questionable. There are fewer jobless claims week-to-week, but people are still getting laid off by the hundreds of thousands. There was an uptick in housing sales, but vultures snapping up foreclosed properties were a major driver behind that. Cash for Clunkers caused an August boom in auto sales, but if it just meant that people who were going to buy in May, June, July, September or October bought in August instead, the auto market is due for a harsh crash.
What will happen to what’s left of the public’s faith in the MSM if the recovery turns out to be as illusory as Obama’s fiscal conservatism.