Time for more fact checking on the purveyors of "Doom and Gloom Economics"

Somehow, we never read or hear things like this from them, do we?


Excerpt:

"As market strategist Ed Yardeni (hat tip to U.S. World and News Report) claimed, 'this profits recession is very much limited to the Financials sector and the Homebuilding industry . . . . Removing these two reveals that profits rose 15.9 percent in Q4 and around 12.0 percent during Q1. The resilience of "core'"profits and of the economy in the face of the worst credit crisis since the 1930s is impressive indeed.'

That kind of perspective is, typically, lacking in economic coverage. Take, for instance, the housing crisis. It is real. It is painful. Yet more Americans own their own homes now than ever before. Those evil corporate warlords who had the audacity to offer low-interest mortgages put millions of families that otherwise would never have been able to afford it into homes. Only a fraction risk losing their investment."

Here locally, the biggest demagogue of this meme is none other than Cone, as lately evidenced here:

"Definitely better than bad news, of which there is still plenty."

Always the negative spin......