Saturday, November 10, 2007

Bob Herbert:
Economic Knowledge?
What Economic Knowledge?

Bob Herbert says, "If it looks like a recession and feels like a recession ..."

To which anyone outside the cozy idealogical confines of the New York Times might be forced to take him by his shoulders and gently shake the man from his dreamy trance-like state. Herbert, is positively Cayce-esque in his ability to pull back the curtains of financial uncertainty, all while sitting in his office.

Nothing will reduce a thinking man to uncontrollable laughter faster than a journalist spouting economics. Thus, Herbert's "Recession? What Recesssion?" is a masterpiece of the genre.
“We have an economy that is based on increased debt,” said Mr. Hinchey. “The national debt is now slightly above $9 trillion, and ordinary working people are finding that they have to borrow more and more to maintain their standard of living."

“The average now is that people are spending close to 10 percent more than they earn every month. Obviously, that can’t be sustained.”
And the grand finale.
The chickens of our denial are coming home to roost with a vengeance. Meanwhile, the elites are scouring the landscape for signs of a recession.
Using such well-known economic terms as "gross domestic product" and "Consumer Price Index", Herbert continues his financial doomsday show, and one imagines the entire New York Times newsroom waving their lighters in the air at the finish.

"Look everybody! Bobby's gonna do his economics thing! Gather round!"

Herbert is as accurate a seer on the economy as he is on the war in Iraq and most other issues. When "Bush?" is the question, Bob's favorite answering mood is despair.

Who knows? Herbert's bound to get one right some day. This one could be it. If he is right, the New York Times will most likely have a party.

Then, maybe Bob Herbert can do his "Economic Wizard" routine again.

by Mondoreb


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