Grey Shoots

I've started referring to myself as a "Depressed Bull."  I still have faith in the long-term growth prospects of America and the world. I still believe that entrepreneurial capitalism will prove itself the fairest, most propserous system of economic organization. Yet every day, I see more signs of the unprecedented severity of the current recession. And the mainstream/political media seems relentless in its quest for green shoots. Just contrast the top story in today's WSJ ("World Economies Plummet ") with today's WaPo ("Wider Confidence Lifts Economy From Winter's Deep, Dark Freeze"). Gag. The political cheerleading is embarassing to journalism. The financial reality is sad and serious.

Here's why the mainstream press probably can't get a grip on the economic story.  It's too slow.  I can hear the editors talking over drinks, "It's already been half a year since the Wall Street meltdown, right? Madoff's in jail, right? Can't we find a new angle on this?"

Imagine if the world's economies were a Hollywood special effects chase scene which ends in a fiery pileup. The globalized interesection of trade and finance and banks and people (think cars and trucks and semis and pedestrians) is going through a multi-year slow-motion crash. Naturally, the press wants to know when things get better. But how can we know when whole vehicles are still skidding across the pavement?

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