The Great Recession really has been, among other things, a rather large embarrassment for large parts of the professional business press, which has spent so many years simply cheerleading Wall Street while missing the economic Story of the Decade.
Oh well, seems CNBC is still bullish. Or, to be more precise, CNBC's favorite economists and analysts remain bullish. Note the online headline: "Huge Job Losses Could Be Signal That Worst Is Over." The article itself is pretty much non-stop, happy-days-will-be-here-again:
"This is history," says veteran Wall Street economist Ram Bhagavatula. "December payrolls will be weak as well. The leading indicators will come from a slow re-activation of the credit markets and increases in consumer spending. You should begin to see that in the next couple of months."
Bhagavatula is among a growing number of economists who say the seeds of recovery are already in place, even if they are revising their forecasts for GDP contraction in the fourth quarter to show an even greater decline.
"Every recession has its worst day, and this is probably the worst day," says Chris Rupkey of Bank of Tokyo-Mitsubishi.
Economists say there's a lot of tailwind to drive an economic recovery and already emerging signs of one. "There's now starting to be some visibility about how this might end." Says David Resler, chief economist at Nomura International.
We noted last week that the media's favorite analysts, when polled about predictions for what November's job loss numbers would be, were only off by 200,000 jobs. The same type of analysts who reporters liked to quote in the spring about the chance of a "mild recession."
We think AmericaBlog got it right: "Everything is fine and as long as you close your eyes, don't listen and talk loudly over everyone else you'll be fine. Just ask CNBC."