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Tuesday, September 15, 2009

Uncle Ben Speaks

Uncle Ben, otherwise known as the Fed Chairman, announced today that the recession is officially over. I imagine that will come as a surprise to the 15 million people without jobs, and to the 15 million people working reduce hours, or who have simply given up looking, and to the (maybe) 15 million more worried about losing their jobs (and their health insurance).

And that is why, boys and girls, you should pay no attention to the pronouncements of Washington economists. What you care about is whether the economy is continuing to shrink (and all signs are that it is).

On the other hand, read the post about the Happy Talk Paradox. From that point of view, Uncle Ben is doing the right thing.

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