CNN panics over good economic news and tries counter-measure

In the face of very good economic news recently, CNN Money writes an economy hit piece. In the current media approach to the economy, good news has been either well hidden or well 'balanced' with vague language designed to cast doubt on the good part. Now CNN pulls out the stops and puts an article on their website with the non-subtle title of "There Go 800,000 Jobs Out the Door" and a cheery sub-title "UCLA: Housing slump to hit building and finance employment, slow the economy, but no recession seen."

So CNN dredges up somebody that is saying something bad about what will happen to the economy instead of talking about the surprisingly good points of the economy today without the usual counter-balance. The title alone is enough to show a seething anger over how well things are going and the desire to torpedo such good tidings with clenched fists. Here are some other telling quotes from the article:

The authors of the report admitted that they had forecast earlier this year that the slowdown in the housing market was going to start in mid-2005, which now looks like it was a little premature. But they noted that recent reports from home builders, real estate agents and the government indicate the slowdown may have now begun.

So before they were wrong, now it is for real and we expect you to believe us this time and CNN says 'OK'.

"There will be weakness in retail, for sure, and in manufacturing. But not widespread losses."

We can't look like we are cheering on a bad economy, but....

"The Anderson Forecast does not make a firm prediction on whether there will be broad or deep decline in home prices nationwide in the coming housing slowdown."

We can't say anything solid here, but we can sure give a solid 800,000 job loss figure (couched with the word 'could' in case it does not happen)

" The report is just the latest in a series of readings suggesting a slowing real estate market ahead."

Yeah, we can allude to this series of reports to shake your confidence now and later as we provide each one over time until it comes true.

One can always predict a certain market will come down, because at some time or another they always do. Instead of the title given, they could have made the title "UCLA Anderson Forecast takes another crack at predicting the future after being humiliatingly wrong for this year" or "UCLA Anderson Forecast Dares Show Face - to Try Again" or "Predictions lately have been off the mark, but here is another for your reading pleasure" or "Wolf!!!".