Semi-Daily Journal Archive

The Blogspot archive of the weblog of J. Bradford DeLong, Professor of Economics and Chair of the PEIS major at U.C. Berkeley, a Research Associate of the National Bureau of Economic Research, and former Deputy Assistant Secretary of the U.S. Treasury.

Monday, October 23, 2006

Why Oh Why Can't We Have a Better Press Corps?

CNN flubs the distinction between real and nominal stock market highs:

Bush to shift message to healthy economy - CNN.com: WASHINGTON (AP) -- President Bush, who gets higher marks for handling the economy than running the Iraq war, is spending two days this week trying to convince voters Republicans are the best stewards of matters affecting the wallet.... Bush advisers said they think the president should get more credit for recent positive economic news.

Overall, the economy grew at a 2.6 percent pace from April through June, compared with a 5.6 percent pace over the first three months of the year, which was the strongest spurt in 2½ years. Still, voters remain uneasy even though gasoline prices have started dropping, the stock market is hitting record highs, and interest rates on credit cards and adjustable mortgages are leveling off.

White House spokesman Tony Fratto said Bush intends to mention how optimism about the economy and rising hopes for strong third-quarter earnings lifted the Dow Jones industrial average past 12,000 for the first time on Wednesday...

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