When the current moderately positive run of economic data began a couple of weeks ago, I mused that maybe we’re going to somehow escape the big financial hullabaloo of ’07-’08 without a recession. I was dubious even then–after all, Lakshman Achuthan says we’re already in a recession, and Lakshman is usually right. But now even more disconcerting evidence is in. The NYT and the WSJ have both proclaimed, on the same day, that maybe we’re going to escape the big financial hullabaloo of ’07-’08 without a recession.
That kind of big-media consensus can only mean one thing: They’re wrong, and we’re doomed.