Friday, December 09, 2005

The Mediacrats

R. Emmett Tyrrell Jnr: Economic illiteracy

Brian S. Wesbury, one of the most infallible students of today's economy, laments in the Wall Street Journal: "During a quarter century of analyzing and forecasting the economy, I have never seen anything like this. No matter what happens, no matter what data are released, no matter which way markets move, a pall of pessimism hangs over the economy." Whereupon he cites the auspicious data and their gloomy explications: Bond yield up? Housing market imperiled. On Monday, housing market weakens? The housing bubble is about to burst. On Tuesday, the housing data strengthens? Bad news, the Fed will raise interest rates.
How do we explain the unreasoning response to all this good news? How do we prevent the president from growing hoarse in defending a perfectly defensible economic vigor? Allow me to offer this explanation. Republicans in power worry Democrats. If the Democrats presided over an economy as robust as this, there would be no apprehension in the Kultursmog. That brings us to the heart of the matter. The media are not dominated by liberals. They are dominated by Democrats.

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