Has the Economy Tanked?
James Reza, pretending to be resident economist for Dallas Blog, assures readers that the economy is strong and getting stronger. How does he know? Because American businessmen are the backbone of this Great Nation. Because DFW freeways are clogged with cars during rush hour. Because the Fed cut interest rates 3/4 percent, arresting a stock market rout, at least temporarily.
So, if you read somewhere else that more mortgages are delinquent than at any time in twenty years or that new home sales have fallen by a record amount, dismiss it as liberal propaganda. If you read that Citigroup lost $9.3 billion last quarter thanks to bad debt, that the value of the dollar and retail sales are sinking, that housing starts are plunging, that unemployment is rising, that the price of oil and household debt are at all-time highs, dismiss all this news as a "fabricated media recession." James Reza of Dallas Blog, who is retired and watches Channels 4 and 5 mostly for the weather, crime and politics, knows it's all a liberal plot to get Democrats elected. This is what passes for economics analysis on Dallas Blog.
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