Not All Signs Point to Depression

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Economy not as bad as we feared...

But that doesn't mean stimulus not as big as we thought.

Here's the deal:

It's still the economy, stupid.

And it's still about trashing the economy, stupid.

Because it's still about selling a huge stimulus package to deal with that economy, stupid.

And you'd be stupid selling that, saying the economy might not warrant that.

...kind of the dilemma the president was in today, rightly claiming the 3.8% slide in fourth-quarter GDP was alarming...but conveniently leaving out it wasn't nearly as alarming as some had feared.

Taken with surprising strength on the existing home sales front, nothing happening on the inflation front, and signs of more lending on the consumer and corporate front...

Well, let's say a very different front than the one stimulus-pushers are selling.

They're building a rescue for a depression, and ignoring the very real possibility, this might at best be a run-of-the-mill recession.

Neither are fun, of course.

But a depression is huge, and spending for it really huge.

A recession is not, so spending for it really shouldn't be.


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