Desperate for good news that doesn't exist

I must admit that I am having a difficult time feeling a turnaround in this economy. None of the news about the economy would be considered good news in a normal recovery.

News that normally worries commentators on the economy is viewed through rose-colored lenses as good news. When unemployment does not improve from 8.2 percent, certain commentators consider it good news. When the economy is growing at less than 2 percent, these same pundits consider that good news. When the federal budget deficit narrows to $1 trillion, liberal commentators also consider this good news.

When the market perceives good news, the Federal Reserve thinks government spending is successful and gets another round of easy money after four years of easy money for failing to stimulate the economy. If this cycle continues, we are in serious trouble. When the European community agrees to bail out failing Spanish banks without a definitive bailout plan and the market reacts positively, there is clearly a dearth of good news. When the headlines of The Wall Street Journal read, "Labor market shows signs of improvement" because the private sector added 170,000 jobs, journalists must be desperate for positive economic news.

Instead of trying to create news filled with rosy half-truths just to feed the Federal Reserve’s ego, journalists need to report the facts as they are without sugarcoating them so the Federal Reserve will be compelled to change its ways.

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