{"id":20713,"date":"2016-05-18T19:38:41","date_gmt":"2016-05-19T00:38:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20713"},"modified":"2016-05-18T19:38:41","modified_gmt":"2016-05-19T00:38:41","slug":"without-recovery-there-is-every-need-to-examine-the-worst-case","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20713","title":{"rendered":"Without Recovery There Is Every Need To Examine The Worst Case"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/www.alhambrapartners.com\/2016\/05\/17\/without-recovery-there-is-every-need-to-examine-the-worst-case\/\">Without Recovery There Is Every Need To Examine The Worst Case<\/a><\/h3>\n<div class=\"meta_wrap\">There is a great deal that is wrong with mainstream economic commentary, starting with its unwavering devotion to orthodox economics and unshakable faith in their \u201cstimulus.\u201d No matter how little is actually stimulated there is never any doubt that the media will simultaneously forget the last one while lavishing praise on the next one. It is, however, the actual economic commentary itself that may be the most damaging. Because nothing works, every news story is printed from the shallowest, narrowest perspective. It is a grave disservice to the public and journalism.<\/div>\n<div class=\"pf-content\">\n<p>As an example, on July 15, 2015, the\u00a0<em>Wall Street Journal<\/em>\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/industrial-production-rises-0-3-in-june-1436966974\">published an article<\/a>\u00a0on Industrial Production that wasn\u2019t unique or atypical. If you read these kinds of stories you find them utterly devoid of differences, so this effort was entirely symptomatic. At the time, industrial production for June 2015 was estimated to have risen 0.3% month-over-month, ending a string of six consecutive M\/M declines. That fact more than the degree of the rise was cheerfully reported as if meaningful.<\/p>\n<blockquote><p>U.S. industrial production rose in June, a sign that the improving economy is helping the sector break out of a slump.<\/p>\n<p>Industrial production, a measure of output in the manufacturing, utilities and mining sectors, rose a seasonally adjusted 0.3% from May, the Federal Reserve said Wednesday.<\/p><\/blockquote>\n<p>Even though the article noted that one month was nowhere near enough to overcome those prior declines, it didn\u2019t matter because it was finally a plus sign conforming to the mainstream \u201cnarrative.\u201d<\/p>\n<blockquote><p>The pickup comes as other measures show improvement in the economy this spring, with employment continuing to climb and wages creeping up as the labor market tightens\u2026<\/p>\n<p>\u201cWeakness in manufacturing appears to be past its peak,\u201d wrote Jim O\u2019Sullivan, chief U.S. economist for High Frequency Economics in a note to clients.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Without Recovery There Is Every Need To Examine The Worst Case There is a great deal that is wrong with mainstream economic commentary, starting with its unwavering devotion to orthodox economics and unshakable faith in their \u201cstimulus.\u201d No matter how little is actually stimulated there is never any doubt that the media will simultaneously forget [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[90,98,130,5810,5985,11537,2310,13883,13884,303,424,10192,506,534,6842,1264,13885,13886,3650],"class_list":["post-20713","post","type-post","status-publish","format-standard","hentry","category-economics","tag-brazil","tag-business-cycle","tag-china","tag-consumer-economy","tag-consumer-goods","tag-cycle","tag-depression","tag-economic-baseline","tag-economic-potential","tag-fed","tag-industrial-production","tag-jeffrey-snider","tag-markets","tag-monetary-policy","tag-plucking-model","tag-recession","tag-trend","tag-us-demand","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20713"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20713\/revisions"}],"predecessor-version":[{"id":20714,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20713\/revisions\/20714"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}