Generally, good economic discussion occurs at this blog. There is a little too much commentary regarding what other folks are saying at other blogs (put another way, too much navel gazing and chest thumping). The comparison between the first blog’s authors and others is especially silly when the following two statements were made in the same blog post:
In other words, the blogospheric Doomgasm has been prompted by fears that the economy will grow 1% more this quarter than last quarter!
For the record, I still see a slowdown or stall this quarter and/or next.
Look, either you think the economy will grow or slow this quarter. It can’t do both at the same time. Make a prediction based on what data you think you have that can support that prediction.
I don’t, for instance, write that I think the next 10 years will be hotter than the last 10 in one sentence, then write that I think cooling will occur. It always amazes me how people slam climate science predictions (which have been correct more often than not, by the way) but let economists and economic commentators get away with double-speak. Economists are not infallible gods.
By the way, I think I’ll listen to what Paul Krugman has to say about the potential future state of the U.S. economy. He has earned a Nobel Prize, after all.