Looking for a Bubble

Cripes.

OK, let me explain this to you in normal everyday terms.

You are the father or mother of little Jimmy.

Jimmy has been a problem child ever since he went into school.

You get a report from Jimmy's teacher and she says;

"Little Jimmy showed some improvement today. He beat up LESS kids than he did last week. THis is an improving trend! Additionally, you know that D- he received on his test last week? Well, I made a grading error and it's actually just a regular D!"

You then reward Jimmy with ice cream for not beating up as many kids and getting a slightly better grade than previously thought.

It's the same thing here;

"We're not cutting as many jobs"

AND

"Instead of a sclerotic growth rate of 1.6%, we are now BOOMING with a revised growth rate of 1.7%."

And what's the Dow Jones doing? Up 50 points so far.

If I recall correctly, after Bush cut taxes back during his first term to fight off the then-Dotcom recession, GDP boomed at 6% one quarter and there was something like 300,000 jobs created.

But, oh, that's right. Those jobs don't count. Because it's Bush!

You are free to continue enjoying the decline!