This morning’s chuckle comes to us via CNBC and L. From CNBC comes this article Greenspan: Economy is picking up momentum. Note the reasons given for “optimism”:
The economy is picking up momentum but faces a number of problems including budget issues and inflation, former Federal Reserve Chairman Alan Greenspan told CNBC.
Among the headwinds the economy faces are escalating oil prices and uncertainty about a budget deficit likely to hit $1.5 trillion this year.
But overall, he said there is reason for optimism.
“There is no question that the momentum of this economy, leaving out the oil price issue, leaving out Euro problems that have emerged, and very specifically leaving out the budget problems, this economy is really beginning to pick up momentum,” Greenspan said. “The fascinating issue for forecasters is, how do you factor in all the negatives.”
The fascinating thing to me is that this isn’t a list that exactly inspires optimism. Things look great when you leave out the most salient data, I guess. I couldn’t help but agree with L this morning when he said:
OH Magoo, you’re at it again.
Indeed he is.