Obama's Schizophrenic Reality - Page 1 - Craig Steiner - Townhall Finance: The economic news from day to day is like reading a schizophrenic reporting of reality.
Markets engage in a triple-digit rally because Hurricane Irene wasn't as damaging as hyped. Or pundits claim that a strong month of car sales are driving away fears of a double-dip recession (even though the same article indicates such spending is unsustainable with high unemployment).
There is celebration in the markets when second quarter housing prices come in higher than expected despite the fact that there are millions of homes either in or near foreclosure, and despite the fact that the second quarter's sale prices were actually down year-over-year. Some days the market goes up because, allegedly, investors are thinking Europe isn't as bad as was thought. Other days the markets are down on "renewed concern" over Europe's situation.
By reading economic news, one would think the economy is slowly moving away from the financial crisis of 2008.
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