Well, not exactly. The weakening economic numbers that have been tumbling out of the government and the Federal Reserve Board tell a much different story. For several years now, the economy has been cruising along at about a 5 percent growth rate. That has now slowed to less than 2.5 percent at best, and there are signs that this rate of decline is accelerating. Banks have tightened credit requirements, creating a serious liquidity problem.
Consumer spending is down and retail sales have been weak.
In fact, this may be the weakest Christmas selling season since 1990. Car sales are down. Home sales have dropped. Manufacturing is in a steep decline. Layoffs have begun to climb and job creation is soft.