Jr. Sometimes it s painful to read the business press, and never more so than during an economic slump.
Reporters flail about for explanations.
They quote stock analysts, politicians, day traders, other journalists, and even, from time to time, academic economists. But they never seem to arrive at anything approaching an explanation. If you are purporting to examine the merit of various anti-recession measures, you surely need some explanation of the recession s cause. The most common attempt at a theory has something to do with consumer confidence. The press likes this one this year, because this is the Clinton administration s theory as to why, day by day, the economy becomes weaker.