Pervasive Pollyannas of Prosperity - bigpicture

Summary:
Barry L. Ritholtz writing about the "Pervasive Polyanna's of Prosperity", the media pundits who claim the public is too gloomy. "Never say recession" worldview of PPPs. Notes that Mass Media is owned by large corporate interests. Disconnect between reality and ideological absurdity. Most of the Pervasive Pollyannas of Prosperity, however, don't have to live off their market calls. Lite Beer Marketing Syndrome and Jiu Jitsu marketing: turning your liability into an advantage. Provides yet more evidence of the pollution of economics with partisan politics. (Published: 02/07/08)

Notes:

• David Leonhardt in the NY Times asked the question:
• why the public is so much gloomier than the pundits?
• Mass Media is owned by large corporate interests (Disney, Viacom, News Corp, Time Warner, etc.)
• disconnect between reality and the "Pervasive Polyanna's of Prosperity" (PPPs)
• however, more like a disconnect between reality and ideological absurdity
• Its the Lite Beer marketing syndrome:
  
• If your product is pisswater, and fattening to boot, you never admit that in your advertising.
  
• Instead, you frame the debate as whether it "tastes great or is less filling."
  
• Its jiu jitsu marketing, turning your liability into an advantage.
  
• The misdirection is often effective.
• rather than address why the public is so unhappy, the triple Ps toss charges of bias
• Ignore the worst monthly Auto Sales since 1992, ignore the latest signs of consumer distress (Starbucks closing 500 stores).
  
• When that stops working, PPP starts discussing the long run, ignoring the trading wisdom of Keynes.
  
• yet more evidence of the pollution of economics with partisan politics
• most of the Pervasive Pollyannas of Prosperity don't have to live off their market calls
• those who invest based on their "Never say recession" worldview best have another source of income.
  
• fortunately, most of the public isn't so easily misled.