In Wisconsin, the Democrats are still revolting (ba-da-boom!), and across the nation unemployment claims are up (surprise!). But to counter the gloom, the Federal Reserve has just released minutes from their January meeting, and the terrific news that we've all been waiting for is: "many participants" believed the economic expansion "is on a firmer footing."
Hooray! The good times are back!
Or maybe not. Because there sure are a lot of economic weasel words even in that short declaration...
For instance, the statement says "many participants," which means "not all participants"...and since they didn't say "most participants," then the optimists must have been in the minority.
And then the statement says that the optimists "believe" things are improving... as opposed to "knowing," "demonstrating," or "proving" that the economy is perking up. Uh-oh.
And finally, the statement comes to the underwhelming conclusion that this minority of experts believe that the economic recovery is "firmer," but not...you know...actually firm. Although if it continues sitting there long enough, and the economists brush the flies away with their Ivy League credentials, it may get firm.
So all in all, we'll have to confess to being unimpressed with this "good news," the Federal Reserve, and the horse they rode in on.
Don't panic. The Fed assures us that what LOOKS like
economic manure is actually a delicious apple fritter.
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economic manure is actually a delicious apple fritter.
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