Steve Leisman

Media Sound Recession Alarm Again, Despite High GDP Growth

By Jeff Poor | December 20, 2007 - 18:39 ET

So, GDP grew at 4.9 percent - the highest growth in four years.

Instead of greeting the news with optimism about the American economy - right as the housing woes are setting in - the media used it as an excuse to hype economic downturn.

"The economy is slowing down so fast this quarter you can see the skid marks as it slams on the brakes," Stuart Hoffman, chief economist at PNC Financial Services Group, said in an Associated Press story on December 20.

The story also quoted former Federal Reserve Chairman Alan Greenspan, who isn't optimistic either.

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