IBD story on economy runs out of luck
Business Press Maven Marek Fuchs of TheStreet.com cringed this morning when he saw a story in Investor’s Business Daily that used the phrase “with a little luck” to describe what might happen to the economy.
Fuchs wrote, “The phrase ‘with a little luck’ wormed its slimy little way into an Investor’s Business Daily lead about the prospects of a soft landing for the economy.
“”A flurry of economic data Thursday offered new evidence that, with a bit of luck, slower growth will cool inflation without driving the U.S. into recession.’
“A soft landing is, of course, the rarest of economic animals. Pinning too much hope on one is a one-way ticket to financial Palookaville.
“And with a little luck? Ugh. That sounds like a lame Paul McCartney song about a teetering economy.
“Look, despite my keen predictive powers, I have absolutely no idea whether the economy is headed toward a recession or might skirt one. But as stock traders, we can identify conventional wisdom and play against it, secure in the knowledge that the most widely held assumptions are wrong and eventually will turn.”
Read more here.