NYT biz section suddenly cheery about the economy

Michael Wolff writes on Newser about how the New York Times‘ coverage of the economy has suddenly become overly positive.

Wolff writes, “During the eighties, when the Times had immeasurably greater power, I had a theory about how its new business section — before the business news had been little more than one page — had helped inspire the great growth of business culture. The Times’ interest had made business cool on the Upper West Side of Manhattan.

“So can the Times make business positive again — does it have that kind of juice left? Can it plant the suggestion in its audience of doctors and lawyers and West Siders (and those status-conscious people in the Twin Cities who get the national edition) that they’ll be missing out if they don’t jump back in? That up is the certain direction? And would dedicated optimism at the Times force the Wall Street Journal into step? That would be an interesting competitive face-off: What would you rather buy, pessimism or optimism?

“Now, it is just as logical that the Times is simply looking for a turn or reversal in the story. Recession-depression has become rather old hat. It has to go somewhere; we need development. And, give the president credit, the economy doesn’t seem to be headed, at least at the moment, for another plunge. Which is, with some interpretation, almost a recovery. No?”

Read more here.