The Crisis of No Crisis: The Post-Recession Blues

The celebration of the recovery is a little premature, but it reflects the reality that most financial pundits and reporters have only two settings regardless of the economic conditions.  One might be called the Jim Cramer setting, where we are told that talk of recession is nonsense and that we should keep buying.  The second might be called the Nouriel Roubini setting, where we are told that things are much worse than we think.  Accordingly, first the recession itself, and later the overstated claims about how bad it was going to be, have discredited most of the financial punditry.