Once upon a time, Fortune Magazine had did some good work in economics. Unfortunately, we now get the “consumers create prosperity and recessions” nonsense. In an article, “Don’t look now: Here comes the recession,” Colin Barr writes: “NEW YORK (Fortune) — The cash registers were ringing on Black Friday, but make no mistake: American consumers are jittery, and seem all but certain to push the U.S. economy into recession.” This is idiocy. Recessions do not come about because of a lack of consumer confidence and spending. They come about because the government has pushed policies that have resulted in hundreds … Continue reading Economic Illiteracy in the Media — Do I Repeat Myself?