The WSJ has an article today about economists who are now reconsidering their recession thesis:
A funny thing happened to the economy on its way to recession: It’s taken a detour.
That, at least, is the view of a growing number of economists — including some who not long ago were saying a recession was all but inevitable. They note that stock and credit markets have steadily improved since the Federal Reserve intervened to keep Bear Stearns Cos. from bankruptcy in early March, while a series of economic reports have been stronger than expected.
Most of the economists quoted in the article were in the recession camp just a month ago. It’s nice to see others coming around to our way of thinking, but in a way it makes me nervous. If all these guys were wrong a month ago, why would they be right now? Hmmm….