Breaking news: some of America’s largest corporations have begun to report declining profits. For those that are offended by highly profitable corporations, this should be really great news.
But nobody is celebrating. In fact, the sagging profits reports are thought to be such a bad thing that some believe they sent the Dow sliding downward last week, for fear that a global recession has arrived.
If profits are such a terrible thing, why aren’t we relieved by their decline?
For the record, I have no idea whether or not a recession is eminent. And to the extent that economic activity...