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Economic Excoriation

Ace gets riled up and explains press coverage of the economy:

When housing prices rise, property-owners are happy. They get more money for rent and sale, of course.

When housing prices fall, property owners are sad, but renters and buyers are happy.


But the press seems to selectively report the "happy" end of things when, say, Clinton is in office -- Property Values Skyrocket! Homeonwers Ecstatic! -- and the negative side when a Republican is in office -- Property Values Skyrocket; First-Time Home Buyers Cannot Afford Decent Housing; Women, Minorities Hardest Hit.

Whenever property values rise, you can write either story; they're both equally true. Homeonwers happy, renters sad.

Which of those two stories a reporter writes depends only on his sympathy for, or animus towards, the administration in power. He can always choose to write either an upbeat or downbeat story; each is always true. It's only partisan bias that makes him choose one or the other.

As is the case with this story.


Read the whole thing.


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