In Latest Data on Economy, Experts See Signs of Pick Up: Happy happy joy joy, you think. Usually, the awful truth of continuing misery is buried deep within the article. So at least there is this immediate subhead:
A range of economists expect growth in the United States to increase in coming months, although only to a pace broadly considered sluggish, if not dismal.A sluggish pick-me-up is better than no pick-me-up at all, I guess. If you feel tired, have a mug of warm milk to perk you up. If your economy is catatonic, at least it's not completely comatose. Glass half full because of Obama re-election. Maybe the economy is tired because it's gorging on too many goodies. So cut the food stamp program. Cut home-heating assistance, because shivering helps sluggish people lose weight. Distended bellies on starving children? Reactionaries say it means they're getting full. Situation hopeless but not serious. Stunted growth is better than no growth at all, say the experts. This was quite a stretch, even by the usual press propaganda standards.
JP Morgan Reports Profit of $5 Billion in Latest Quarter is on the homepage: But when you click on the link to the Dealbook section, the header magically changes to
JPMorgan Says Trade Loss Tops $5.8 Billion; Quarterly Profit Down 9%
The Times will most likely wash away the first headline, once millions of readers have taken a quick glance at it and assume everything is hunky-dory with the Jamie Dimon economy. Still, the article insists you can have it both ways -- report a profit even though your losses more than erase it. Good. Now I can insist I'm in the black even when I am overdrawn on my checking account. I had the money before I spent it, so it's all good.
Then, there's this smarmy headline on what Tim Geithner sort of knew about the Libor scandal years ago, and how he passive-aggressively strove to do something:
As president of the New York Fed, it was Geithner's job to be a watchdog over the big banks on behalf of the public and not a coddler of banksterism. But all he did was write a CMA email when he suspected that interest rate-fixing was going on. He didn't call in the FBI, or Interpol, since the scam was international. But since it is looking embarrassing for Geithner and his boss, somebody has just hurriedly leaked a batch of exculpatory memos to The Times. He "reached out" and "made suggestions" to his British counterparts, such as maybe increasing the number of banks playing the game, so as to spread out the bad behavior and dilute the damage a bit. Too bad he didn't leak or act the whistleblower to The Times back there in 2008, thus potentially saving billions for bankrupt American cities who lost big-time from artificially low interest rates on investments. But Geithner gave the appearance of "trying", so they figure he's off the hook. Kind of like the Vatican transferring pedophile priests and admonishing them to behave, giving them helpful hints to curb their urges, rather than protecting the child victims. The Geithner response to the Libor crimes is just one more reeking example of people in power doing their utmost to protect corrupt institutions.
