Here's Dean Baker taking them to task for failing to understand:
The 3.5 percent GDP growth number reported for the third quarter was widely touted in the media. Some perspective would have been helpful. In the four quarters following the end of the 74-75 recession growth averaged 6.2 percent. In the four quarters following the 1981-82 recession the economy grew at a 7.5 percent annual rate. In short, given the severity of the downturn, the growth reported in the third quarter was quite weak. Most forecasts show growth being even weaker in future quarters.Here's Dean Baker taking them to task for failing to report:
You would think that an industry that almost completely missed an $8 trillion housing bubble would be trying to do a better job in reporting on the housing market: But that does not appear to be the case. The Census Bureau reported that the number of vacant units hit a new record high yesterday and it appears that no one noticed.What use is a media with such glaring flaws? It is all fishwrap all the time.
No wonder the newspapers are dying. And TV news broadcasts are more entertainment than news. Magazines grow thinner. The future is bleak. The people prefer bread and circuses to information.