Is this just 2004 again?

During the election of 2004 we were constantly being hammered by the press and the Democratic candidates (sorry to be redundant) about the horrible, losing economy. Constant scare stories, bad numbers and gloomy faces. Anecdotal stories about senior citizens and "working families" losing everything, including hope and their pets. Here's one from February 2004

But with Republicans and President Bush getting the blame for a recession that stubbornly lingers and for the loss of more than a quarter-million jobs in the past three years, Democrats say they have a better-than-even chance to switch Ohio's 20 electoral votes in November . . .

Hallett also noted a significant swing from Clinton in 1996 to Bush in the 14-county Appalachian area of southeastern Ohio, and he predicted that chronic economic problems there would probably turn those voters back to the Democrats in 2004.

Rep. Ted Strickland (D), [now our governor, elected in 2006 on family values and conservative talking points] who represents that area, said: "There is a dissatisfaction and anger with this administration I haven't witnessed since I don't know when. Unemployment and health care are huge concerns. The veterans are angry with their treatment. . . . The economy and the war have made it easy for me to be very critical of the president."

It was amazing. Within a week of Bush's victory in 2004, the economic news was bright and shining, and the press had to move on to something else, witch hunting through the Bush administration and the war, and our portfolios miraculously recovered from the "worst economy since the Depression" (paraphrase of Kerry).

We don't know how this current situation will turn out or around. All bubbles burst. But if the press has anything to say, they will drive it into the ground. I had to turn to the back pages of section C in the WSJ this morning to find the good news about the economy (and it was there), but the headlines for the bad shouted in every section

EARNINGS SEASON STARTS WITH A THUD

DUAL TRADERS UNDER FIRE. . .

RETAILER WOES WEIGH ON MALL OWNERS

EARNINGS JITTERS. . .

CAPITAL ONE IS CUTTING 750 JOBS

TECH SECTOR HELPS DRAG DOWN EUROPEAN MARKETS

DOLLAR DIPS ON UNCERTAINTY