Remember last year when we made fun of the financial media for raving about the completely meaningless fact that the Dow had crossed a round number? The following image was captured from the CNN homepage on April 25, 2007:
We tried to help by offering this alternate headline:
Well, it's a year later, but media remains undeterred. The following appeared on the CNN website today:
In keeping with tradition, here is our editorial revision:
As for us, we suspect that the economy is in recession. If it is, that would mean that we've just seen one of the briefest and mildest recessionary bear markets in history.
Or, this is a bear market rally.
We're sticking to the strategy we outlined at the beginning of the year.
