I blogged recently on how the International Herald Tribune and other MSM (top editors naturally not over willing to hype a recession because that means niente advertissimos, and, even with the division of church and state, everyone understands who's paying the bills) are juggling with how to cover the signs of a recession (and or even global bust).
An interesting post about this at http://crossmolina.blogspot.com
WSJ Competes With NY Times for Pessimist Bona Fides
I've noted previously the big shift in the pessimists' line of attack on the economy. It used to be we were headed for doom because the consumer was tapped out. The consumer, however, didn't get the memo so the recession argument was modified to "the banks are tapped out." They won't lend and so we're back on the road to certain economic perdition. The New York Times has led the charge but today the Wall Street Journal does its part (proving yet again, against common perceptions, that the news sections of the WSJ are only slightly differentiable from those of the NY Times) with a front page distress signal that our hard-working, job-creating small business community will be starved of credit.