Robert Reich's post this morning sums up my own thoughts this week as I watched the stock markets' celebration of the election results and Ben Bernanke's announcement of continued quantitative easing (QE in economics speak). There are indeed two economies and the one I inhabit is still bouncing along toward a bottom that hasn't yet been reached. I thought his remark on the 'unexpectedly' good employment numbers was pretty good also. However, another writer on another blog (sorry I can't link and I can't remember her name now--should have written it down) had some very good remarks that answered some of my questions about those so-good numbers. Not that many were full-time, permanent positions. (A point Reich also makes.) Further, these numbers are likely to be revised downwards as were the numbers for September because of the overstated jobs from the birth/death model the Labor Department uses. No one has yet said how many of those jobs were temporary and will be gone by early January. Call me a 'Gloomy Gus' but I simply don't trust the numbers anymore.
Russ's Filtered News has a nice compilation of electioneering falsehoods that drove the 'discussion' in the election. That is when the 'discussion' wasn't limited to character assassination.