AND NOW FOR THE REAL NEWS - AT 9:11 A.M. ET:  Seems that predictions of prosperity just around the corner are taking on Hooveresque dimensions.  From The New York Times:

The American economy shrank rapidly in the first three months of the year, the government reported on Wednesday, a signal that the economy is likely to remain a dominant issue as the Obama administration looks beyond its first 100 days.

The gross domestic product shrank at an annual rate of 6.1 percent from January through March, the Bureau of Economic Analysis reported, its third straight quarter of declines.

Economists had predicted a drop of 4.7 percent, and the steep dip could dampen expectations that the pace of economic declines had begun to ebb. The decline was almost as sharp as in the previous quarter, when the economy shrank at a pace of 6.3 percent, its worst drop in a generation.

COMMENT:  Obviously not a report to send anyone on a shopping spree.  It's too early to charge Mr. Obama with this, but clearly his jawboning in the first hundred days hasn't had much effect.  We look forward to his news conference tonight to see if he's challenged on this news.

April 29, 2009