Maven: GDP Gross Out

Look, spare me the letters about how there is an element of political bias to this reporting. If only. That'd at least mean that the business media knew better. But the same thing happened during the Clinton administration.

Outside of handing out the dreaded Business Press Maven "Back of the Hand" award to every business journalist and editor who downplays the chance of revisions, I can do just one thing.

I beg of you -- The Business Press Maven is down on his knees -- to please insert the words "rough draft" into any preliminary reports on the GDP numbers. And, dear reader, if it appears that the economy may have turned some corner, don't act! Wait for the final draft -- it's the only one that means anything.

History Lesson

The business media's apparent lack of awareness of how frequently GDP numbers are revised highlights its general ignorance of history. Many journalists are attracted to the field because of a longtime interest in politics, so in that area, they tend to have a longer-term knowledge base. Sports journalists were probably sports fans growing up, so there too there is often a working knowledge of the past.

But business? Puh-lease. In business, the opening bell is ancient history by noon.

So, as you know, I see it as my chief obligation to highlight those infrequent instances when a good take on business history is used to inform investors of what might happen in the future.

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