While the decoupling argument didn’t work in the case of the U.S.’s major trading partners, I increasingly wonder if the econoblogosphere hasn’t decoupled from the economy. There is a growing fixed and inflexible point of view out there, an unwillingness to consider facts that don’t match scenarios concocted some time ago (most of them bearish, of course, but some bullish too). This is a dynamic system, and our path changes all the time based on participants’ actions, as I tried to remind people here in late February.
Now, I’m not saying things are all sunshine and light. Far from it. While I expected a strong rally in here somewhere, I’m still of the view that we see further weakness later in the year. I’m simply pointing out that when the facts change in a dynamic system, most people should as well — even if the facts that changed aren’t the ones they have been ranting about. I wonder if the econoblogosphere is capable of doing that given its origins in dogged fixations centered on particular worldviews and outcomes.
Does anyone feel the same way in looking around recently? I am finding much of the commentary awfully screechy and, well, decoupled.