The financial media are desperate to find good news in the troubled finance and housing sectors, the very industries that got us into this mess. This quest for green shoots is frequently comical. Today, the Wall Street Journalfeatured a piece about new jobs in the financial services industry. Why, JPMorgan hired 950 new loan counselors, and a former Morgan Stanley guy found a job with an asset-management company! But given that financial services firms have shed 600,000 jobs since December 2006, that hardly seems like a triumph.
Newsweek: Will Housing Prices Ever Recover?