Warner Todd Huston compares and contrasts 2008 and 2001:

Jonathan Alter was an early accuser of new President George W. Bush when he and VP Cheney began to try to warn the country that an economic downturn was well underway as he was taking office. As Bush tried to warn the nation, the media jumped all over him for "talking down the economy." Yet, as we watch the reporting of Obama's current down talking of the economy, the media has said nothing similar to the condemnation reigned upon Bush.

The myth that people like Alter was pushing in 2001 was that Clinton bequeathed a good economy to Bush, but the reality was that the spiral had already begun to fall into negative territory months before Bush took office. Despite that obvious downturn, the media formed a chorus of attacking Bush for being too negative in the face of the American people. On March 26, Alter unleashed his Newsweek piece headlined "Thanks Ever So Much, President Poor-Mouth." Alter called Bush's warnings "risky and unusual," and made the pronouncement that Bush was wrong to do so. "Even if Bush turns out to be right in his predictions of gloom," Alter wrote, "that doesn't mean he was right to make them."

On CNN, Lou Waters needled Bush spokesman Ari Fleischer on January 12, 2001 about the "politicalization " of the economy. "President Clinton, sort of, answered that as well today. He's talking up the economy. There are economists who say you guys are talking down the economy. What's happening here in this transition period, the whole, sort of, politicalization [of the economy]...," Waters said.

On March 19, The New York Times scolded Bush that presidents were supposed to be "cheerleaders for the nation's economy."

Yet, has anyone seen any similar scolding of the new "cheerleader" in chief, Obama? Has anyone seen an Alter sternly scolding Obama for "poor-mouthing" the economy? Has there been any hectoring from CNN over Obama's grave warnings? Where is The New York Times beating up that downcast Obama?

If anyone should fear a Depression, it should be journalists, who are already the equivalent of 1980s steelworkers. But instead, they seem positively giddy with anticipation at the prospect of a return to '30s-style hardship--without, of course, the real hardship of the 1930s. (We're all yuppies now.)