LAT: Recession could last into 2010

Gloom and doom is what the LAT predicts, for a few years anyway. LAT reporter Maura Reynolds quotes one economist as saying the current recession will be the worst since the great one and will not bottom out until 2010, which suggests that economist thinks the recession could last into 2011 or 2012 since once the economy bottoms it must then recover.

Economist, like journalists and others, ought to stick to what they know. Reynolds violates that principle right away in her report by saying that last week's run up in stocks was "built on hope that the incoming administration of President-elect Barack Obama could turn the economy around." How does she know that stock traders were thinking that last week and who in their right mind would think any administration could "turn the economy around"?