Summers: Economy Is 'Back From The Abyss'. Cites Google?

Question

http://www.forbes.com/2009/07/17/larry-summers-obama-business-beltway-summers.html

What are the indicators that the economy has turned around?

1-Traders are only betting there is a 1 in 100 chance of the Dow would fall below 500 down from 1 in 6 earlier this year.
2.The chance that corporate bonds will default has fallen by a third. 
3.Google searches for â€œeconomic depressionâ€ has returned to normal levels.

Really? Google? Really? You are looking for signs that economy is improving and you are citing google?

How about basing the state of the economy on something a little more concrete. How about unemployment,  GDP, or another leading economic indicator?

Google? Really?

What if we all google "economic depression" would that mean the economy isin't doing well?

Timothy W. · Answer

http://www.youtube.com/watch?v=mzJmTCYmo9g

Jim Wineinger · Answer

Apparently we will not be allowed to get this information yet on the economic condition. The mid-year report has been delayed again!!!

Joey Budka · Answer

If Obama's top economic advisor is basing his advice off the validity of google searches, I guess that means google is a credible source of information? Hogwash. High school teachers don't even accept google as a viable source of information.

In addition, although the Forbes article cites the probability of the market falling 500 points lower than that of six months ago, this is simply just a technical indicator that excludes fundamental economics. Millions of people have lost their jobs, housing prices continue to fall, the auto and banking industry is a mess, and the U.S.'s most economically powerful state, California (one of the biggest economies in the world by itself) is on the verge of bankruptcy ($26 billion deficit). Fundamentally speaking, we're still headed down hill.

Given the faulty economic indicators pointed out by Obama's top financial advisor, we're in for a long recovery.