The Stack: Super Loss; McCain greenwash; kid gloves for polygamists; Karen’s no crackpot; peak oil

The funniest story in the stack is an item reporting that Glendale did not even recoup what it spent as host "city" for the Super Bowl.  For years ahead of the spectacle, Phoenix media reported what an economic boon it would be. This is a classic example about how critical thinking is neither taught nor valued in today’s newsrooms (gee, why do we keep losing readers?).

A basic analysis of the hype would have shown that the promised economic benefits would be modest. It happened during high season, so resorts and hotels would already be booked. Indeed, considering the NFL demands blocks of rooms at a discount, the hotel industry probably made less money than it would have otherwise. Sales of souvenirs? Most of the profit goes back to the NFL. Restaurants would have similarly been packed anyway. And so on.

It’s not that the Super Bowl doesn’t bring benefits, in terms of exposure and the gathering of big deal makers. Too bad it took place in an amorphous place without an identity and a stadium in a cotton field on the metro fringe, in a place with little economy besides the great — now shuttered — housing factory. But the media shouldn’t have bought into the economic hype. Alas, the pressure is always extreme to "say something positive." Unfortunately, many reporters today would never even have applied the basic bullshit detector that was once a standard-issue item in their craft.

Read on for more of the Stack.

The recession this time

Another recession, and for many Americans the post-2001 recovery and expansion felt like one long tough slog. It would have felt worse had they been living within their means, but liar-loan mortgages, bottomless credit cards and cheap stuff from China allowed them to think they were rolling in the good times, just like the hedge-fund managers and CEOs.

Another recession, and it won’t be like 2001, when a fraud-driven bubble burst, or 1991, when the savings-and-loan scandal sank the economy. It will have fraud, bursting bubbles and unsustainable finance, to be sure. But it may be far worse than anything we have experienced since 1982, maybe longer.