Passage Summary: Some critics think bad news on TV makes everyone stop spending money. An economist argues this is false because people base their spending on their own bank accounts, not the news.

Conclusion: Media critics are wrong to claim that negative economic news reports actually damage the economy by reducing consumer spending.

Reasoning: Studies indicate that spending trends are actually tied to how people feel about their own personal financial situations rather than general news reports.

Analysis: The economist's argument contains a classic correlation-versus-causation oversight. While it may be true that personal confidence drives spending, the economist ignores the possibility that negative news reports are the very thing causing people to lose confidence in their personal finances. If the news influences the personal outlook, then the news still ultimately harms the economy. Look for an answer that suggests a causal link between the media reports and the personal confidence levels mentioned.