In testimony to Congress on Nov. 8, Federal Reserve Chairman Ben Bernanke predicted the economy would "slow noticeably" in the months ahead. Those two words were highlighted in broadcast reports and headlines as if he were warning of a coming economic Armageddon.

Forget that the word noticeably means perceptibly and not calamitously. In the last two quarters, the economy grew nearly 4% -- well above the 2.5% to 3% sweet spot former Fed Chairman Alan Greenspan aimed for in setting monetary policy. Economic growth could slow by a third and still be within that range.

Worse yet, Bernanke's remarks became fodder for political opportunists like U.S. Sen. Charles Schumer, D-N.Y., who opined during his testimony: "I think we're at a moment of economic crisis." A slumping economy would certainly benefit Democrats in next November's elections -- so there went Schumer, chairman of Congress's Joint Economic Committee, dutifully talking up the specter of recession.