Pick a number, any number -- American Public Media edition

Marketplace host Kai Ryssdal closed with the following important point yesterday:

A very touchy way to look at the oil leak in the Gulf courtesy of a research report out of JPMorgan Chase.

Their analysis shows that for all the damage along the Gulf coast, the leak won't really hurt gross domestic product much. Might even increase it slightly in the short term.

Here's another take on what that report really tells you: That for all the attention paid to it by the economic press -- present company included -- GDP's a really blunt and unsubtle way to look at something as complicated as the American economy.

Journalists (particularly financial journalists) are by necessity in the oversimplification business. The good ones (and the people at American Public Radio and NPR are very good) frequently remind themselves of this and that awareness brings an essential caution and humility to their work.

The bad ones get shows on CNBC.