If I run this in Mac OS X Terminal, I get:

Happy     Year!
      New                                             New      
Happy     Year!                                 Happy     Year!
      New                                             New      
Happy     Year!                                 Happy     Year!
...
[download]

If I run it in an X11 xterm window, I get:

Happy     Year!
      New      
      New      
Happy     Year!
Happy     Year!
      New      
      New      
Happy     Year!
...
[download]

If I pipe it to "vi" (actually vim 6.2 here), I get the blink effect I suspect you were looking for (alternating

Happy     Year!
      New
[download]

and

      New      
Happy     Year!
[download]

in the top left corner). Is my suspicion correct?