OK, time to get it over with.
One thing that has been clear this week is that everyone has an opinion, and they are all wrong. Tim Eagan points out in “Building a Nation of Know Nothings” that you can look in a newspaper these days and he sports scores and temperature are not subject to debate, but pretty much everything else is. What happened to facts? What happened to truth? Tim uses the example that 27% of the people polled (generally Republicans) actually believer Obama wa not born in Hawaii, even though my 8 year-old daughter can Google his birth cirtificate.
That does not stop Fox news, who donated $1M to Republican candidates this year from having guest after guest come on their station and continue to spew this nonsense without once being corrected by the “moderators” who, more often than not, simply dogpile on whatever BS agenda is being pushed that day.
How does this affect our investments? Well, when the nation’s #1 news network is a total joke, then why should the financial news networks act any differently – clearly they are just “giving the people what they want” – as if that excuses everything in Circus Maximus America.
Speaking of clowns, woe unto us when Jim Cramer is the voice of reason but last night he said:
The problem with these data-inspired sell-offs, though, is that we don’t actually have enough data to justify them. The Chicago and Maryland Feds say positive things one day, the Philadelphia and New York Feds say something negative the next. Put simply, there is not enough information out there to warrant the big swings or big moves like we’ve had this week. Yet we are trading on every little data point, be it macro or micro.
Bearish sentiment has now hit 70%, historically a buy signal so it will be good to finally get this expected downward revision to the GDP over with so we can move on. Yesterday I asked if the media tail was wagging our dog of an economy or is the MSM just giving investors what they want – a very bearish outlook! My comment in member chat was:
Calling the recovery a failure because it’s slow is really what the problem is with the attitude of the MSM – it’s short-sighted at best. There are way too many people who have their money invested in the bear case and they will say anything to create an environment that is likely to make…
….ahhhhh end of the free article! Uncle Phil doesn’t let me post the entire article for free! Fortunately for you, I’m his nephew and can get you a special discount on his site! Just follow this link:
You see that link there? I earn commission for everyone who signs up and YOU get a discount. Want to be on the commission side of that deal? My Uncle has me signed up under the affiliate program and wants more people to do it as well. If you would like to refer people and earn commission, please e-mail me at jad714 at aol.com (******@aol.com). It doesn’t cost you a single penny and all it takes to earn money is to refer people using your personal link.