The following quip is excerpted, via TheStreet.com, from its pay-only site, Real Money:
Bloomberg: "White Sugar Drops in London on U.S. Consumer Confidence Slump."This is typical of the kind of scare headline we see in financials these days, breathless negativity with no backup, a stupid story-line based on nothing whatsoever of substance but meant to sustain a negative mood of fear and loathing.
So much nonsense compressed into such a small space! What, is someone sitting in a London bakery going to forgo a biscuit because of a backward-looking survey in the U.S.? Are Belgian beet-growers going to squeeze more sugar out of their crop because of boo-hooing in Baltimore?
I miss the old days when raw sugar futures traded in the pits of New York. No stop was safe; put it in, and they were going to get it. But at least they manipulated the market the old-fashioned way, good and honest, and didn't enlist the support of wire-service reporters.As for the writer's conclusion? We could not have done better:
Hey, there's a non-government organization we can start: Instead of Doctors Without Borders, we could start "Reporters Without Clues." Nominations are being accepted.