Tuesday, June 30, 2009

MSM Dumbs Down Some More

Luther and I have railed here again and again at the obtuseness and cluelessness of the media in all fields. Either it's wilful politicization (as in carrying water for Obama 24/7). Or it's simple stupidity in pursuit of a good scare headline.

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."

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?

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.
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.

1 comment:

Anonymous said...

UFO Spotted with 135 Billion in US T-Bills!