Quote Of The Day – Market Madness
By Justin Gardner | Related entries in Economy, Media, Money
“I’m listening to the “market analyst†on CNN, and she assured me the market is going to rally today because, and I’m paraphrasing, “they were reassured by Ben Bernanke’s appearance on 60 Minutes.â€
“Really. No wonder we are in this mess. That is how my ex-girlfriend picked restaurants- “Let’s go here. I liked the look of their greeter.†If this is how the market really operates, I would not be surprised if this is just another short-term rally before the next plunge to the bottom.”
- John Cole of Balloon Juice
Agreed, agreed, agreed.
This obsession with a vague measure of how a handful of companies are doing is craziness. These analysts need to get back to doing some real reporting backed up with some real facts instead of wildly speculating about why that measure will go up or down on any given day.
In short, focus on the long term please and ignore this nonsensical “Dow up. Dow down. What does it all mean?” mentality.
This entry was posted on Monday, March 16th, 2009 and is filed under Economy, Media, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
March 16th, 2009 at 9:17 am
[...] « Quote Of The Day – Market Madness [...]
March 16th, 2009 at 10:57 am
Are people so stone dumb that they are incapable of ignoring even the most obvious throwaway bullsh!t?
This is nothing new. Since at least the time when I was a kid and first watched a news program, business reporters have everyday said one or the other of the following:
Fact is, no one can say for sure why the market went up or down that day unless they say, for example ” the market was up because more investors found its offerings attractive than unattractive.” So if you are not a moron, you simply dismiss the suggested correlation as at best a gross oversimplification. It’s boilerplate, formulaic, evergreen nonsense. So what?