I was watching some financial shows on television this week to see if there may be some actual news that would be accurate and meaningful.
What I realized is that that the moderators who mediate the panel shows or interview a single guest are play acting that they know something.
Watching someone reading a teleprompter to report the financial news, does import to me that they are anything more than a well-spoken actor.
I understand that the people on TV have good credentials when it comes to their education.
But their brains seem to disconnect when they start telling the viewers absolute nonsense with a straight face.
I sure couldn’t tell a world-wide audience that the unemployment rate is only 4.8% when everyone knows that this is about a phony a number as Hillary Clinton’s polls.
It is just galling when some guest on the show says that the economy is improving because the low governmentally manufactured unemployment rate indicates a growing robust employment in the United States. And then the interviewing moderator nods their head approvingly instead of saying something like “Are you kidding me.”
There is no viable employment growth. That is because the American economy has no productivity. There is no productivity because there is no investment.
It gets worse when so-called experts are guests who clearly have an ideology or agenda. I know, for example, Robert Reich currently is at Harvard and was the Secretary of Labor.
But in his entire life he has never said one thing about the economy that proved to be true.
Then they get the Chief Economist from some big bank on who tells us that the markets are going strong, and the President’s economic policies are working wonders.
If the Chief Economist was so smart, then why do the banks stilled need to be bailed out to the tune of billions of dollars by paying depositors zero.
Why don’t the newscasters just report that the banks and other financial institutions have the markets rigged and all the viewers who investors are just suckers?
Between the Administration issuing regulations to appease special interest voting blocks, and the morons in Congress passing legislation to raise campaign contributions, it is a miracle that the United States has any viable economy left.
Or how about when some head of an investment fund on for a 5 minute PR segment and tells us that the economy is strong because the growth rate is at 1.8%? That’s not growth.
That is a stall.
And don’t even get me started with Tesla.
When you watch the investment shows, do you believe what they are saying?
Why do you think they have any more expertise in predicting what will happen in the financial markets than you do?
Because they are on television and you’re not?
The financial media depends on making their viewers think they have special expertise and insights into the economy and markets.
But they don’t. They are reading a script off a teleprompter or having on guests who have a known spiel and are lively and dress the part.
What must always be kept in mind is that the people on TV have distinctly different needs than investors.
Investors want what they think is accurate, current information so they can avoid losses and make some money.
Financial media measure success by the size of their viewing audiences so that their advertisers will continue to pay for the shows.
Media is not in the information business but entertainment. They are a means to sell an advertisers product.
In the final analysis, they only want your attention long enough for a commercial to come on to convince you to buy a pocket fisherman for $19.99, or a new truck, or for you to ask your physician to prescribe Viagra.
There are tons of serious questions that could be asked.
Why is it good for the Federal Reserve to have as its goal to generate inflation?
How did having lower oil prices become a danger to the economics of how you live your life?
Is bailing out Wall Street banks from the fiasco of losing investors money going to help everyday Americans put food on the table or pay the mortgage?
When did paying taxes take on the cloak of morality or patriotism?
Paying taxes immediately lessens your standard of living. When the government takes your money, then you don’t have it anymore. Do you think that the idiots in Congress or the bureaucracy know how to spend your money for your benefit better than you do?
America needs a tax revolution again.
The financial newscasters ignore the risks of political Islam because every word they utter must follow the tenets of political correctness or their advertisers won’t be happy with them.
Just because the financial media prefers to ignore these and other distasteful economic risks in their programs, doesn’t mean they don’t exist and are not a major factor in the US and world’s investment markets every minute of every day.
I think investors are starting to wake up to the fact that the established major media they have relied on in the past years to provide them with investment and economic news and information are less than trustworthy.