Why You Should Be Mad as Hell at the Financial Media
by Michael Shulman 09/03/09
Free Trading Guides
In the movie Network, the senior media executive, totally fed up with the lack of professional integrity in his industry, loses it on camera and tells viewers that it's time to declare: "I'm as mad as hell, and I'm not gonna take this anymore!"
Those are my exact sentiments toward the financial media.
The financial media has talked up "green shoots" and this market rally so much in the past six months that they have actually contributed to a state where it seems the equity markets have, in a manner of speaking, lost their collective mind.
And now, with the market weakening a bit, TV anchors, especially the redoubtable (and someone you should always doubt) Larry Kudlow, are scrambling as they try harder and harder to spin the market and economic data that is not as rosy as people were hoping for at this stage of the green shoots recovery.
And I am fed up with it!
Let me put this in very clear terms: You should ignore anyone you hear on any financial news network that is optimistic about the economy.
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