Marketwatch.com, which is viewed by some 6 million people daily, is attempting to hide the fact we are headed towards at least a recession, if not utter financial collapse. Despite the Dow Jones Industrial Average opening down 400+ points, they frame the turmoil as "repricing", a nice bit of doublespeak that while technically true, does not capture the actual events of the day.
For most of the day the front page of Marketwatch did not even list the DJIA, perhaps they are afraid to let people see that big red number. But everything is ok according to Marketwatch and its parent company: Dow Jones. What a coincidence.
We can expect even more spin from the talking heads on CNBC, Bloomberg, etc., plenty of Bernanke ballwashing and constants invocations of the "overall strength" of the economy. I guess if you keep saying it enough it has to be true.
Luckily we have a Presidential candidate who understands that the economy has problems that another 75 basis point cut cannot fix. A candidate who realizes that our current economic model is as unsustainable as Communist Russia. A candidate who is starting to rack up endorsements from economic experts like Don Luskin, and Peter Schiff.
That candidate is Ron Paul. Unfortunately, it may take a total economic collapse to make people realize this fact. Let's hope it doesn't come to that.
1 comment:
Interesting to note that Dow Jones & Co just aquired by Newscorp. Don't worry, they came an agreement that Newscorp will not influence the editorial staff at Dow.
http://www.foxnews.com/story/0,2933,286805,00.html
Also, did you that the wall street journal editors who add and remove dow components.
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