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  • PCScipio: 
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  BS. The MSM always accentuated the positive and never said sell.

  Jun 07 02:21 PM | Link | Reply
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  • Missing_Link: 
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  I trust journalists these days even less than bankers and politicians. No one ever predicted anything remotely resembling what actually happened.

  Jun 07 02:33 PM | Link | Reply
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  • Archman Inv...: 
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  • The Complete Dividend Plan
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  The press may have eventually started reporting the real "truth" on this entire fiasco however they did so AFTER people had lost the first 15% of their money. Even after that first 15% loss, both on TV and in print everyone kept hearing buy buy buy, the worst is behind us, etc, until we got to down 30%. It was not until after average americans were past that point did most media outlets get truly bearish and raise the possibility of a near collapse.
  Yes, there were a few lone voices out there. No need to list them for we all know who they are. For the most part however, we all also all know that the media does not operate in the best interest of the general public, but to their advertisers who pay their bills.
  
  In the end it will not matter though. The majority of the public when it comes to investing, really cannot think for themselves and essentially are gamblers looking for that one big score so they do not have to keep working at Wal-Mart. It explains completely just how channels like CNBC, and shows like Mad Money are able to keep and actually increase their audience base, though they essentially led those who watch their shows right down the path to being broke.
  
  Booyah everyone!
  
  (sorry, i just had to throw that in)

  Jun 07 02:42 PM | Link | Reply
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  • Market Sniper: 
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  Dead on, Archman! All financial transactions are just trades. When it comes to "investing" the average guy is totally out of his depth. That explains the talking heads. As for Booyah, for entertainment, watch Jerry Springer. LOL

  Jun 07 02:50 PM | Link | Reply
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  • Teutonic Kn...: 
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  My view is that the financial media, the academic economic community and and their government counterparts (the Fed, Treasury, advisers and think tanks, etc.) are all in cahoot with Wall Street. They have to be because Wall Street is their career path.
  
  The situation will continue. This is a structural problem and unfortunately has no known cure yet.

  Jun 07 03:17 PM | Link | Reply
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  • rogersails: 
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  I'm not surprised that the media did a better job calling the excesses early in the bubble than later (when it should have been even more obvious). After several years of calling the bubble a bubble (and being very unpopular at parties), and being "proven" wrong year after, it's really hard to keep the faith in one's better judgment. It's painful being a "perma-whiner".
  Oh - and post crash, being able to say "I told you so" doesn't win you many friends either. But I did sell my grossly overpriced Northern California house in Jan 06. Heh Heh.

  Jun 07 04:35 PM | Link | Reply
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  • Windsun33: 
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  You cannot just blame the media. The viewers and readers (the consumers) of that media are just as much at fault.
  
  Whie busy swooning over the latest American Idol or "reality" show, and ignoring or only listening to brief sound bites from occasionally watching the evening news (while waiting, no doubt, for the latest scandal about Britney). The media and the academics could have been screaming all they wanted, and 95% of the populace would not hear it or would switch it off.
  
  The typical American (and most European) consumers are pretty ignorant about economics and finance, even in a general sense (one recent survey said that 40% of non business college grads did not know how compound interest worked).
  
  Raised on pablum, loving pablum, and fed pablum, it is no wonder that so few questioned what was going on. While some might fault the media for not putting the story out, I think a large part of the problem is that nobody was listening anyway. It is not all ignorance on the part of the consumer - part of it is that the mainstream media has decided that stories about Octomom are more important than explaining why your credit card probably sucks.

  Jun 07 04:36 PM | Link | Reply
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  • watmough: 
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  If the commenters calling BS on this article actually bothered to read it, they might find that the MSM did a pretty good job until the point where the regulators basically folded.
  
  Obviously, it's pretty hard to function against a background of no regulation, e.g. Cox in charge of the SEC.

  Jun 07 05:25 PM | Link | Reply
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  • lavalyn: 
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  Oil needs to be at much higher than $10 a barrel, and cetin really needs to be banned from here. I mean, seriously...

  Jun 07 08:21 PM | Link | Reply
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  • thinkb4uwrite: 
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  There is an easy solution.... but all of us must exercise individual will that will summon for them a powerful message. We must collectively boycott the worst of financial media. If any need to get news we must make the switch to the programmers that have integrity as a first principle... even if this comes at the expense of so called "market coverage".
  
  For many years now we have sat by as corporate media executives, stock-jockeys, program hosts, writers and newscasters all contribute to churn out a continuous flow of mostly worthless and sensational financial pulp. It is this low grade pulp thats easy to produce, fills up time blocks, and serves as bread and butter for the financial television industry (including top-ranked BubbleVision). And viewers are the fools that consume it; to a fool the fake synthetic and sensational programming appears as good, worthwhile fare.
  
  If you watch financial media over cable or an over-the-air broadcast you are counted in essential ratings sweeps; and if you view it on cable you are also paying a subscriber fee which supports the programmer through a payment to them from your cable MSO.
  
  The people operating the most sensational of the financial media have rarely served the real interests of viewers, but rather serve the twin gods of ratings and ever higher revenues.
  
  What is so unusual is the numbers of obsequeous viewers that continue to watch and thereby also provide ratings-derived advertising revenues to the financial media.
  
  The only way to change this rests with us acting individually so as to make a collective statement....
  
  

  Jun 07 08:40 PM | Link | Reply