Man, I saw this one coming. The Dow plunges more than 300 points, and it's front page news. Down to the dude covering his face in anguish in The Washington Post. And the gloomy top banner story in The New York Times bemoaning a global stock market tumble.
To my old friend Paul Krugman predictably seizing on this as, and I quote, "the sum of some fears." By the way, he said almost the exact same thing when the Dow fell 400 points back on February 27…Then nothing about the 800 points we packed on after that event.
And that's my point. Where was this great media coverage when the Dow "jumped" almost as much as it "fell" Thursday?
Remember July 12? The day the Dow surged 283 points? Of course you don't.
Who can blame you? No front page, of any page, in any prominent newspaper. Forget about leading newscasts...that one was lucky to "make" a newscast.
So no problem predicting the end of the world back in February. A very big problem admitting hey, it wasn't the end of the world back in February!
Not a hit, not a mention, not a story, not a banner...not a thing...when things are good. No pictures of guys smiling. Plenty apparently when they're not smiling.
Because misery sells. Smiles do not.
Man, if i had a dime for every time the media said it was the end of the world, I'd have a lot of dimes.
Yes, I suppose a broken clock is right twice a day. But you'd think we'd wise up to know it's broken. And we're the ones...getting clocked.
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