culture, politics, commentary, criticism

Friday, March 06, 2009
The complete and utter failure of financial journalism. Jon Stewart's takedown of CNBC was so much more than a takedown of Rick Santelli's highly suspicious
tantrum. It was a general criticism of the complete and utter failure of financial journalism in the US — the groupthink of "reporters" embedded in the machinery and chicanery they are supposed to be investigating.

CNBC and the Wall Street Journal are both notorious for presenting opinions that are clearly disconnected from any of the quantitative, reality-based information they manage to report. The Journal's opinion page, always a hotbed of right-wing talking points and ludicrous extrapolations, consistently and systematically ignores whatever objective evidence is there to see on the front page.

Today's WSJ provides the cognitive-dissonance-du-jour. Pieces on the opinion page are hysterically headlined, "Obama's radicalism is killing the Dow," and "Obama repeats Bush's worst market mistakes," but the front page shows the real culprit: the job loss that will undermine the potential for any recovery. This job loss started well before Obama was even a front-runner, and yet the opinion page manages to paint him as some sort of über-villain who brought Wall Street to its dirty, dirty knees within six weeks.

If you have ever gone sledding or skiing, you know there's an inflection point on the hill where gravity will pull you down pretty fast. Look at the chart from today's Journal and tell me with a straight face that it's all Obama's fault. [Blue text is mine; everything else WSJ.]


Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

. . .