...there are numerous significant information gaps and misconceptions in the choir's thinking, often leaving them unable to see through the newest government lie or propaganda trick; they're unknowing or forgetful of what happened in the past that illuminates the present; knowing the facts but unable to apply them at the appropriate moment; vulnerable to being led astray by the next person who offers a specious argument that opposes what they currently believe, or think they believe. The choir needs to be frequently reminded and enlightened.He might as well be talking about the financial press. I have been following the stock market for the last month or so (not to mention losing some money as well), and the one thing that struck me after reading the daily reports on movements of the Sensex is how the reporters unquestioningly quote the market players' take on things. You either find incredibly banal, motherhood statements like "More than 50% of India's exports are to the United States" (to account for the fall in the stock prices of companies which rely on exports for their revenue -- conveniently forgetting that the same companies' shares rose yesterday when the state of the American economy was practically the same as today), or plain deceitful stuff like the now-infamous "decoupling" theory.
Saturday, February 23, 2008
Playing the stock market
From William Blum's Anti-Empire Report: