DAK,
"...did they really say that???"
I couldn't even make that up if I tried...I was dumb-founded when he said it, they even flashed up a graphic with the words "selloff is research-driven..." The whole gist, as I interpreted it, was that, since the last two days' selloff was "driven by (negative) research calls by analysts," that it was no big deal and the upside momentum should be back in place soon...i.e., "buy the dips, foresake the fundamentals, don't worry, be happy!"
Then again, when has a selloff EVER been interpreted as a possible negative by CNBS? Let's face it, if the mindless wonders, a.k.a. J6P, ever ran out of 4-letter brainless one-decision stocks, J6P would change the channel to watch Oprah or Jerry Springer. Wanna keep the ratings up? Keep the mo-mo stocks running. Selloff? No biggie, it's simply "research driven," and J6P knows what to do--buy the dips. Oil crossed $34 per bbl? Natural gas cruised through $5 per mcf? Not a big deal, just give the keys to the SUV to the wife when the tank's on 1/4 (have you EVER seen a woman NOT flip out when the gas gauge is less than 1/2 full? she'd be headed straight for the Shell station as soon as she pulled out of the driveway...ergo, gas money comes out of her purse, not your wallet, so who gives a rats' a$$ about rising oil prices, right?) and get the utility company to put you on that payment plan where they spread your utility bills equally over a 12-month period. And hey, if nothing else, just buy more 4-letter stocks...they always go up, you can just make up your budget shortfall with the profits you make on JDSU, right?!!
That IS the way the game works, right? Or is this the "NEW new economy"?
BTW, I have to laugh at these inflation stats from the government stat-cookers. August was a relatively normal month weather-wise here in New Orleans, yet everyone I speak to says their bill from Entergy last month was at all-time highs...speaking for myself, my August Entergy bill was 40% higher than the highest bill I've ever gotten--and I've had this place for 5 years now. It's becoming quite obvious that the Clinton administration will lie, cheat and steal their way into cooking inflation numbers into something palatable to the spin-meisters on Wall Street. Bubba probably figures "who cares if the economy craters once I'm outta office and the number-crunching comes to light...heck, Joe 6Pack is so dumb, I can just get the clones at CNN to spin it into a favorable light on me, and America's J6Ps will vote to amend the Constitution to allow a 3rd term for myself...I just need to artificially keep things propped up until I'm outta office." The notion may sound ludicrous on the surface, but all the circumstantial facts certainly point in that direction..."I told ya, I told ya I wuz the greatest prez-o-dent of all time...see how everything went to hell once I left office?" And you JUST F--CKING know that CNN and Dan Rather are so enamored with this New World Order crap that they'd pave the way to usher Bubba back onto Pennsylvania Avenue, vis-a-vis telling J6P that the downfall was already in the works before Bubba left office.
I sometimes wonder if, longer term, the best thing that could ever happen to the Republican Party is if they lost the presidency and lost the majority in Congress this year...J6P would hang the economy's noose around Gore's head the same way they did with Carter and it would be a Republican cakewalk in 2004...bigger landslide than Reagan in '84. |
