Now that I've had time to cool off a bit, I'm just livid at the play the media gave to that bogus consumer confidence reading.
Over the last four months, U.S. corporations have announced about, roughly, 416,000 layoffs (don't jump on me if this number is off a bit one way or another; I have better things to do than keep a running log.)
There isn't anyone, anyone, who isn't aware of the deluge of layoffs, except for Poole at the St. Louis Fed.
And yet, we hear, "In today's news, consumer confidence rose sharply...."
Ratings for network TV news are at their lowest levels in years, and newspaper circulation, which has been in a secular decline since 1980, is falling sharply. Why?
Very simple. No credibility. None. Zero.
Journalism, as once practiced in this country under the blessing of the framers of the Constitution, has died.
And you have no idea how it pains me to say that.
PB |
