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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Rational who wrote (8937)	11/21/1997 8:40:00 PM
From: Tommaso	Read Replies (2) \| Respond to of 18056

Another story from the New York times (catching up on missed items during the week). On Thursday, page B 11 of the edition for the provinces, is a stort or column "TV Puts Stock Market Under a Rosy Spotlight" by Walter Goodman. This argues that the financial news programs, especially when sandwiched with brokerage ads, have lulled the American public into the ever onward, ever upward, buy the dips, all is well, all manner of thing shall be well, keep buying, feel good about yourself and the economy, etc. It crossed my mind that the stock-holding public has been treated to propaganda (not so evil by any means) as the German public in World War II when the daily triumphs of the Wehrmacht were splashed across newspapers and blatted our of radios, when German soldier were "sweeping across" Russia and before Stalingrad. This time --as Galbraith said in his famous treatment of the 1929 Crash-- "it's only money." But I think the American public has been lulled into a la-la-land where all is rosy and comfortable and everyone's investments go up forever at at least 18 percent per year. And I think Walter Goodman is right, that the interests of the financial news services are to keep this going--though to tell the truth I think the people on CNFN have a certain ironic distance on it all. Louis Rukeyser is a real problem; he should be replaced by Gail Dudack and may well be in a year ot two. Among other things she is still cute despite what the years do to a person.