Like most of you, I've been observing politics and the genesis of talking points and, especially, talking points about the financial crisis since before September.
When the markets react violently to some unknown "X", there are usually a number of explanations, but they ordinarily have some rational basis. In some cases, analysts are grasping at straws, and you will often hear a lot of unconvincing, equivocal and downright contradictory "rationales" for why markets rise or fall.
What happened yesterday has been conveniently explained away, on every single network I have listened to, as the market's discontent with Geitner's testimony.
The fact of the matter is that the market had begun to crater BEFORE Geitner's persecution (and it was a persecution, make no mistake). Secondly, Bernanke was actually the person who was testifying on Capitol Hill when the markets began to tank and his assessment of the economy was far more dire than Geitner's.
If any "event" can be blamed for the drop in the market, it has to be the testimony of Ben Bernanke, not the senseless routing that Geitner received.
I wanted to provide a link to an hour by hour documentation of what happened yesterday on the DJIA, but this is the best I can find at the moment. Hope this effort to post a link works:
http://www.google.com/finance?q=INDEXDJX:.DJI&client=newsGeitner is getting steamrolled. I knew this would happen. Obama has not received one hour of a Honeymoon.
When stock markets react violently, it's almost never a reaction to something happening at that moment, unless it's something like 9-11. For example, the markets began to take Obama's victory into account in August or September.
But what amazes me, is WHO is setting the talking points now? Isn't it our turn to establish the talking points? How is it possible that ABC, NBC, CBS, George Noory on "Coast to Coast", BLOOMBERG, CNN all had the same bullshit explanation: The Market Crashed yesterday for one reason and one reason only: because "We lack confidence in the stimulus package because no details were provided?"
Come one, folks. This is beginning to feel a bit like the climax of SYRIANA. Even when Bush was President, there was not this kind of consensus on what the day's talking point would be.
How did everyone get on message so fast?
Something is going on here. I can't figure it out yet. But something feels wrong.
ON EDIT:
Just so you don't think I'm paranoid: It's not just the message, but the wording. Everywhere it was reported, it was reported nearly word for word. It was almost like watching the legs of ballerinas in a ballet. It was synchronous.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
