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Dancing the Con Con
by Lee Adler, Wednesday, August 26, 2009, in Today's Markets | Permalink |Comments (0) Edit Over the years I have frequently pointed out what a stupid indicator the Conference Board’s Consumer Confidence indicator is, at least when it comes to the stock market. It’s like a dog chasing its tail. The Con Con, you see, follows the market. Then, each and every month for a half hour or so after the data is released, complete with all the positive spin that the Con Board and the media can muster, the market follows the Con. The Con Board’s objective is, of course, to sell $2000/year subscriptions to its data services, for which it gets millions of dollars of free publicity from the media when it releases the monthly Con Board Con Con press release on the Con Con Index.
It’s quite a racket. I wish I could do that.
The collecting and reporting of this data is really a huge waste of time and money. But it’s a big part of the financial infomercial media con, so the Con Board goes on collecting the data and reporting it, and the media-market circus goes on. And when there was some useful information to be gleaned from it, the Wall Street “experts” elected to ignore it. Ignoring, after all is what they do best. Well, maybe second best. Lying comes first.
Let’s look at the history.
(Continued)
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Bloomberg Elevates the Bozos
by Lee Adler, Wednesday, August 26, 2009, in Professional Edition, Today's Markets | Permalink |Comments (0) Edit Bloomberg did a hit piece on Roubini today by one Whitney Kisling. The article also praised Laszlo Birinyi for getting the 1990s right, and quoted one money manager as saying we should only listen to money managers, and not analysts. As if those money managers aren’t publicly talking their book, using the media as a marketing platform to help unload their losing positions.
Needless to say, I was incensed (what else is new?), so I sent Mr.-Ms.? Kisling the following pleasantries.
Mr. or Ms. Kisling-
Let me try and get this straight. You are knocking Roubini, who has consistently gotten things right and saved his clients billions, for missing this rally which has recovered about a third of the money lost since 2007, to Birinyi the stopped bullish clock?
(Continued)
Let me try and get this straight. You are knocking Roubini, who has consistently gotten things right and saved his clients billions, for missing this rally which has recovered about a third of the money lost since 2007, to Birinyi the stopped bullish clock?
(Continued)
MultiQuote
Posted 26 August 2009 - 04:25 PM
