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The Irrational News Media & The Financial “Crisis”

Flick on the telly and hit any news channel and no matter the time of day, there’s some comment on the “Global Financial Crisis”, jobs being lost and comparisons to the Great Depression. Check any news website and the story is the same. According to all these stories it’s time to just curl up in the fetal position and hibernate for a few decades.

It’s In Their Financial Interest
A favorite saying of mine is “…if at first you can’t find a solution to the problem, look for the financial interest” and in looking for some sort of solution, I found the financial interest of the media…advertising revenue.
The more the “professional media” hypes the so-called global financial meltdown, the more eyeballs they get and more eyes equals greater market share and sustained or growing ad revenues.
As I indicated in my prior blog, we are nowhere near a “depression”, how can one think this when in the Depression over 1,000 banks collapsed. Totally. Now we’re talking 11 banks, none of which “failed” as they all were bought or merged with other banks.
Instead we might want to ask the media why they are overhyping the story? Just like the stock market and real estate was overhyped, now the so-called professional media are over-hyping.
Maybe we should all just take a deep breath and ignore the “professional” media for a few days, get our heads on straight and think this through. Look below the surface of the media’s reporting and ask harder questions. Ask the real-estate and oil & gas speculators why they overinflated values? Ask the government why they ignored the re-selling of subprime mortgage paper over and over and over again?
Folks, this is an economic correction. Not a depression looming. Find a paper bag, take 10 deep in-out breaths and ignore the media for a few days. It’s time to get a reality check.
Just Fix It! (I’d refer you to the great Keenan skit on SNL, but NBC in all their wisdom likes to restrict content and hasn’t a bloody clue about what the Web is really about. Typical old-style broadcaster…and they wonder what’s going wrong. They can’t even get Hulu right.)

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