On 8/14 I wrote this little ditty (http://activerain.com/blogsview/174089/More-Genius-From-the) in which I said "I'll bet as soon as the Dow goes up again, some savvy reporter will be telling us that the markets have rebounded on easing fears with the mortgage and credit markets. "
I'm dying with laugher...because it was only 2 days later that this headline comes rolling out from CNNMoney stating that stocks were performing better "as investors worked through the panic about the credit and mortgage markets that had been sparked by Countrywide Financial's last financial problems." Oh, I see. The Dow makes a bit of a comeback (although it's still down for the day) and all of a sudden "investors have worked through the panic..." The article: http://money.cnn.com/2007/08/16/markets/markets_1200/index.htm?postversion=2007081616 Of course, that's until something else dramatic happens (like rates go up, another lender closes its door, housing reports show a further slump, etc.).
The point? The press can report details, but they often do a poor job with analysis/commentary.
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