Lose the Drama and Give Markets Their Due
Having been exposed to a particular article in this morning's Wall Street Journal, which echoed a similarly misguided effort in yesterday's Journal, The Business Press Maven turned into an empty silhouette of a man.
As a result, I need to step back for one moment from analyzing the business media's work on any particular company or economic issue to get at the larger issue of why so many are so wrong about so much. It has to do with the small little fact that they don't understand in the least the way the entire capitalist system functions.
Ours is a dynamic system. And it is rarely, if ever, a zero sum game. But journalists consistently write about it as if it were. Read this morning's "
It is full of typical estimates (we've heard 'em a million other places in the past few days) that the stagehand strike, which began this weekend and shut down a bunch of Broadway plays, will "cost" New York City on the order of $17 million a day.That was an estimate given by a theater organization, and it was then followed by a Times Square neighborhood alliance, which weighed in on "the immediate and palpable sense that the wind has been sucked out of the sales."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV