iPhone Price Cut Rings Media's Bell

If Apple(AAPL Quote) CEO Steve Jobs, one of the few American business leaders The Business Press Maven would grant the benefit of the doubt, stood up at a press conference and declared that I had no nose on my face, I'd give the claim serious consideration. But I would be crazy to believe the claim without seriously challenging it in print. Why? Because of what we already know.

And the three items we already know point to why the last day of reporting on the iPhone price cut is the worst we've seen in a long while. Investors, beware. And be aware.

Here's what we know about Steve Jobs, for starters: He's as cagey as they come. He is constantly fudging expectations, and the business media are always blind to how: He hypes products at introductions but is actually overly conservative with financial forecasts. The dichotomy is lost on the business media. ...