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If it sometimes seems as if The Business Press Maven is inherently negative, as if he has a lump of lead where his heart should be, that's only because it's absolutely true.

So it's with considerable psychological pain that I have to point out to investors how much better off they are in relation to the business media's misunderstanding of Federal Reserve intentions this January vs. last. You got that?

Follow the bouncing ball here, because it is important:

The business media on the whole were wrong about the Fed at the beginning of 2007, just like 2006. But last year, their mistake held danger for investors. This year, it holds opportunity.

Travel back in time with me. A year ago, as you know, the business media nearly had to take out a protective order against The Business Press Maven. What had me in a rage was the accepted, oft-stated wisdom that Federal Open Market Committee notes indicated coming interest rate cuts, or at least stability. Anyone who actually read the things realized that they indicated nothing of the sort.

No matter. The only world most business journalists remembered living in was one of declining interest rates, and that was reflected in such an utter misreading of FOMC notes that a lot of reporting sounded downright delusional. In one particularly egregious example ( a year ago almost to the day ), the business media drew huge future conclusions from notes on a Fed meeting that not yet sworn-in Fed Chairman Ben Bernanke, who would guide policy, couldn't even sit in on.

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