Sunday, July 04, 2010


Barry wasn't ready in April to call this magazine cover a classic contrary indicator. As I posted at the time, I thought the cover was ridiculous. The date on it is April 19. The Dow topped five trading days later, and has fallen over 1,500 points since then.

During the past decade a pliant national news media has utterly failed on two major stories of our time: Iraq/WMD and the credit/housing bubble. There are lots of reasons for journalism's demise, but credibility has to be high on the list. If that Newsweek cover is any indication, some of the industry's unrepentant former leaders seem eager to discredit themselves right into extinction.


Anonymous KAIMU said...


Meanwhile over at TIME magazine on the cover June 28, 2010 is this ...

At some point contrarian is just another word in the dictionary.

The notion that a country's wealth is measured by where the DOW sits seems about as accurate as saying all Americans are wealthy as Oprah always implies. But Oprah ... what exactly is "wealth"? If it is the ability to spend beyond ones means, living off credit, then yes America is truly a wealthy Nation. I would suspect that most of Oprah's audience lives in a house with a mortgage. If that is the case then I would not consider anyone tied to a 30 year mortgage as "wealthy". Unless debt is wealth! Certainly the US TREASURY considers "debt" as wealth, otherwise the treasury would not accumulate so much of it. Debt is not wealth. Far from it. The ability to pay a mortgage depends upon your income, your job. Then when you consider how much "net income"(after taxes) you need to produce in your lifetime to pay off your mortgage you have to wonder just exactly who's AMERICAN DREAM is it anyway? Debt slavery isn't exactly what I would classify as a "dream". Who exactly has "sold" us on the whole AMERICAN DREAM concept of debt accumulation, because as far as I can see the AMERICAN DREAM is yet another monetary fraud of the political and banking industry.


As we all celebrate the FOURTH OF JULY or INDEPENDENCE DAY you have to wonder what our Founding Fathers would say if they were alive today. Many Americans have died in the name of Freedom over the many decades since 1776. Is this truly the vision they had of America over two hundred years ago? Have we finally arrived at the PROMISED LAND as Martin Luther King used to say? Well, we certainly have been "promised" many things by many Presidents. Come November we will be hearing a barrage of yet more political "promises".

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are Life, Liberty and the pursuit of Debt.


7/04/2010 11:44 AM  
Anonymous goldhorder said...

Actually everyone should tune in to the MSM. You can understand exactly what is going on by only believing in the opposite of what their propaganda spin is. The more they howl...the more you know what not to believe.

7/05/2010 8:56 AM  
Anonymous Ed said...

Actually, during the last two decades of the Soviet bloc's existence, people did start tuning in to the televised news programs to get a sense of what was going on by simply believing the opposite of what the newscasters said. A few people who made it to the West at that time were confused by Western newscasts, they obviously were lying at times, but at other times they weren't lying, so they were useless as a source of information, you couldn't just believe them all the time or disbelieve them all the time. In the US at least, we now are getting into Soviet territory with any televised news, the newsweeklies, and the wire services.

I'm becoming one of those middle aged men who skips straight to the sports section of the newspaper and disregards the rest. If a newspaper publishes that the Yankees beat the Blue Jays, 7-6, the Yankees probably really did play the Blue Jays yesterday and beat them by one run. If the story is on trouble in the Caucasuses, I have to go to other sources to verify that these countries exist, and I can be pretty sure the newspapers' take on them is not accurate.

7/05/2010 9:49 AM  
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