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Saturday, January 13, 2018

Bloomberg wins Fake News of the week

Bloomberg broke a story just as the New York Stock Exchange began trading on Wednesday:
China Weighs Slowing or Halting Purchases of U.S. Treasuries
The story turned out to be the latest in a string of Fake News reports by a news organization owned by Mike Bloomberg, whose opposition to President Trump knows no bounds





Bloomberg's anger at Trump has rendered his company unreliable when it comes to financial news.

Let us review.

The financial news service on February 12, 2017, reported:
America’s Biggest Creditors Dump Treasuries in Warning to Trump
It was Fake News which Bloomberg News has never retracted.

Zero Hedge had a profane but hilarious take on that report 11 months ago:
"What in the actual F*** are they talking about? Rates are near ALL-TIME record lows. America is the primary market for debt issuance -- the envy of the world and they make it seem like we're struggling to raise capital to fund our over bloated and ridiculous surplus spending."
But this week's Bloomberg Slander against Trump -- aka, BS against Trump -- hurt the market for a few hours, until people realized it was just Bloomberg being Bloomberg.

From that piece of slime story:
China added to bond investors’ jitters on Wednesday as traders braced for what they feared could be the end of a three-decade bull market.
Senior government officials in Beijing reviewing the nation’s foreign-exchange holdings have recommended slowing or halting purchases of U.S. Treasuries, according to people familiar with the matter. The news comes as global debt markets were already selling off amid signs that central banks are starting to step back after years of bond-buying stimulus. Yields on 10-year Treasuries rose for a fifth day, touching the highest since March.
China holds the world’s largest foreign-exchange reserves, at $3.1 trillion, and regularly assesses its strategy for investing them. It isn’t clear whether the officials’ recommendations have been adopted. The market for U.S. government bonds is becoming less attractive relative to other assets, and trade tensions with the U.S. may provide a reason to slow or stop buying American debt, the thinking of these officials goes, according to the people, who asked not to be named as they aren’t allowed to discuss the matter publicly. China’s State Administration of Foreign Exchange didn’t immediately reply to a fax seeking comment on the matter.
So it reported China was reversing its bond buying policy -- even though no one in China was saying that.

Why did Bloomberg run the story without getting China's side of the story?

The next day, Agence France Presse reported:
China on Thursday denied a report that it may slow or cease its purchases of US Treasury bonds, which sent the dollar falling.
Bloomberg News reported Wednesday that officials reviewing China's foreign-exchange holdings had recommended slowing or halting purchases of US Treasuries, citing people familiar with the matter.
"We think this story could be quoting a mistaken source or it could also be a piece of fake news," the State Administration of Foreign Exchange said in a statement on its website.
No apology.

No retraction.

No credibility.

This is the Dark Ages of American journalism, not because of Trump but because of frauds like Mike Bloomberg.

@@@

Please enjoy my two books about the press and how it missed the rise of Donald Trump.

The first was "Trump the Press," which covered his nomination.

The second was "Trump the Establishment," which covered his election.

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As always, Make America Great Again.

10 comments:

  1. Cheetah has a better track record than Bloomberg, because at least he’s aiming for the financial forecasting dartboard, rather than the framed photo of Trump on the opposite wall.

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  2. Bloomberg creates innovative information systems for the financial industry. Then he went off the rails like so many of the west coast liberal technorati. Now He is just a gun hating, soda taxing, jealous never Trump loser.

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  3. This isn't the first time that Fake News has had a negative effect on the stock market. People who lose money because of stories like this should sue.

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  4. I await Bloomberg's being put on Don's list of those who fought with Trump...

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    Replies
    1. Amen to that. Chris Matthews is heading that way now.

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  5. Runner up could be MSNBC(?) who reported that a US diplomat was resigning because Trump said "sh*thole" but it turns out the guy resigned in December.
    JimNorCal

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  6. Bloomberg told a friend after he retired as Mayor that he planned to see if it was possible to golf 274 days a year, With a fleet of private Jets and supposedly 9 homes around the world, I'm sure he could have easily done so. About the same time, He briefly considered running for president, assuming he could buy it like he did the Mayoral job. With an income of 2 billion a year after taxes it seemed feasible. He is a great philanthropist too, giving away about 400 million a year. I'm sure his generosity has not only been helpful to others but to himself as well. Many IOUs are stacked in that pile. In private he is personable, and can make bawdy jokes about Sharon Stone. He presents himself well to clients.
    But he himself eventually said He was "too short' and "Jewish" to get elected, perhaps to cover up the fact he is not at all likable in public, has a grating whiny voice, is very anti 2A, and as he said recently, "Likes to boss people around", a hard to hide Obama personality tattoo no laser can erase.
    Bored with the links he decided to get into the news business, and at first was doing OK. The Auto de Fe of truth by the Stalin worshiping NYT Scion left a nice opening in media for some real data and careful analysis. But being short and rich he decided to try and wipe out Trump who is not only tall but a better man by far, In Mahattanland a trophy, one to grace a nice marble grand foyer, with some southern light, next to a large Picasso from his Blue period, like say Bill Paley's.
    Envy is a truly wicked master. Bloomie now is crawling before her, a leash in his teeth. He should have followed his bliss onto the links.

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    Replies
    1. Probably not much of a golfer.

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  7. So was someone trying to manipulate our currency Soros-like.

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  8. When I first read it, I thought 'silly'. Yes, China is in a period of free cash. Where can they put it that is safe, secure and stable. Well, mostly in USA bonds. And these inconsistencies pop up often from Bloomberg. Pity that a once vaunted financial news source reflects the pettiness of its owner. But, they have to keep their jobs - I guess.

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