All errors should be reported to DonSurber@gmail.com

Saturday, May 20, 2017

Facts take all the fun out of reporting

A Dear Reader pointed this out to me, and I share it with all my Dear Readers.

From an unusually hysterical CNBC on Thursday:
Wall Street is under pressure for the second straight session on Trump concerns
Oh noes!

This story was posted at 8:36 a.m., 54 minutes before the New York Stock Exchange opened. That "second straight session" had not begun.

Nevertheless, the network fearlessly reported:
Global stock markets were lower this morning after the next turn in the chaos facing President Donald Trump's White House. Former FBI Director Bob Mueller was appointed late Wednesday as special counsel to oversee the agency's Russian investigation.
Chaos? Says who? A news story must carry attribution for a word like that.

Oh wait. That is a rule of 20th century journalism. In the 21st century, all that matters is The Narrative.

The story continued:
The U.S. stock market, which has soared since the election on hopes for a Trump-inspired boost to the economy, had been largely ignoring the White House turmoil before Wednesday. The stock market yesterday suffered its biggest declines of the year. 
So after rising 12% in six months, stocks finally had an off day.

Thursday ended quietly with the Dow Jones up 56.09, closing at 20,663.02. The other major U.S. stock indices also were up.

Unbowed by being 100% wrong on Thursday, CNBC opened Friday with a story headlined:
Trump economic 'uncertainty' worse than '08 financial crisis levels, index shows
You see, Donald Trump is worse than the collapse of the home mortgage industry. Almost as bad as 9/11.

No proof was offered, but plenty of opinion disguised as news was:
From the standpoint of creating economic uncertainty, the election of Donald Trump has been more tumultuous than the 1987 stock market crash and the 2008 financial crisis.
Judged by the Economic Policy Uncertainty Index — devised by economists from Stanford, the University of Chicago, and Northwestern — the election of President Trump stands as the third-biggest source of uncertainty in the index's 30-plus-year history. It is eclipsed only by the 9/11 terrorist attack and the battle over the fiscal cliff in 2011 in terms of generating doubt about future economic policy.
On Friday, the Dow Jones was up 141.86, closing at 20,804.88. The other major U.S. stock indices also were up.

Did I mention stocks rose 12% in the six months after his election? That is the quickest rise since the recovery from Black Friday in 1987.

No wonder Fox Business News is eclipsing this Social Justice Network.




On November 8, 2016, the American people said, "Trump the Establishment!"

Now read the book that explains how and why the press missed this historic the election.

It is available on Kindle, and in paperback.


And then read the original, "Trump the Press," which chronicled and mocked how the media missed Trump's nomination.

It is available on Kindle, and in paperback

Autographed copies of both books are available by writing me at DonSurber@GMail.com

Please follow me on Twitter.

Friend me on Facebook.

17 comments:

  1. Grasping at any straw while slipping over the edge.

    ReplyDelete
  2. And the VIX (fear index) was down 25 percent or so. Yeah, things are really going to hell in the markets. Wow, it's almost like the Dems want to see a collapse. Except, you know, for Soros. He's shorted the markets to the tune of 784 billion. But don't you DARE call him anti-American.

    ReplyDelete
  3. "Chaps? Says who? A news story must carry attribution for a word like that." CHAPS, Don? Flying fickle fingers, I'm sure.

    CNBC, now in MSNBC mode. NBC, this is how you'll Get More Trump in the US of A, you poor damned fools.

    ReplyDelete
  4. There is no "market" anymore. That ended in 2008-09. I was shorting CAT, Deere, and a few others in May during the great fat finger funnel from hell. Sorta like pressing that malfunctioning eject button on a beat up A10.

    Individuals walked out the door then. It's "trading" now. If you're not taking money off based on technicals, the casino wins and you, well...sleep with the fish. If your fund manager, if you have one, doesn't have quick feet your're going to pay their salaries only.

    Charles Payne had a good run at the real data this morning--too extensive to list but here's a few. U6 lowest in 12 years, home builders going parabolic in places like TX, new graduates leaving home because of wage expansion, running a surplus for the first year in oil products. All of that is actual "news".

    Meanwhile, Fox comes in last in the ratings (judging from 52% positive coverage; not surprised) from replaying MSNBC and CNN video as their content.

    Self immolation.

    The press and MSM are the ones losing their "base".

    ReplyDelete
    Replies
    1. U6 - The real unemployment rate. GOC

      Delete
  5. CNBC?
    I used to watch them DAILY, but they are beginning to test me and detest me (as one who loves America).
    Bunch of fake news amd fake conservatives.
    If not for Rick Santelli, theybwould be dead to me (like pmslsd, aka bsdnc, and cnn)

    ReplyDelete
  6. I've learned the hard way not to give too much credence to experts on these financial websites or radio programs. Usually the expert is pushing some personal agenda for his own short term gain, not yours.
    As for NBC etc, News, in the sense of information sharing as a public duty or constitutional task, no longer exists. The personal agenda of the news organization's ownership, and I mean identifiable humans, must now be considered it's only raison d' etre.

    ReplyDelete
  7. It's very hard to know what the country thinks about all that is going on. Don, in his columns, is reassuring that the Media campaign is failing. I do believe that the base of Trump support is not influenced by the Fake News, but I have to wonder about a percent of those who supported Trump over Hillary (or because they were against Hillary) and who hear the nets as their news source. A footnote would be that I also saw an article today that noted Trump's support is down with all that is going on, but that it is down only 1/3 as far as Obama's popularity dropped when Obamacare was passed. Of course Obama started from higher numbers -- but maybe the Democrats hateful glee is unjustified.

    What I mean to get to is that it seems to me that the stock market faltering when things look bad for Trump isn't because Trump is the cause, but is because if the socialist-Democrats get Trump, all of the good feelings about the Trump tax cuts and support of American business is out the window and it is that that Wall Street is reacting to, the really bad news of all the positive things not happening and more of Obamanomics instead.

    ReplyDelete
  8. deplorabledaveinsocalMay 20, 2017 at 11:24 AM

    Don, should not the word 'chaps' be chaos?

    Chaps? Says who? A news story must carry attribution for a word like that.

    Love your posts.

    ReplyDelete
  9. With computerized trading, I love how the "anal-ists" know why and how the market moves from minute to minute. Such BS.

    ReplyDelete
  10. Replies
    1. I dunno.

      Imagine how mortified the guy must've been when he found he'd worn chaps to the second straight session.

      Delete
  11. I am up only 17% since Nov 8 in the stock market. That's down from a high of 21% since the election. I am rooting for faster Swamp draining. President Trump seems to drag it out to keep the media in chaos.

    ReplyDelete
    Replies
    1. With the crumbling brick and mortar retail market, I theoretically lost $23,000 in REIT's since the end of July 2016 market. I dumped the investment last month. Don't feel sorry, since I am in charge of my investments, but the point is that not all is rosy in the market or with the economy.

      Delete
  12. Facts are irrelevant to choosing headlines when you've got CNBC's up-to-the-minute decision-making technology.

    "Okay, guys, spin the Big Wheel!"

    Whhiiiiirrrrr, click-click-click ... click .......cliiick.

    ReplyDelete
  13. Speaking of unreported facts, one senior Trump advisor, believed by many to be the source of West Wing leaks, is none other than Trump's Son-in-Law, Jared Kushnar. The ignored fact here is that Jared's lawyer is none other than Ms Jaime Gorelick. That puts Ivanka's husband in the tank with Trump's first attorney of ill-repute, Roy Cohn. Its a Democrat thing!

    ReplyDelete