Why the news is rubbish

Yet another reason why we all know not to trade off the news. THis is the big interview between CNBC Jim Cramer and Jon Stewart. It is very very interesting.

Watch it and discuss.

http://www.thedailyshow.com/full-episodes/index.jhtml?episodeId=220533

I wish I could edit the title of this post to be something more provocative. This interview basically smashes CNBC.

You can see the deception first hand about how rumours are leaked which are not true at all--they are lies. And they affect the stocks of various companies.

It is something that we know about but can't really prove BUT this video in the link above displays first hand how this is done. It's really interesting.

Looking at the rest of the website there are other videos where it painfully shows how hopeless the hosts of shows like CNBC really are.

alwaysLearning said:

I wish I could edit the title of this post to be something more provocative. This interview basically smashes CNBC.

You can see the deception first hand about how rumours are leaked which are not true at all--they are lies. And they affect the stocks of various companies.

It is something that we know about but can't really prove BUT this video in the link above displays first hand how this is done. It's really interesting.

Looking at the rest of the website there are other videos where it painfully shows how hopeless the hosts of shows like CNBC really are.

Click to expand...

maybe you have included the word 'distortion' in the thread title.

cheers for the link

I don`t know what is on the video but the thread title describes the American rhetoric programs to a tee.

Also when someone types "Watch it and discuss", is a demand which smells of arrogance.

Wysiwyg said:

I don`t know what is on the video but the thread title describes the American rhetoric programs to a tee.

Also when someone types "Watch it and discuss", is a demand which smells of arrogance.

Click to expand...

Yes not a very nice way to invite comment.

I suppose most people would rather just watch CNBC's Santelli stir the trading floor at the NYSE and extract a collective jeer and whine about bailing out dodgy mortgages and not mention the $2 Trillion dole cheques provided to Wall Street Bankers. Both bailouts are wrong IMHO! Except the latter is gigantic in comparison to the foreclosure handouts.

But alas, who wants to read when you can see it all gift-wrapped marketed and distorted by US television.

Why would anyone want to read anything these days about the US Media and the spew that has been promulgated since the beginning of this mess? Apathy? Ignorance?

Nope. Because most people don't want to read or question what they are being told.

Speaking of reading something how about this.

"Sustaining Discursive Financial Hegemony: Everyday Media Practices and the Reproduction of Neoliberalism"

http://www.allacademic.com/one/www/...b>&PHPSESSID=c54344e9c4c493a100b45e19d133c783

Wysiwyg said:

I don`t know what is on the video but the thread title describes the American rhetoric programs to a tee.

Also when someone types "Watch it and discuss", is a demand which smells of arrogance.

Click to expand...

Yeah you're right. Wish I could edit my post. I only see that after the fact. Anyway I just wanted people here to see it and say what they thought.

Apologies if I came across as arrogant.

Good stuff...didn't know i could watch the daily show...daily.

Thanks.

the demands of the news cycle and the need for compelling narratives.

Click to expand...

The demands of a news cycle stems from the insatiable desire of the herd to read or listen to anything sensationalised by the media circus.

How much optimism and pessimism (unreal) is spread by media (American) which influences employer decision making, government policies, family planning, investment decisions etc.

All we need are the facts and figures.Many love the rhetoric. ("insincere, persuasive or grandiloquent language")

alwaysLearning said:

Yeah you're right. Wish I could edit my post. I only see that after the fact. Anyway I just wanted people here to see it and say what they thought.

Apologies if I came across as arrogant.

Click to expand...

I actually liked the title , but have no interest in Jim Cramer.

I believe Gary Smith wrote a good book, I have not followed his career after this , but he had a reputation of being a consistent trader, and used the 'news' for his style of trading

... I personally often check yahoo finance first thing in the morning to gauge the news on potential moves for already set positions.

I believe Jim wrote a book , which I know only from work mates who have not spent a dime in the market ... I also had someone crying on the phone to me today (I found this distressing as the bloke, and I did not know what to say to calm him and as an aussie bloke I am sure I said the wrong things ... but to me he was gambler) he lost a small fortune buying shares in a company that collapsed ... this guy will probably never trade again , the psychological damage was just too great ... no real experience in the market ... listened to the news and then made by the pants decisions ... no exit plan, except he believed that whenever he thought when he needed the money it would be there, stocks just go up right, its just a correction, etc .... pull that profit out for an overseas trip or whatever.

Anyhow, I think this guy will be damaged for life.

News ... yes useful ... often ridiculous as it tries to summarize ever bloody move, it is a verbal description of what may have happened then, but that description or reason is lost tomorrow...

Wow Cramer got nailed...totally unprepared...in gamer speak he was Pwned.

Lov John Steward...no im not Gay...not that there's anything wrong with that.

If you have the quickest news feed and execution speed, an unexpected figure (which is still news) is probably THE BEST thing to trade off.

But by the time most retail trader sees it on his television set, it will already have been digested.