What Is True/Slant?
275+ knowledgeable contributors.
Reporting and insight on news of the moment.
Follow them and join the news conversation.
 

Oct. 15 2009 - 9:52 am | 272 views | 12 recommendations | 65 comments

Good News on Wall Street Means… What Exactly?

Lloyd Blankfein, the company’s chairman and CEO, said Goldman is starting to see a rebound across many of its businesses even as the broader economy and consumers continue to struggle with rising unemployment and mounting loan losses.

“Although the world continues to face serious economic challenges, we are seeing improving conditions and evidence of stabilization, even growth, across a number of sectors,” Blankfein said in a statement.

via Goldman Sachs profit tops $3B on strong trading – Yahoo! News.

It’s literally amazing to me that our press corps hasn’t yet managed to draw a distinction between good news on Wall Street for companies like Goldman, and good news in reality.

I watched carefully the reporting of the Dow breaking 10,000 the other day and not anywhere did I see a major news organization include a paragraph of the “On the other hand, so fucking what?” sort, one that might point out that unemployment is still at a staggering high, foreclosures are racing along at a terrifying clip, and real people are struggling more than ever. In fact the dichotomy between the economic health of ordinary people and the traditional “market indicators” is not merely a non-story, it is a sort of taboo — unmentionable in major news coverage.

Here’s an example of the Dow-10000 coverage, from USA Today:

If investors view the Dow’s recovery as a signal that the economy and financial markets are healing, it could serve as a mood-altering boost. It might also lure skeptical investors hiding in safe fixed-income investments such as money market funds and certificates of deposit, which are yielding close to 0%, to move cash back into stocks, says Bruce Bittles, chief strategist at Robert W. Baird.

“Dow 10,000 will act like a magnet,” Bittles says. “It will increase optimism and bring in more money off the sidelines.” But, he says, the index must stay above 10,000 for a few weeks or more before investors think it is safe to get back in.

No one mentions here that this is a carrot-and-stick story — the stick being that ordinary people have been robbed of the interest they should be getting in CDs and ordinary bank savings accounts by the various bailout programs and lending guarantees, which have brought the cost of capital down to nothing for the big banks, and punished those people who have been doing the right thing all along by saving. The Fed lends its money to Goldman Sachs and BOFA for free, why does anyone have to pay Grandma a high rate for her CD or her bank savings?

And now that those good, savings-oriented people are getting gouged, they’re being encouraged to get back into the stock market, where the returns are better at the moment. They’re being called people on the “sidelines” who have to be encouraged to “get back in.”

What’s so tiresome about all of this is that no one reports this stuff as a political story. This is politics at its most basic. The Dow is going up, sure, but what does that mean, if the rest of the economy still sucks?


Comments

Active Conversation
65 Total Comments
Post your comment »
 
  1. collapse expand

    I’ve never dealt with the Mafia but between banksters and the government in their pockets, I can imagine how it must feel. We get it coming and going and there are no cops on the beat. At least none that feel compelled (or have the clout) to protect the people they were hired to serve.

  2. collapse expand

    Mr. Taibbi,

    You are a young fellow, you probably do not know or remember but once, long ago, the Dow Jones Industrial Average (DJIA) was considered a “leading economic indicator”, which meant that when the DJIA went up, it was indicative of an improving economy. When the DJIA dropped, it was a predictor of an on-coming recession. This was true for most of the history of the DJIA, going back to the 19th century. In those days when a huge number of people and communities were dependent on manufacturing, there was a very strong link between the average stock prices of industrial firms and the overall US economy. Now it has been decades since that was true, with de-industrialization of the United States there is simply little correlation between activity “industrial stocks” on Wall Street and economic activity in general in the United States. The DJIA is no longer a leading economic indicator and means little to the ordinary American. However the old guys who dominate economic thinking in Washington and the news media are still stuck in the old mind set of generations past.

  3. collapse expand

    Matt, I think a lot of the problem is that reporters these days are just lazy.
    They accept whatever is fed to them by the parties that have an interest in keeping the status quo. The bulk of the rest, I suspect, are plain old shills.
    Too few are calling out these ridiculous spewings from so called experts.

    It’s a sad day when true and honest investigative reporting is the exception.

    • collapse expand

      I doubt that it’s simply journalists being lazy as an entire group; no one goes to journalism school saying, “OH! I’m going to release press-releases as actual news because I’m going to slowly give up on my job as my industry crumbles around me. Now beer me, bro.”

      The low wages of journalists, the overlong hours and, above all, the commercialization of news…that’s why we get this.

      In response to another comment. See in context »
  4. collapse expand

    Ordinary Americans (that’s the majority but who would know?) seem to be so “hazed” by the latest onslaught of diversionary tactics – swine flu; healthcare; Glenn Becks of the USA; Afghanistan; Rush and the sports world; religious conflicts; losing their jobs and homes; they have given up. Mainstream media reports adoringly and marvels at Wall Street’s latest smokescreen of gain and GS’ billions signified by this latest “10000″ triumph, as if they accomplished all this without the political insiders handing them billions. And as if it means we all have something to celebrate when really we are so far down we cannot see any light. So much to complain about; so little time; and mainly just a waste of time because nothing will change unless someone – a large group of someones – gets really angry about this fraud on the people and takes action in a politically meaningful and effective way. there’s no one in any position of influence, it seems, who isn’t in some way, by their investments – their pensions and 401(k)’s etc , inextricably tied to the continued maintenance of Wall Street (as is) We should have listened to and voted for Dennis Kucinich, he may have been the only candidate who would not have sold us out.

    • collapse expand

      I can’t help but chuckle to myself that all the rabble rousing and Tea Parties over Health Care Reform seemed to come to a pretty much grinding halt as Football Season came around. Sometimes I can’t help but think we deserve everything we get from these shenanigans. These people are winning because most of the population is susceptible to the basic “What’s that over there!??” technique of pointing and running away from confrontation.

      In response to another comment. See in context »
  5. collapse expand

    I hope Matt Taibi will focus his formidable investigative skills on another Goldman character’s involvement in pushing cap and trade legislation. Generation Investment Management, chaired by Al Gore and David Blood, (former chief of Goldman’s asset management fund), holds 16 million shares of Cameo International Limited stock. Cameo has one of the world’s largest carbon portfolios. Global warming proponent Al Gore and David Blood have positioned themselves to become billionaires trading carbon credits in the next large-scale fleecing of America.

  6. collapse expand

    You know Matt, it’s nothing short of astounding that, as I’ve read you for years now, Americans just sit here and watch Wall St. run the gov’t. For all the bitching about Dem/GOP and the fake blue/red civil war, while everybody’s distracted by that, this sort of thing goes on. Your most recent piece in Rolling Stone was the most devastating yet. We live in a plutocracy. And what’s most disturbing is that Wall St. has gone back to its insane gambling addiction, the very one that got us here in the first place. And the next time they go bust, I don’t think there is any “bailout” we can provide for them–we’re already broke. It’s like watching our own demise come in slow-motion, and nobody’s doing anything about it.

    • collapse expand

      I’ve been watching the same slow motion downfall of our empire that you have. I feel anger that our government has sold out to the monied intrests and I feel despair as I slowly watch our country circle the drain.

      It’s not just the control that the ridiculously leviathan-sized banks have over our country, but the issues are deeper than that, which Matt has pointed out.

      We have outsourced most of our production jobs over seas. IT and telecom services as well. Most of the goods we buy are no longer made in America. Most of the stuff in our American homes are made in Japan, China, Indonesia, and the Philapines.

      American jobs and companies are crushed due to loosing markets they once held to new major comglomerates like Walmart that are able to purchase things at rock bottom prices. The items they sell of coarse are made outside the US.

      All this in turn means less income into the actual pockets of your average American. These Americans lose their IT jobs and manufacturing jobs and then are forced to get hired on at Walmart because the job skills they have are no longer worth their old price tags.

      I swear to god, in the end our country is going to be nothing more the entire American work force working for Walmart type stores being financially pigeon-holed into buying Walmart type crap because that’s all we can afford.

      It’s a grim outlook for sure. Things sure do seem to be going that way though.

      In response to another comment. See in context »
      • collapse expand

        I feel your despair man, i really do. I myself have pondered over and over what an average everyday person like myself can do to change the tide…

        one thing is for sure, don’t participate…at all!

        I dont bank at any major financial institution. I’m paying off all debt and getting rid of ALL but say one credit card that i use for the absolute most drastic situation. I shop at mom and pop shops (if and when possible), i boycott walmart and other major chains. I dont buy stock, 401k, mutual funds, ect…

        I save…

        if i want something, i save and pay cash for it! i did that with my last car, my macbook and xbox…

        We already know the detriment of what saving can do to our economy…lol wow, my grandpa saved all his life, back in his day he was encouraged to do so. brilliant.

        In response to another comment. See in context »
      • collapse expand

        Reality is, because of improvements in transportation and communication we are becoming a world wide market, not a bunch of separate entities all unto ourselves.

        The US had a long ride on the top of the heap but now we’re getting downsized.

        What we need to do is quit bitchin’ about how much we used to make doing whatever and look for ways to make a decent living doing things that either can’t be outsourced or which we can do competitively.

        For example…

        We’re in the beginning stages of a transition from fossil fuels to renewables. The installation and maintenance jobs cannot be outsourced.

        And we can compete in the building of many of the components for this new technology. Those parts that don’t rely on a lot of cheap labor or are difficult to ship are prime opportunities for us to create more employment.

        In response to another comment. See in context »
  7. collapse expand

    It’s the making of another DOW ponzi- the stock market is going up BECAUSE the alternate returns are virtually zero. Investment funds are flooding the market while businesses continue to contract with consumption.
    This bubble will burst yet again if the Fed doesn’t step in to deflate it safely. And it won’t- systemically it no longer can.
    Rinse, Repeat…

    • collapse expand

      Spot on. Those that jump in this late in the Immaculate Recovery rally are risking becoming bag holders.

      It’s a shitty thing to do, to try to lure in mom and pop investors whose retirement/investment funds already took a huge hit, just to hit them again in another “market correction” after an inflated bear rally.

      In response to another comment. See in context »
  8. collapse expand

    “They say ‘look at the Dow Jones’ I say look at your country, my friends”

    That was Buchanan in 1995.

    The Dow Jones means nothing, of course. I hate it. I always hope that it’ll go down. When Wall Street wins, we lose.

  9. collapse expand

    I agree with davidlosangeles.The DOW is irrelevant I look at my town as an economic indicator. I live just west of O’Hare in suburban Chicago.We have 4-5 small shopping areas. Our main Town Center has lost the 2 family restaurants they had this year,2 small banks, and soon, Blockbuster. The other centers have had closings as well.Additionally,In the last year it seems everyone I know has a family member or friend lose a job. Most haven’t found new ones. Houses sit for sale at 12 months and counting but hey, I saw a “business trixie” on NBC almost orgasmic this morning because the DOW hit 10,000 yesterday. I just stared at her, I don’t even know how to react to this drivel anymore.

  10. collapse expand

    Yup, you got it Matt; they want up to look at our economic situation through rose colored glasses – if you like everything pink, anyway. Maybe emerald colored glasses would be better. We may as well be following the yellow brick road while we’re at it.

    At least Kevin Whitelaw touched on some of the down sides on npr (http://www.npr.org/templates/story/story.php?storyId=113786232): “Dow 10,000: What It Says About The Economy”

    >But there are several looming concerns that could strangle any recovery — particularly, an unemployment rate that is expected to hit 10 percent by the end of the year. Economists say it is unlikely to drop quickly, meaning many Americans will continue to feel the recession’s effects long after a recovery has technically taken hold.

    >”Staying at 10 percent could be a grave concern,” says Jack Kleinhenz, who runs a business and economic consulting firm based in Cleveland. “The momentum has the potential to be stalled unless we see demand across the economy start to pick up. It really comes down to jobs.”

    >There’s also the question of how the Fed and other institutions will unwind the massive efforts they have undertaken to prop up the nation’s economy, including keeping interest rates hovering near record lows.

    >”The patient has recovered, and you’ve given him some drugs. But once you take away those drugs — the stimulus — is the patient going to get out of bed and run a mile or five miles?” asks Wells Fargo’s Silvia. “It is sustainability. It is the question of what happens to interest rates and the dollar.”

    It’s something at least. Although most of my relatives don’t consider NPR to be a part of the MSM as I do.

    Our local city paper resurrected their feature on the 25 Censored Stories from (www.projectcensored.org); [not categorically censored stories, just those that received little to no attention from the MSM]. I think they skipped last year. Nice to see you’re included in #1 with Gordon and Mayer (http://www.projectcensored.org/top-stories/category/two-thousand-and-ten-book/).

    P.S. If anyone can direct me to link coding and the embedding preferences for this site, I’d be much obliged.

  11. collapse expand

    Matt,
    I’m 50 years old, with a 12 year old daughter. I worry for her more than me. Lately I’ve found myself yelling at my TV when I hear these freaking idiots like Larry Kudlow, Dennis Kneale, Jim Cramer and the rest of the bozos in the MSM pretend that everything is going back to “normal”. (I’ve never yelled at a piece of electronics before.) The truth is there is no more normal as of 2000, we’re seriously fu*ked, and I think more and more thinking people are now realizing this, I hope anyway. Keep doing what your doing…Talk to Mike Shedlock, Max Keiser, Janet Tavakoli, Tyler at Zero Hedge, Stoneleigh at The Automatic Earth, Steve Keen to name a few. These are the people who speak the truth. Good luck and thanks!

  12. collapse expand

    The big Vampire squids are just setting their bait. It doesn’t matter if the market is going up or down. Goldman Sachs don’t care as long as there is volatility and they sustain their unfettered access to these big piles of other people’s money. The 401k is the biggest Ponzi scam of all. Robert Reich, (wouldn’t he make a great Dr. Loveless in Wild Wild West), gave a succinct essay on Goldman Sachs last week on NPR, don’t know if you heard it; same stuff we know just good to hear it from other people. Glad to know this years GS compensation war-chest keeps growing 18 billion and counting. It’s funny, I work for a business unit that will have a great RONA this year, but pays the price by being part of a larger corporation in cost cutting mode. So despite the fact that workers at every level are very productive, who innovate, and put out quality product, they have a wage freeze, no overtime, no bonus, and in some cases are being laid off. It is just freaking nuts that a Goldman Sachs trader, who couldn’t survive day in the wild, turn a wrench, or serve mankind in any way is sucking real wealth from those who create it.

  13. collapse expand

    When I was a bit younger, having just done my summer job, I needed 5k in savings to get a 2.1% return on my Bank of America savings account. Obviously, working for 8.5 an hour, and limited to 39.5 hours a week, I wasn’t going to make that in one year.

    I switched to an Electric Orange account with a certain online bank…after quite a bit of hassle, they changed their rate two months after I started an account, to something pitiful (1.2% or something).

    Now that I finally have that kind of scratch to afford a Bank of America savings account, the threshhold has quadrupled and the rate is now 1.3%.

    I can barely save above rate of inflation. It’s tremendously awful.

    Matt, does all this lack of actual-wealth have to do with the balance-of trade? I don’t see why mercantilism is such a bad prospect, except the rise of inter-national corporations whose interests run counter to national fiscal capability.

  14. collapse expand

    Matt…

    See what Peter Schiff and Ron Paul are saying. You can see what Schiff is saying by searching his name on YouTube…he has a vlog, and his latest from yesterday addresses this 10,000 point Dow issue.

  15. collapse expand

    Well, I guess I’d agree that the newsies are lazy, but the good ones either get fired for refusing to report the fiction (such as the intrepid Robert Scheer, Truthdig.org & Hustler — fantastic recent column in this month’s Hustler, BTW) or never hired.

    Aside from The Taibbi, the only other real news reportage is from those folks over at Bloomberg news, which says a lot when you only get real news from the business news outlet.

    Now, if one tunes in to these — supposedly “progressive” — radio shows, one hears newsies just repeat back what the presidential press flunkies have told them (whether it was the Bush flunky or the Obama flunky), without ever doing the due diligence of actually reading any legislation they are reporting on (so they repeat that the Military Commissions Act is innocuous, or repeat some silliness about the “Enron loophole” when the entire Commodity Futures Modernization Act is nothing but one giant loophole of loopholes!).

    So, I would guess purposeful non-news (as in those court cases which Fox won after firing their newscasters who refused to report fiction) taken together with dishonest and lazy newsies……

  16. collapse expand

    And GS has the balls to lie outright about their business model. It’s getting sickening more and more every day. Until guillotines stand down on Wall Street nothing will change:

    http://www.nakedcapitalism.com/2009/10/guest-post-more-goldman-lies.html

  17. collapse expand

    I too am perplexed that the DJI is regarded as the be-all, end-all of economic indicators. When the economy is healthy, yes, the Dow can be a good bellwether. But the fact is, we have a 17% unemployment rate…NOT the cooked 9.7% number, as this figure does not include people who’ve stopped looking for work and those who are underemployed. Couple this with our weakening dollar (it tanked again today, extending its 14-month low euro against the dollar), and it really doesn’t matter what the Dow does…not for the majority of Americans, anyway.

    Matt mentioned CDs and savings accounts in this post, and he’s right that people are getting hosed by low savings rates. But worse than rates around zero, is the fact that saving your money might not even be worthing doing, if you imagine that. If you put a few thousand bucks in CD with a 2 or 3% yield after 18 or 24 months (that’s the best you can really hope for), there’s a decent chance that, while you’ll have “more” dollars at the end of the term, the purchasing power of that money will actually be LESS, adjusted for inflation, because the Fed keeps printing money to pay off debtors. So our government is basically waging a war on savings, and is trying to get people to spend their way out of this recession.

    Bernanke is playing a dangerous game. I don’t know what his actual plan is, but it appears he thinks the Fed will be able to vacuum up the money he’s printed and injected into the markets before the effects of inflation can materialize. (Oh, did I forget to mention the government is propping up the Dow? Because that’s kind of important.) Good luck with that.

    Brace yourselves,. everybody.

  18. collapse expand

    What does good news on Wall Street mean for the rest of us?

    As usual, bend over……

  19. collapse expand

    I’m glad you pointed it out. All the cheerleaders continue to ignore the continued deterioration of the economy for average people. There is a complete disconnect between the economic health of America’s companies and America’s citizens. Companies benefit from bailouts, legal protection, and the deteriorating buying power of the American dollar. Just think, any corporation with a stable overseas source of profit automatically increases their bottom in converting foreign currency to U.S. dollars. These dollars make their way to shareholders, not to employees. Meanwhile, people continue to lose jobs at a rapid rate, wages continue to decline and foreclosures continue to rise. Whatever happened to government “of the people, by the people?”

    http://southpawpolitic.blogspot.com/

  20. collapse expand

    I’m still mulling over “it’s literally amazing to me”– as opposed to FIGURATIVELY amazing?– but I know what you mean; I use terms like “truly astonished” and such, if only for variety to give “freaked out” a rest.

    That’s not even a quibble.

    Otherwise, I just wanted to note how the corporate media, especially the dumbest-downed local news outlets, key on the Dow as if it’s actually the number of dollars in a national Amerikan piggy bank.

    I admit that I glaze over at conventional business reporting, and can’t listen to the daily business and stock market reports on the local AM all-news radio.

    But whatever nuance might surface there, in general the formula is simple: any day in which the Dow rises is described as a “win”, and the newsreader reports it with a distinct inflection of pleasure.

    If there’s a rally that boosts these talismanic numbers dramatically upwards, and especially if the numbers cross a milestone like 10,000, the reporters all but cry, “Hooray!”

    And on Internet sites, trolls challenging bloggers who critique capitalism and the markets are quick to crow about an increasing Dow Jones average.

    The higher the numbers, or the tendency of the numbers to rise, equates to Prosperity and proof of economic and fiduciary soundness.

    Every day is Groundhog’s Day in dumbed-down Amerika.

  21. collapse expand

    On the other hand, Simon Johnson and James Kwak at The Baseline Scenario, and Yves Smith at naked capitalism, have been doing exactly what you’d like the rest of the media to do: offer a realistic appraisal of the economic situation, with good critiques of the uphill battles faced by those who champion real regulatory and legal reforms. I never miss them.

  22. collapse expand

    In fairness, Dylan Ratigan did throw a little fit today, I think.

    Still, there seems to be really very little palpable anger here. There should be complete outrage about the Dow hitting 10,000, largely as a result of the government coming in and making sure these firms would have a really nice year, and the economy being a complete disaster everywhere else.

    If I had a cable TV show, and I probably will never, ever get my own cable TV show, what I would’ve done these past few days is quickly mentioned the Dow was at 10,000 then taken my camera crews to people who are being thrown out of their homes because they were suckered into fraudulent mortgage schemes, to the people who are on the verge of death because their HMO’s denied their claims and they can’t get the care they need, to the frontlines of Afghanistan to see the “collateral damage” we write off so quickly, to everywhere people are suffering — then I’d bring on a CNBC hack or someone and ask them why we should be so happy about the stock market’s little wonderful day.

    That’s probably why I’ll never get a cable TV show.

  23. collapse expand

    For years, that’s right YEARS, I was wondering where the left was in this fight. Welcome.

    For all your research, you have yet to scratch the surface. You have yet to see the daily battles as the manipulators wipe out small fry, destroy pension returns. You do have it correct in that the SEC is useless, and that this fight is now about politics. Take your favorite dirtbag representative, and check out his donor base. You’ll see what I mean.

    First, Capitalism isn’t bad. But the Capitalists have bought off the regulators. They are bad, not Capitalism. That being ssid, I feel this is like the end of “Old Yeller” . A good friend, he’s got to be put down because he’s rabid and could (is) kill(ing) people.

    A lot of us have sacrificed a tremendous amount of our lives and fortunes trying to get Washington and Wall st. to do the right thing. They both are arrogant beyond any measurement. There is no respect for anyone or anything that can’t be reflected in monetary terms. You picked up the baton. Run like hell. Scream until it hurts. Don’t stop. Keep it on point. Because it’s guys like you with a following that can do some good. Otherwise, you better learn how to grow vegetables.

  24. collapse expand

    Appreciating the many comments and offred just reminded me of the old doctor’s saying – BOHICA. . . bend over here it comes again. . .

  25. collapse expand

    What is really sad is that most of the country probably actually believes there is real substance to the recovery in the stock market. Once the retail numbers come out for the holiday season and show that normal people don’t have any money anyone who has been suckered back into the market is going to take yet another beating at the hands of Wallstreet’s thieves.

  26. collapse expand
    deleted account

    Actually, you must not have watched all that carefully. Not that I’m a particular fan of theirs, but the Washington Post ran *two* stories pretty much along the lines of those you wished were being reported.

    From Frank Ahrens (http://www.washingtonpost.com/wp-dyn/content/article/2009/10/14/AR2009101403962.html): “For most Americans, a real recovery comes down to one issue: jobs. With the U.S. unemployment rate at 9.8 percent and expected to crest above 10 percent, 15 million jobless Americans may find little to cheer about in Dow 10,000. High unemployment will cool the sizzling stocks.”

    From Tomoeh Murakami Tse (http://www.washingtonpost.com/wp-dyn/content/article/2009/10/14/AR2009101403657.html): “Wall Street may be cheering the rally in the U.S. stock market, but many individual investors watched the Dow Jones industrial average soar past the 10,000 mark Wednesday on the sidelines.

    Still shell-shocked from the ravaging of their retirement accounts during the financial crisis, mom-and-pop investors remained cautious as the Dow soared 53 percent from its March 9 low to Wednesday’s closing price of 10,015.86.”

    Sorry to bust you, but you can’t get too much more mainstream than the Washington Post.

    • collapse expand

      The 10% is such a bull crap number. The amount of people who fall off the rolls of unemployment, I would argue, is about around half the number of people actually on the rolls of unemployment.

      Unemployment runs out after a set time and I have many freinds who have yet to find a job even now that they have long fallen off the coat tails of unemployment.

      10% my butt. More like 15%+

      In response to another comment. See in context »
  27. collapse expand

    “I watched carefully the reporting of the Dow breaking 10,000 the other day and not anywhere did I see a major news organization include a paragraph of the “On the other hand, so fucking what?” sort”

    …this is essentially why I [I'm also going to assume everybody else] read your blogs/ books/ articles and whatever else i [we] can get my [our] hands on and NOT CNN/FNN/NYT/FUK…etc

    I am, however, glad to see the wall street swine are back to humping the American dream

    • collapse expand

      i just want to add, I’ve been following IG Neil Barofsky as of late and it appears the FED is encouraging the Financial Institutions (well, the big ones at least) to sit on all available cash reserves, while it continues to inject billions…most of which is off balance sheet cash and the FED is hesitant to provide the names of these recipients

      …hmmm this is intersting. So the situation is while everybody else suffers, small business cant find loans to pay employees, a shit load of people are out of work and I get to dine on ramen noodles again, regularly (thought i had past this stage of my life in college), the FED feels the need to prop up the very institutions that caused this travesty in the first place…

      I am still an advocate of systematically dissembling these monsters or nationalization…lol…but the id be the one labeled a heretic for promoting such nonsense and thus burned at the stake

      woe is me :( good thing work provides free coffee, but cynically, for how long

      In response to another comment. See in context »
  28. collapse expand

    The American people need a voice and they need to contact their Senators and Congress members to voice outrage. You and Dylan Ratigan seem to be the only voices out there. Contact Dylan Ratigan with your outrage at dylan.msnbc.com. Americans will continue to be taken advantage of by Wall Street until we push back at our Representatives and demand action or vote them out of office. Americans have become great at complaining but lazy about taking any action.

  29. collapse expand

    In fairness, Bllomberg TV had Joe Saluzzi of Themis Trading with his viewpoint. Joe is alwaya excellent.

    http://www.youtube.com/watch?v=VAZy6ucbGdA

    DavidC

  30. collapse expand

    Sorry, I DO know how to spell Bloomberg!
    DavidC

  31. collapse expand

    Here’s fucking why ordinary people should be fucking celebrating….

    People who buy stocks buy assumed future profits. They pay more for stocks when they see a rosier future ahead. And they are usually looking about six months into the future. (As best as possible.)

    If the people who drove the Dow over 10k are right, companies will be making a lot more money six months or so than they are now.

    If companies are making money, they generally expand and that means more hires and more purchases.

    More hires and purchases mean more salaries for ordinary people and more money going to grocery stores, shopping malls, movie theaters.

    The multiplier effect raises a lot of peoples boats.

    Also, if rising stock prices drag additional money out from under the mattress or wherever its been hiding that means more capital available for additional business expansion.

    And that’s more money that’s going to work its way to ordinary folks.

    I’d say seeing the stock market come back to life is great fucking news.

  32. collapse expand

    I’m not sure what you’re talking about- every story I heard (I get my news mostly from public radio) mentioned the unemployment picture and the chasm between Wall Street and the real economy.

    I mean, let’s face it, USA Today is not, and never has been, a paragon of good journalism. Plenty of news outlets got the story right, even if some of them took shortcuts.

  33. collapse expand

    What I don’t understand is why the definition of American “good economic recovery” or good economic health doesn’t include the creation or stability of well paying jobs.

    By only focusing on Wall Street, it gives such a distorted view of the world. Wall Street doesn’t represent the diversity of the American citizenship. So why is the mainstream media pretending that’s the case?

    • collapse expand

      Who says that the mainstream media has not talked about job creation?

      And who made the rule that each piece of news about one topic must cover all other topics? Is there some rule that writing about unemployment problems must also cover the stock market?

      Matt did a terrible job of thinking, rather failure to think, before writing this piece.

      He attacks a short, narrow focused news piece for not being much longer and more inclusive.

      In response to another comment. See in context »
  34. collapse expand

    “Elizabeth Warren for President” and Accountant Harry Markopolos to head SEC.

Log in for notification options
Comments RSS

Post Your Comment

You must be logged in to post a comment

Log in with your True/Slant account.

Previously logged in with Facebook?

Create an account to join True/Slant now.

Facebook users:
Create T/S account with Facebook
 

My T/S Activity Feed

 
     

    About Me

    I'm a political reporter for Rolling Stone magazine, a sports columnist for Men's Journal, and I also write books for a Random House imprint called Spiegel and Grau.

    For Media Inquiries: taibbipress@rollingstone.com

    See my profile »
    Followers: 2,552
    Contributor Since: March 2009

    What I'm Up To

    • taibbipromo

       
    • My Latest Book

      greatd

      To purchase a copy please, please go here.

       
    • Writing for Rolling Stone

      rolling-stoneI’m a political reporter for Rolling Stone magazine.

       
    .<
    • +O
    • +O
    • +O
    >.