Ben Stein has no clue
TheStreet.com media critic Marek Fuchs writes Monday that New York Times economics columnist Ben Stein‘s latest column is devoid of any facts to back up his assertions that traders and journalists are to blame for the subprime collapse.
Fuchs wrote, “He goes on to raise an eyebrow about the spread between the size of the write-offs and size of the market losses, without mentioning that part of the market losses have to do with the fact that no one knows where these securities should be priced (unknown is the greatest market fear) and, uh, there has been a concern or six about the economy besides subprime taking down prices.
“I have seen a lot of bad business journalism in my day, but nothing as irresponsible and so wholly unsupported by facts. Actually, by even a single fact. This is his last line:
“‘And one thing’s for sure: With the traders running things, it won’t be a good time for amateurs until the traders cry ‘Switch!’ and the market starts to rise.’
“Read it (if you promise me it’ll be the last of his work you read) and tell me if this effort is any better than the braying on conspiracy Web sites. It was a shameful effort.”
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