Marek Fuchs of TheStreet.com writes Wednesday that all of the business media coverage of Tuesday’s stock market gains being due to billionaire investor Warren Buffett’s bid to bail out municipal bond insurers seemed a bit forced.
“Funny thing is, you can always tell when story lines are forced and reasoning is running off the rails. That’s because in the offending articles (and the business media is littered with them at this moment) you can spot the verbal contortions a mile off. Savvy investors are advised to look for such gymnastics in market movement articles (and all others).
“The New York Post all but pressed for sainthood for Buffett, crediting him with a worldwide rise in stock prices while, interestingly enough, allowing that he put up a ‘relatively measly $5 billion in startup cash.’ But guess what? The plunge in prices of MBIA and Ambac is not even mentioned. Not once. Instead we get an unequivocal headline: ‘BUFFETT’S BOND PLAN GIVES MARKETS A LIFT.'”
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