Categories: OLD Media Moves

Market already using media to create next stock bubble

Paul Farrell of Marketwatch writes that stock analysts and others are already using the business media to promote the market in the current economic turmoil.

Farrell writes, “A recent USA Today report headlined: ‘5 Stock Experts Foresee 2009 Rebound’ proves this fundamental principle: ‘Nearly all expect double-digit percentage gains, despite another year of sharp swings. The most bullish projections call for a 24% gain from current levels.’ Yes, a 24% rally for 2009. Yikes, sounds more like another report in The Onion, not something in USA Today.

“But look closely at who’s hyping those ‘predictions.’ You guessed it: Economists, pundits and strategists on the payrolls of the same Wall Street banks (J.P. Morgan Chase, Citigroup and my old firm, Morgan Stanley) that our clueless Washington politicos gave tens of billions of our taxpayers dollars after those banks failed America’s investors with their excessive greed, arrogance and incompetence.

“Worse yet, last January those same banks ‘were also bullish heading into 2008.’ Folks, you’d be a fool to believe them. Yet they keep conning us because they know many Americans will buy into the scam again.”