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Thread: Comments [ rosy spin on every financial news story ]

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    Default Comments [ rosy spin on every financial news story ]

    I know none of the gloom and doomers will comment on these because they are positive, but I wanted to give them a chance to pan them.


    Markets up on good economic news
    Stock markets have been rising strongly following upbeat economic news.




    Pending home sales rise 6.7 percent in April
    Pending US home sales rise more than expected in April, biggest monthly jump in nearly 8 years

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    this news is technically accurate. However the first story fails to mention that this is only true as measured in 'rapidly inflating' US dollars. The second story fails to account for the effects of a new $8000 US taxpayer 'handout' being given to first time new home buyers, as well as the fact that median home prices declined by some 15% due to the end of the gov't mandated Fannie/Freddie foreclosure moratorium. Similar situations apply to news stories about US 'incomes' rising by 0.5% last month ( a result of Obama's change in US income tax withholding). Every mainstream financial story seems to have a positive 'spin' these days regardless of overall economic fundamentals, with the ultimate example probably being the recent story that the US economic decline is now occurring at a slower ( but still negative ) rate !

    ~
    Last edited by Melonie; 06-02-2009 at 11:17 AM.

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    and the head cheerleader is none other than US Treasury Sec. Turbo Tax Tim Geithner, who was on an important 'mission' in China ...

    (snip)"A major goal of Geithner's maiden visit to China as Treasury secretary is to allay Beijing's concerns that Washington's mushrooming budget deficit and ultra-loose monetary policy will undermine both the dollar and U.S. bonds. China is the biggest foreign owner of U.S. Treasury bonds.

    "Chinese financial assets are very safe," Geithner said. His response drew laughter from the audience."(snip)

    from

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    ^^^ of course international media reported the rest ...

    (snip)"It may be helpful if “Geithner can show us some arithmetic,” said Yu. “We need to know how the U.S. government can achieve this objective.”

    The deficit is projected to reach $1.75 trillion in the year ending Sept. 30 from last year’s $455 billion shortfall, according to the Congressional Budget Office.

    The U.S. needs a higher savings rate and a smaller deficit on the current account, which is the broadest measure of trade, or “another financial crisis triggered by a dollar crisis could be inevitable,” the Chinese academic said.

    Referring to the Federal Reserve “as the world’s biggest junk investor,” and to Chairman Ben S. Bernanke as “helicopter Ben,” Yu said the Fed has dropped “tons of money from the sky since the subprime crisis.”

    “The balance sheet of the Federal Reserve not only has expanded like mad but is also ridden with ‘rubbish’ assets,” he said "(snip)

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    Haha....arctic lights a little candle, and Mel douses it with 3 buckets of darkness.


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    ^^^ well, a candle may provide a warm fuzzy glow upon those objects that immediately surround it, but a candle also obscures all of the dangers that lie just beyond the reach of it's flickering flame. Personally, I prefer to hit the entire area with floodlights - to 'flush out' all of the potential nastiness that is otherwise being hidden from view !

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    1) If a company isn't doing so well, just take it off the DOW and put on a company that is. Problem solved.

    2) House sales increasing at lower prices and with government subsidy.

    Shall we talk about the fix for the unemployment numbers?

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    Default Re: Comments [ rosy spin on every financial news story ]

    ^^^ not to mention the fun and games with 'official' cost of living numbers, 'official' inflation numbers, 'official' money supply numbers etc. As exemplified by the recent Geithner visit to China, some of the 'official' economic statements are beginning to reach the point of laughability ... at least when viewed from outside the USA without the help of a 'rosy' spin from American financial media !

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    Quote Originally Posted by hockeybobby View Post
    Haha....arctic lights a little candle, and Mel douses it with 3 buckets of darkness.
    That's ok Bobby, I think I'll put my faith in the 75% of professional economists who see the recession ending in late 2009 as opposed to a couple of people posting on a stripper forum everyday

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    Default Re: Comments [ rosy spin on every financial news story ]

    ^^^ is that the same 75% of professional economists who DIDN'T see the crash starting in the fall of 2008 ?

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    Quote Originally Posted by arctic717 View Post
    That's ok Bobby, I think I'll put my faith in the 75% of professional economists who see the recession ending in late 2009 as opposed to a couple of people posting on a stripper forum everyday
    LOL! I think I heard all this before a few years back when the US economy was booming and everyone but a few of us posters said everything was great and "nothing to see here."

    I think the next big test is when California effectively goes bankrupt. IMHO, I think we are gonna see some burnin and riotin in the next two years.

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    Default Re: Comments [ rosy spin on every financial news story ]

    If you are pessimistic all the time, you're bound to hit upon a few situations that justify the attitude.

    I constantly say we might still have a snowstorm; that way I'm wrong only once a year.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: Comments [ rosy spin on every financial news story ]

    Quote Originally Posted by threlayer View Post
    If you are pessimistic all the time, you're bound to hit upon a few situations that justify the attitude.

    I constantly say we might still have a snowstorm; that way I'm wrong only once a year.

    Um hmmm.... that must be it.

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