Channeling you innermost George Chamberlain? Just because that moron (supposedly) thinks its all spin doesn’t mean you have to follow him off the cliff, does it?
The media’s coverage can only be called sensational if its an exagerration. So far, it looks to me like the media has mostly been downplaying how serious this mess is and how many people are going to wind up feeling the pain.
If you think it’s bad now you ain’t seen nothing yet.
The only thing that’s sensational about the media’s coverage is how long it took these reporters to recognize what we’ve been saying for years.
This correction has been an excruciatingly long time in coming. It was inevitable. The only questions the Piggs ever had was timing and reach.
The media’s role in the correction was forecasted well in advance too. We noted on the way up that the market included some irrationality, which leads to excess. Those excesses are not limited to optimism during good times; they also include pessimism during bad times.
The media is part of the process, whether the market is on its way up or on its way down.
