Historically, Taking Economic Advice From The Media Is A Bad Idea
Friday, August 28, 2009 - 23:57
in Psychology & Sociology
If you listened to the media, a bailout of GM was good for investors. A few months later, the stock was wiped out. But if you paid attention to Ford Motor Company while the media ignored them, who said a bailout was a terrific idea for its competitors and then refused government money, you may have made 300% on that stock in the last 5 months. The media being bad arbiters of quality economic advice is nothing new - they have never claimed to be otherwise because they report what they are told. Yet the tone of advocacy the media often takes today, especially in its more popular personality-driven news shows, might lead you to believe they know what they are talking about. read more