More gloom and doom: Best Buy also hit by slump

Started Nov 12, 2008 | Discussions thread
Mike from Toronto
Regular MemberPosts: 173
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Re: You are reall y wrong Re: Do you want to bet?
In reply to Marcamera, Dec 18, 2008

Apart from the other issues of the people that own the media - and use it for their own agendas, the media is also a reflection of widespread public beliefs. They both move in tandem. Notice how at the very moment a company or economy is at the zenith of its peak - there is nothing but glowing praises and enthusiasm. The media is just as caught up in it as the public is with a positive outlook. The company or economy can do no wrong at such a moment. In fact, it was the public's actions in the first place that drove it to those heights, and now the media is jumping on the bandwagon like everyone else. It is socialized human behavior that feeds off itself within the self reinforcing loop of society. Most of us adjust ourselves to the prevailing thoughts of the majority at any given time. The markets and the media reveal this.

The media didn't start the bad news. The system itself started having trouble meeting its obligations that started the current selling wave. Without the people taking action first, there is no news to tell. With the final straw of people not being able to make their mortgage payments, the system started to implode under the massive weight of unserviceable debt. The media is just reporting what is going on - bias of coarse - but then, when prices are falling, the bias is negative.

This negativity will continue on in the media until conditions change enough in the collective consciousness to warrant a positive outlook. The real underlying negative structural facts were there for all to see - for over twenty years. But the emotional mood was up - and so was the media. For years sober economists were warning about unsustainable levels of debt and the media ignored that. Since the mood has now turned decidedly negative - when the time comes that things really have turned positive, don't expect the media to be there to notice and call attention to that fact.

It is too much to expect the media to do anything but go with the flow - and package their undigested verbiage as entertainment. For a real understanding of what is going on people must dig beneath the surface, read and analyze, and think for themselves. Apart from reading what they are told, the talking faces you see up there are really actors, and the experts called in, have their own snake oil they are trying to peddle. Truth is a rare commodity indeed.

Mike

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