Journalists and Stock Market Investing

Online Stock Trading - Stock Charts and Day Trading

There has been an interesting 'debate' going on the Daily Show in the US about how accountable financial journalists in particular those on CNBC should be and about their degree of responsibility in the current stock market mess. The argument put forward by the people on the Daily Show is that the journalists on CNCB knew what was happening and knew that the CEOs they were interviewing were being 'economical with the truth' yet did nothing. They just let them get away with saying whatever it was they wanted to say.

The fact of the matter is that there is some truth in this, but the feeling was tha the system was working (up until around 2007) so why rock the boat. The market was heading up, people were making money and so by the famous 'trickle down' effect it would be good for the rest of us. It turns out this was not the case at all - it was more a case of the whole system being nothing but a house of cards and once one fell they all fell. Very much like a giant Ponzi scheme in which new money was constantly need to keep it afloat, when the new money stopped coming the mess that is now became inevitable. The Daily Show says the journalists over at CNBC knew this and should have been doing more to alert their public to the fact.

One guy who has been telling it like it is, is Oscar Carboni who has also been critical of the so-called experts and analysts on CNBC - he has been consistently bearish since late 2007 and as far as I know is still bearish - he usually puts out a video over the weekend to explain his thoughts and after the recent surge in the DOW and the possibility of a rally in the stock markets, his analysis will be interesting to see.

Below is a video of Oscar saying how he sees things in his own inimitable style - in fact he was slightly wrong this week but from what I can see he actually stayed out of the stock markets this week and concentrated his trading on gold and currencies. But he gets things right more often than not and he also provides lots of free information on online trading and how to read stock charts - so well worth following


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