The Stock Market Corrects, Why Not the Media?

Photo of Dan Gainor.
By Dan Gainor (Bio | Archive)
July 27, 2007 - 17:27 ET

The Dow dropped again today.

Scary.

And that's exactly how the mainstream press treated it. What goes down, must go down further. Even with the sour coverage on NBC and CBS on July 26, there were voices of reason that warrant commitment to the markets.

"So this is not a crash, if anything, it's a correction," said CNN "American Morning" business correspondent Ali Velshi. "It might not even be a correction; it might just be a stop on the way."

Wow, good news, even on CNN.

Others experts point at signs our economy is still in tact and still moving in the right direction as evidence not to panic.

"Right now, we have the tailwinds of a very good U.S. economy, we have the tailwinds of an incredible global economy ... So that's gonna, I think, mitigate what's going on in the housing market," said Fox News business correspondent Terry Keenan on the July 26 "The O'Reilly Factor."

According Lawrence Kudlow of CNBC, with 50 percent of Standard & Poor companies reporting - their profits have increased an incredible 15.3 percent from one year ago. He also pointed out the Dow Jones really only lost 2 percent on July 26.

And let's not forget, the gross domestic product numbers released today indicated the economy grew at a 3.4 percent rate.

I think I'll go find a ledge and beat the rush.


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Have any of these so-called . .

July 27, 2007 - 19:34 ET by FastEd

"reporters", ever reported that the us stock market ALWAYS goes UP! - over any 10 year period, the market has always gotten better - OR will they report that a good market is also good for pensions, retirees, etc.? They will panic if the "correction" lasts longer more then a few days. The only problem with a good market is that the gold coins I want will cost more.

There is no sense in being stupid, if you can't prove it! - my dad V

Well, no one would argue that the market was a bit overheated.

July 28, 2007 - 10:54 ET by acaiguana

Corrections are a fact of life and history in the market.

The good news is that traders don't pay any attention to Network News blokes.

ACA 

 

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Quoted from:  'Acaiguana Notes from the Bomb Shelter' (soon to be a movie at theaters near you)