While Associated Press Economics writers like Christopher Rugaber and Paul Wiseman, as seen in a post this morning (at NewBusters; at BizzyBlog), talk of "baffled economists" and a job market that is "defying history," one AP writer, in discussing stocks which have done well in this economy, has revealed what employment prospects really are with quite un-baffling certainty from the point of view of those who have to put their money where their expectations are, i.e., investors.
The wire service's Bernard Condon cited a pawn shop operator, a payday lender, a debt-collection firm, and a rent-to-own outfit as companies which have outperformed the market and are expected to continue doing so. The reason for the expectation is found in the title of this post, which is also seen in the following excerpt from Condon's composition:
As night follows day, the press is beginning to go after a business entity which had the nerve to do its job and call attention to Uncle Sam's dire fiscal situation.
Standard and Poor's is presumably not 100% populated with angels, but it didn't deserve the gratuitous and ignorant shots fired at it this evening by the Associated Press's Bernard Condon and an "expert" he quoted. In attempting to tar the firm, Condon acted as if the mortgage-lending mess was the creation of "banks" which marketed mortgage-backed securities and asleep at the switch ratings agencies. He didn't once mention Fannie Mae or Freddie Mac, the fiasco's Democratic crony-run uber-culprits, which for 15 years consistently deceived the markets about the quality of the already marginal loans underlying the securities they issued .
Here are selected paragraphs from Condon's cracked creation, including a headline which gives away a resentment that the ratings agencies are still actually able to do what they were designed to do (bold is mine):
It's amazing how Bernard Condon and Tim Paradis of the Associated Press managed to hang the same label on totally opposite political positions in their report on the situation in the stock market late this afternoon.
According to the AP pair, Scott Brown's U.S. Senate win in Massachusetts was due to a "wave of populism," at the same time as President Obama is supposedly planning to use "populist attacks" to save his party's congressional majority in the fall elections. One of those employments of "populism" has to be wrong.
Additionally, they write that it's Scott Brown's type of populism that caused investors to sell heavily in the middle of last week, but that it's Barack Obama's type of populism that caused it to plunge even further during its remainder.
Look at the bright side: As you'll see, the wire service at least got the headline right.