Eugene David
...The One-Minute Pundit

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THE NEWS HACK'S CREED:
I know more than you.
I make lots more money than you.
I'm smarter than you.
I'm sexier than you.
I appear on TV all the time.
I work ten minutes a day.
I rule the universe.
I'm going to live forever.
You are an idiot.

THE NEWS HACK'S CREED, No. 2:
A lie isn't a lie when it tells THE TRUTH.

THE NEWS HACK'S CREED, No. 3:
I've come to realize that the looseness of the journalistic life, the seeming laxity of the newsroom, is an illusion. Yes, there's informality and there's humor, but beneath the surface lies something deadly serious. It is a code. Sometimes the code is not even written down, but it is deeply believed in. And, when violated, it is enforced with tribal ferocity.
--JOHN "OMERTA" CARROLL.

THE NEWS HACK'S CREED, No. 4:
News isn't news when we don't report it.

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Friday, October 31, 2008

Posted 6:23 PM by Gene

One might dismiss it as an intellectual exercise but this FT blog post is scary. We too remain convinced that people are trying to talk themselves into thinking this financial disaster is not severe, or is easily contained. SIVs and CDOs would seem to speak otherwise. (Of course screaming DEPRESSION!!!!! all the time won't help either.) And it concludes with this observation:

[T]he 1920s had neither television nor the internet. Information, decisions, and implementation can now be carried out in seconds, which harms the quality of decisions and nerves. Transparency is usually preferable, but unmitigated speed might be harmful. CNBC and Bloomberg can spread worldwide panic instantly.

One could ascribe a few hundred minus Dow points to JIM!!!!! CRAMER!!!!!!!!!!! alone. And somehow we can't imagine even The Messiah giving new heft to the ciphers ruling the world. Let us hope Ben and Co. know what they're doing; sometimes it doesn't seem that way.

(Via SeekingAlpha)

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