Sunday, June 29, 2008

Buffett, Recession & So-called MSM "Journalism"

Updating a famous quote:

“There are lies, damn lies and so-called MSM journalism”

Most so-called MSM “journalists” act as though notorious Democratic activist, Warren Buffett, is the foremost expert on the economy and economic forecasting. But, Buffett freely admits:

I'm not an expert on the economy

I've never made any money out of economic forecasting

An honest and objective media would rely upon this source, with these credentials for economic forecasting.

However, reporting that the economy is sluggish but not in recession and is expected to continue to grow throughout 2008 and 2009 is not in keeping with the political agenda of most so-called “journalists”. Additionally, hysteria mongering sells better (just ask Al Gore now much money it has made for him).

1) March 3, 2008

Buffett announces:

“by any common-sense definition, we are in a recession”

So-called MSM “journalists” go nuts over Buffett’s convenient redefinition of a recession (well suited to his Democratic activist point of view).

2) March 4, 2008

The San Francisco Chronicle properly and honorably takes Buffett to task. Kudos to them.

3) May 28, 2008

In Der Spiegel, Buffett more directly admits that his imaginary recession is:

“not [a recession] according to the economists' definition”

4) May 25-26, 2008 (stepping back in time)

Domestic MSM “journalists” apparently got advance word of the German article and, despite that qualifier from Buffett (along with the admission in the same article that “I’m not an expert on the economy”), so-called MSM “journalists” get even nuttier with their headlines (and also misquote the German article).

5) June 25, 2008

Warren Buffett does another interview on CNBC.

In the course of the interview, nobody ever utters the word “recession”. Buffett, after proding, does, however, take note of isolated areas of “weakness” [where the media have created utterly irrational fears among consumers] which “if anything… [is] accentuating a little bit” [thanks to still relentless 24/7 utterly dishonest fear mongering from the media].

MSNBC (worst of the worst among propagandists) takes those tiniest of nuggets (absent ANY discussion of “recession”) and screams from their headline:

“Buffett warns that recession getting worse”

If any part of this post is surprising to you (or not), I suggest you read this book, read this press release and read the associated academic quantification of media bias.

Today, most within the MSM who call themselves “journalists”, have far more in common with propagandists.

To learn more, click here.

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