Thursday, June 02, 2011

What's in a headline? Misleading the public!

Headline reads: "Jobless Claims in U.S. Decreased Less Than Forecast.". So what does this phrase really mean for a Public who has only time to read a headline? Has our financial news media and our government finally perfected the art of clever Marketing, where there should be none? I think they have. Let me rewrite the headline for a more realistic result, "Initial Jobless Claims still too strong for a recovery!" You see the expectations were for only 400K Initial Jobless Claims and we got 422K. Remember, we were below 400K for about 4 weeks last month, but since then, we have been steadily gaining in these jobless claims. Additionally, last week's data of 424K was revised upward this week to 428K. Get the gist of the news now? Hope so.

Oh, and did you know that the reason the market turned around this morning from positive to negative was the fact there are news reports that the NY Attorney General has issued a Subpoena for Goldman Sachs over there testimony to Congress last month. Senator Levin of Michigan said then that Goldman Sachs had misled Congress about the company’s bets on the housing market. The firm has said its testimony was truthful.

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