Monday, 6 August 2007

CNBC's David Faber on "Squalk" says "Lie"!

Yes, he advocates lying on financial matters. This from a channel purportedly set up to inform the US public about Wall Street, housing, finance, etc.

Faber's transparency is astounding. He cares not a jot for investors in the funds set up by Bear Stearns. He refers to Bear Stearns friday conference call in which they actually told the truth about conditions in the fixed income markets.

My point in posting this is that almost all financial reporting in both the US and the UK is propaganda and it does not represent the financial state or well-being of either country. Statistics on inflation, unemployment and GDP(the gross domestic product)cannot be trusted. Both governments stopped producing M3 figures early last year. We are being treated as imbeciles by those who own the media. They want us to receive a particular message and they justify it in the name of "condidence". The only problem is that is joe and jane bloggs who have to pay the price for this in wages and benefits that are ravaged by inflation. Public infrastructure suffers (for instance the bridge in Missisipi that collapsed last week) and so it goes.

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About Me

I teach Film, Media and English Lit.