Most media outlets do disservice to their viewers when putting on "experts" and pundits. Why? They seem to almost never check the track record of predictions and forecasts given by those people in the past. This is particularly true for economists and bears. After the panic of 2008 and the Obama bust in early 2009, we heard endless screeds by pundits like Roubini and Meredith that the markets were going to get worse as another wave of disaster was coming. Hello? It didn't. A huge rally followed.
Similarly, a few years ago when copper prices hit $4, then dropped a lot, Gartman pontificated that we would never see $4 copper prices in our lifetimes. Uh ... copper prices are now about $4.30/lb.
When oil prices were approaching $150/barrel, pundits said it was demand, not hedge funds and pension fund buying. That was demonstrably wrong as US gasoline demand numbers at the time proved, but the bloviators kept on bloviating. And then oil collapsed as the beefers sold.
Facts do matter. And people need to use their memory to calibrate pundits and experts. They are not wizards or seers. There are many Nobel laureate economists. They use that credential to claim some authority, and get paid for giving speeches and writing popular opinion articles and to give interviews. Yet they disagree. That means the credential is either for work unrelated to their opinions OR is meaningless and no value in assessing the quality of their opinions OR BOTH. In both cases, you can recognize that it adds nothing to evaluating the correctness of their opinions.
You've got to do some thinking yourself and read. Get facts - hard facts. just listening to the blatherers and bloviators will lead to terminal ignorance. Don't be a cabbage watching only the Boobatron [aka TV] for your information. Do some work yourself and read. And use your memory to calibrate the pundits.
Word of the Day
"Torpor" - noun [$10]
Torpor means 1. a condition of mental or physical inactivity or insensitivity; 2. lethargy, apathy
Sentence: Don't let you mind wallow in torpor watching the Boobatron for hours - read !
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23 comments:
spoos green........gold green........silver green.........copper green..........oil green........yup ......QE2 is working alright.........SPX 2k coming soon
dollar tankarooooooooooooooooooo
what a phony the Bman is.......SPX 2k means an extra luxurious european vaction or two............he don't care about no common man............that a bunch of baloney
let's dip this biscuit in this hot gravy my ass
"J.P. Morgan Chase & Co. has emerged as the mystery buyer of more than $1 billion of copper, accounting for more than 50% of all the metal stored in official London warehouses and stoking worries about an impending supply shortage.
The New York bank's purchases have caused a stir in commodities circles in recent weeks. The London Metal Exchange late last month revealed a buyer had snapped up a large chunk of the exchange's copper stockpiles, leaving some to question whether a trader was trying to corner the market for the metal.
J.P. Morgan's appearance as the owner of the copper alleviated some of those worries.
The bank bought the copper mostly on behalf of clients, according to a person familiar with the matter, so it doesn't directly own all the metal. But the buying spree does leave a large swathe of copper in the hands of one bank and its clients".... wsj
" Uh ... copper prices are now about $4.30/l
READ BUNKERMAN READ!!
let's dip this biscuit in this hot gravy my ass
still funny..loooooooooool
Bunk.if nat gas is cheap......and methanol is made from natty gas...why arent we driving on methanol or a high blend USA USA USA....its cheaper to produce than ethanol...$$ stays home..whats the real problem?..let the farmers go back to growing food..would also keep Bud happy...wellll ok..maybe not..lol
Dear Sal,
This year, Iowa State University has much to celebrate. Thanks to the generosity of donors, alumni and friends like you, Campaign Iowa State: With Pride and Purpose is transforming our campus.
There’s still time to make a contribution to your favorite area(s) at Iowa State before the end of the year. To be counted in 2010, gifts must be received on December 31 before midnight, Central Standard Time.
As you consider your charitable gifts for this year, please make a gift to support Iowa State today. With your gift, you will join the many other benefactors who are part of Campaign Iowa State: With Pride and Purpose and you will provide important support to Iowa State University.
Happy New Year and Best Wishes for 2011 from the ISU Foundation!
loool Hilldawg letter comin in the mail soon.....
odd ... I keep hearing this "dollar tankaroo" but the dollar vs. euro is doing fine.
;)
oh I've heard that before and read that story.
That means nothing.
If it's on behalf of clients, no big deal.
If not, they should be forece to sell.
methanol is OK with me, IF is satisfies the need for oxygenation in fuels (for pollution reduction).
would cost plenty to convert all those plants.
go for it, Bud - send a nice contribution ...
GMO,GU ..thanks bud
Bman your thoughts on Mike Vick please ??
i am a big fan of his.............and hope the eagles make it to the superbowl............versus the jets
i am a big fan of his.............
Pffttttt...you just worship Doozio....Dooz...I made some delicious sandwiches...
YOOOOLAAAHEEWHOOOOOO!!
Bman have you ever hunted in your life ?? have you ever shot at an animal in self-defense ??
PS............Bman if i gave you a knife and a chicken .....could you kill it and clean it and be able to prepare a meal ??
PPS..........i have done that.........when i was a teenager
I have no opinion on Mike Vick - I'm not much of a football fan anymore.
I went duck hunting once - it was fun to go out there in the early AM. We didn't see many ducks & missed the one try we had.
Re shooting animal - nope.
Re killing chicken, etc. Yes, IF I was hungry.
My grandparents generation did all that butchering stuff.
ok.............so the answer is no..........you've never done it but your grandpa did........your grandpa also knew how to milk a cow.......can you ?? no......and u call me a city slicker
i like to work with my hands my ass
i don't know how to milk a cow........but when i was young ..........maybe 10-11......i remember my uncle putting my hands on the teet to milk a cow..........all i recall is the cow made some sounds and i got scared and stopped
my uncle lived on a farm
speaking of uncles.... Im sure Bunk would agree that our schools are in the crapper..grammar is very important...very important....capitalization for example, is the difference between helping my uncle Jack off a horse and helping my uncle jack off a horse.....
lol spin.
I never said I was or grew up on afarm.
I'm a small town boy.
I know how to weld and use a mill, lathe, etc.
use tools and make & fix stuff.
Hit a 6" circle at 600 yards.
Fix a .30 Browning air cooled.
strip an M60
mow down the Chicoms coming over the ridge.
Deal with a bonzai charge.
survive in the woods ...
make a punji pi & camo it.
No I cannot forget where it is that I come from......
I cannot forget the people who love me....
Yeah, I can be myself here in this small Rome Cavalieri 5 star hotel....
And people let me be just what I want to be
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