Mass media has always been a great consensus-building machine. But the Internet is the most democratic, truth-probing tool ever devised by humanity. And it is now working to keep the world more honest. Before the Internet, big media, big money and government controlled all our access to information. The info they published was all that the masses could “know”. Nowadays, what people say, write and do is much more transparent. For commentators and “experts” the Internet makes our record a living archive for the world to see. This is especially helpful in the money business, where bullshit has baffled brains for centuries.
None of us can make perfect calls or always be right. We are after all, every day humbly trying to navigate an unseen future. But for those that are happy to be accountable and responsible in their comments and actions, the transparency of the new media is welcome and appreciated.
I have written several times in complaint of how easily the masses seem to embrace flabby-devils that are well promoted. If it were harmless entertainment that would be one thing, but when people start taking financial advice from these reckless sources the damage can be devastating both for individuals and the economy at large.
It is for this reason that we should all be delighted to see the success of web sites like Wall Street Cheat Sheet. Canada needs a Bay Street Cheat Sheet to track the record of our own commentators.
“The Information Age has been forging a coup d’etat on the Old World Order in financial media. For example, television personalities like Jim Cramer (Mad Money) cannot escape their dismal track record as it’s posted in real-time by hordes of bloggers.”
See Financial Media Coup d'Etat:: Jim Kramer, Larry Kudlow, Peter Schiff, all fast talkers and all correctly revealed as irresponsible commentators.
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With undeniable stellar track record, there is a low profile ECRI.
No vested interest in financial markets, always unbiased and objective. Only economic data. Nothing else. Always ahead of the curve, way ahead.
Following their data makes me feel very lonely, since everybody else is behind a curve. Way behind……….
Danielle, I am delighted that your piece on “Blogging and the Internet” has put me onto the likes of “Wall St. Cheat Sheet” (excellent). And, regarding your mention of the website's piece by Damien Hoffman on “Financial Media Coup d'Etat,” I second Damien's notion that Peter Schiff is all talk, no show. My proof is the return on my many investments at Euro Pacific from 1995 to 2008 with Peter personally as my advisor. It ended up worse than poor; overall, adjusted for inflation and taxes, the whole kit and caboodle ended up after 13 years UNDER WATER. Maybe Peter can do better as a Senator of Connecticut (where he has entered the political fray) than has as an investment guru.
http://www.stockchase.com/Expert-sl–slq-ID-slv-Ross–Healy.php
This site has good synopses of comments by Canadian analysts – you can search by guru or by stock. The link above is my shortcut for Ross Healy, who is a good value hunter.