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.
Cory’s Chart Corner
“An explosive critique about the investment industry: provocative and well worth reading.”
“Juggling Dynamite, #1 pick for best new books about money and markets.”
“Park manages to not only explain finances well for the average person, she also manages to entertain and educate, while cutting through the clutter of information she knows every investor faces.”