Why Should We Listen to the So Called "Experts" on Fox Business?
I was watching Fox and Friends this morning before going to work and was listening to the guest "expert" Charles Payne discussing the one year anniversary of the collapse of Lehman Brothers.
He was asked about letting companies like that fail and he responded with "nobody is too big too fail".
I agree whole heartedly.
However he and his Bulls and Bears and other Fox Business colleagues were whistling a different tune a year ago.
They were all for TARP, and bailing out the financials saying we would slip into a great depression without it.
Well Lehman went under and the world was still spinning and the sun still came up in the morning.
The list of these experts is quite long: in addition to Payne, there's Ben Stein, the sometime actor and prototypical neocon, Art Laffer, Gary B.
Smith aka "the chartman", Tobin Smith and a slew of others not to mention the littany of clueless hosts.
There was one man who stood out though and his name is Peter Schiff.
Several years ago he was warning about the hiusing bubble and the coming drop in housing prices, the coming recession, the fall of the dollar, etc.
This dark sheep spoke and the rest laughed.
He was the only one against TARP, the Fed, too much spending and not enough saving.
And the rest laughed at him.
The president was Bush and his warmongering was fine, his outlandish spending was fine, the economy was strong (though we now know artificial as Schiff warned us then) and AIG, Goldman Sachs et al were too big to fail.
They mocked and mocked.
Now the president has a D after his name and everyone has changed their tune.
Now nobody is too big to fail, now we are spending, borrowing and printing too much money, etc.
Are these financial "experts" basing any of their opinions on knowledge of economics? Monetary Policy? Or are they just totally clueless and are just blowing smoke? Or are they politically driven? Maybe.
This is what happens when your belief system is based on nothing.
They are not grounded in a political and economic philosophy of true free markets and sound money.
This is why they drift from opinion to opinion based on the events of the day and as financial "experts" have no vision.
And why they are so so frequently incorrect.
Your call.
He was asked about letting companies like that fail and he responded with "nobody is too big too fail".
I agree whole heartedly.
However he and his Bulls and Bears and other Fox Business colleagues were whistling a different tune a year ago.
They were all for TARP, and bailing out the financials saying we would slip into a great depression without it.
Well Lehman went under and the world was still spinning and the sun still came up in the morning.
The list of these experts is quite long: in addition to Payne, there's Ben Stein, the sometime actor and prototypical neocon, Art Laffer, Gary B.
Smith aka "the chartman", Tobin Smith and a slew of others not to mention the littany of clueless hosts.
There was one man who stood out though and his name is Peter Schiff.
Several years ago he was warning about the hiusing bubble and the coming drop in housing prices, the coming recession, the fall of the dollar, etc.
This dark sheep spoke and the rest laughed.
He was the only one against TARP, the Fed, too much spending and not enough saving.
And the rest laughed at him.
The president was Bush and his warmongering was fine, his outlandish spending was fine, the economy was strong (though we now know artificial as Schiff warned us then) and AIG, Goldman Sachs et al were too big to fail.
They mocked and mocked.
Now the president has a D after his name and everyone has changed their tune.
Now nobody is too big to fail, now we are spending, borrowing and printing too much money, etc.
Are these financial "experts" basing any of their opinions on knowledge of economics? Monetary Policy? Or are they just totally clueless and are just blowing smoke? Or are they politically driven? Maybe.
This is what happens when your belief system is based on nothing.
They are not grounded in a political and economic philosophy of true free markets and sound money.
This is why they drift from opinion to opinion based on the events of the day and as financial "experts" have no vision.
And why they are so so frequently incorrect.
Your call.
Source...