May 06, 2008

Let's Not Get Carried Away Here, Shall We?

WELL, HERE'S THE MARKET REPORT of the Day, from none other than the Fox Business channel, which breathlessly reports: "Wall Street Defiant in the Face of $122 Oil."

Yes, that's right -- defiant. You know, because a rising market is as American as motherhood, apple pie and National League baseball.

The report goes on to express wonderment at the market's rise on a day when oil prices were at $122 a barrel and -- wait for it -- Goldman Sachs forecasted a potential price spike to $200 a barrel in the not-too distant future. You know, because Wall Street investment houses are always spot on with their forecasts about the commodities markets. Also, the markets solely respond to oil prices when they decide to go up or down.

I much prefer the reporting job the Associated Press did about oil prices. It's actually a decent report. Instead of babbling on about oil prices so high the American people will resort to wearing barrels instead of buying them, the AP looks at facts of minor import, such as: a) this isn't exactly a new prediction from Goldman Sachs, b) Citigroup, in so many words, came out and said Goldman's analysis was crap. The Rant, accordingly, gives a tip of the hat to the AP for digging beneath the surface of the matter.

Posted by Benjamin Kepple at May 6, 2008 11:58 PM | TrackBack
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