by Lee Adler, Wall Street Examiner
Rising government revenue from tax collections and bailout paybacks are shrinking the federal deficit faster than expected, delaying the point when the government will reach the so-called debt ceiling and altering the budget debate in Washington.
I sent the following email to the Wall Street Journal’s Damian Paletta, the author of this piece regarding the old “unexpected” refrain.
Dear Mr. Paletta:
Mainstream pundits did not foresee the shrinking budget defecate. When have they ever foreseen anything? The fact that this would happen was so obvious that you would have to be a blind turd not to have foreseen it. I am not a blind turd.
I began forecasting it late last year when I saw that the fecal cliff would be allowed to go through. I also repeatedly stated publicly, not just for my subscribers, that it would be bullish because the reduction in Treasury supply would make more Fedbucks available for stocks, and that stocks would melt up, which is precisely what has happened.
You guys keep talking to the same old know-nothing fartbags and report that “no one expected this.” The failure of mainstream media journalists to talk to members of the alternative media who have strong track records of prescience on economic and financial trends and turning points is central to the financial crisis. The unwillingness of you and your cohorts to be critical of mainstream sources, who are NEVER right, is part of the problem.
It’s central to the financial crisis that financial journalists and mainstream pundits and policy makers are working in a closed echo chamber. They all talk only to each other, repeating the same old lies and misconceptions over and over and over. To them it looks like, and becomes, truth. But it’s not reality.
Journalists completely fail to do their jobs, to ask tough questions, to question and report on the track records of their sources and the people they interview day in and day out. CNBC is nothing more than a circus of carnival barkers, the Wall Street Journal a paper lining for a massive pile of stinking elephant shit.
Is it any wonder that alternative media are slaughtering mainstream media outlets? The old media has failed all of us miserably in constantly doing nothing more than rehashing old cliches and propaganda. Meanwhile, I and many others like me, have foreseen virtually everything that they purport no one foresaw. The truth is that only those in the echo chamber didn’t foresee. Anybody who was watching, like me, did see. Only when you live in an echo chamber, divorced from the real world, could you not see what was happening and would happen.
The old conventional news media is dying. The ratings of outlets like CNBC are in the toilet and going down the drain. They deserve the slow death they are suffering through because they serve no useful purpose to society as a whole. By failing to do their jobs, by failing to venture beyond their comfortable “me too” echo chambers, mainstream journalists have largely become the enemy of the people the journalistic profession is meant to serve.
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