Media “experts” finally held to account

Even if nothing happened in the financial markets that day there would still be a 60 page edition of The Australian Financial Review published the next day.” That was the view shared by one of my first lecturers in financial planning back in 2000. (I wish I could remember which lecturer so I could give him credit.)

Time proved that to be correct and over the past nine years I have progressively read less and less of the mass media and more specialist publications. Most of what is published in the mass media makes me quesy or irate – often both simultaneously. Too frequently I feel that mass media financial articles confuse the issue and are too superficial by not considering the real, valid depth.

I could rant on this topic for a long time, but I won’t. Have some fun instead and watch this enlightening video by Jon Stewart of The Daily Showin the USA. Stewart takes the so called experts of CNBC, the business show, to task over their forecasts and soft approach on CEOs.

The Daily Show With Jon Stewart M – Th 11p / 10c
CNBC Financial Advice
thedailyshow.com
Daily Show
Full Episodes
Economic Crisis Political Humor

Ten Best Paid Politicians – Value for Money?

With all the kerfuffle by politicians over the remuneration of company executives I found it interesting to read this list of the ten best paid national leaders. Originally compiled by The Times and then re-crunched by The Australian to show their payper capita. (If the link does not work you may also read the article here.)

Interestingly by this measure Kevin Rudd (the Australian Prime Minister) is earning roughly ten times as much as Barack Obama (President of the USA).  

When it comes to how much politicians are paid I’ve often wondered if it is evidence to support the saying that “you pay peanuts you get monkeys”.

That said, many company executives who contributed to the global financial crisis were paid multi-millions and now appear to have been monkeys in human suits.

When you boil it down, mostly this is a bit of fun. I think it is fair though to remember the rule of thumb that paying a high fee is no guarantee of quality, but if you expect quality then be prepared to pay for it.

Thanksgiving Menu 2008

I just read this bit of wit in the December edition of Noel Whittaker’s newsletter. Whittaker didn’t quote the source, but I think the person is worthy of congratulations as it is quite clever. So if you know the origin please let me know.

Appetizers

Mélange Of Frozen Markets
Tossed Assets With Government Guarantees
Frisée Of Foreclosures And Defaults

Main dishes

Évaporation de Credit à la Cold Turkey
House Signature Dish
Seared Investors In Bottomless Pit With Caramelized Investments
Overheated Markets Without Oversight à la SEC
Braised Bankers Rump With Bailout Coulis

Desserts

Sorbet Trio Of Shock, Disbelief And Insolvency
Off Balance Sheet flambé

Featured wine

Great Depression Grand Siècle
1933 méthode creditoise

Ord Minnett building crack advice teams

The state of Australian and International share markets has been so bad that stock broking firm Ord Minnett has formed teams to advise clients how to make money selling drugs like crack.

Perhaps they have not read the excellent book “Freakonomics” By Steven D. Levitt and Stephen J. Dubner which explains that many drug dealers still live with their Mums because most dealers don’t make much money.

Ok, so maybe the real story is something different. But when that headline arrived in my e-mail in box this morning, I did start to wonder

Have a terrific weekend   🙂