Media meddling

Wednesday, 27th January 2010 13:46 - by Boredmum

I am truly incensed at the media reporting we have in regard to the financial world. We all remember how it was ‘overcooked’ in 2008. Oh yes, there was no denying that the markets were tumbling and Recession was here, but did they really have to report on it every single morning. Was there nothing else of interest happening in the world? Take this week for example; Obama makes a statement that he wants to cut out the culture in the financial world that led to the previous reckless behaviour of many Banks - the behaviour that led to the downturn in the markets. Is it so wrong when there is so much of taxpayer’s money invested to say that the ‘Casino culture’, the ‘high-risk culture’ needs to end? Maybe I am missing a much larger picture here, but when the news the following morning reports that, in light of his comments, ‘world markets crashed yesterday’. Mmmm...the FTSE was down 0.4% (yes, it really fell off a cliff) but, unfortunately, that type of reporting sets the sentiment for the day and you can bet it’s going to be a down day. I watched as the markets opened at 8 a.m. - there were few transactions at first; it was almost like a delay as everyone waited to see what direction was taken. It typically became a ‘down ‘day. Let’s just hope that they don’t ‘overcook’ it next time...unless it’s positive of course!