Posted on 12/20/2008 5:55:23 AM PST by moneyrunner
Dan Gainor at Townhall.com notes that the media was not only wrong about their gas price predictions, but they were wrong more often than if they had flipped a coin.
The predictions were consistently wrong. ABC, NBC and CBS, who can seldom get current events correct, are even worse guessing future news. In fact, for most of 2008, network news stories that predicted oil or gas prices were wrong nearly two-thirds of the time (63 percent).
Two-thirds? You’d be better off flipping a coin or even counting on an NFL referee. Not one network report had guessed that gas would drop to $1.66, the current national average.
As we approach Christmas, let us thank God that the networks are losing viewers and the newspapers are going broke. This is the kind of stupid and irresponsible “reporting” that leads people to do the wrong thing at the wrong time.
Right now, for example, the MSM is predicting the end of the financial world as we know it. My bet is that
(Excerpt) Read more at moneyrunner.blogspot.com ...
“...January will see one of the most explosive rallies in stock market history.”
You gotta be in it to win it. Buy sound companies now at 8-10 times next year’s reduced earnings.
If they were unbiased that number would be very close to 50%. A number of 63% clearly indicates a bias, a hidden agenda.
What were they predicting? Whether gas prices would be higher or lower? In that case random selection would be 50%. Were they predicting it to the penny? In that case 37% right is amazingly high.
It wsan’t that long ago when Cramer predicted 5 bucks a gallon for gas.....and then T. Boone Pickens publicly stated gas would be back up by years end (which year I wonder) to over $100 bucks a barrell.......No matter how much OPEC cuts, if the demand isn’t there anymore (everyone’s broke since their price hike), nobody is buying and we could see $20 bucks soon.......and Russia will not be able to invade the world as they have tried with their newfound wealth.
It wsan’t that long ago when Cramer predicted 5 bucks a gallon for gas.....and then T. Boone Pickens publicly stated gas would be back up by years end (which year I wonder) to over $100 bucks a barrell.......No matter how much OPEC cuts, if the demand isn’t there anymore (everyone’s broke since their price hike), nobody is buying and we could see $20 bucks soon.......and Russia will not be able to invade the world as they have tried with their newfound wealth.
They don’t know, do they?
And at this point, they could not evem make a SWAG (”scientific wild (eyed) guess”). They are so bound up in their own prejudices and biases, they cannot bring themselves to compare this to the crisis that was gathering during the Hoover Administration and was carried over into the New Deal. FDR was once claimed to have “preserved” capitalism, but it was a stunted, perverted kind of “capitalism”. There were “fair trade” laws, and price fixing for shipment of goods, with published price schedules for shipment from every point to every other point within the US and US territories overseas. Not until after WW II was ended, and Republicans ran on the slogan, “Had Enough?” was this old, super-regulated soviet-style bureaucracy ended.
And FDR had to die first, ending his “Presidency for Life”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.