Seriously. They make claims and predictions based on their knowledge and if events don’t turn out as they predicted, well, they were either misunderstood, misquoted or we’re living in the most rare and exceptional time…ever.
It’s always going to be rough during an election year. Talking heads from cable news, political parties and supporters on both sides with access to the press can make whatever statements they like and only occasionally suffer upbraiding for an error.
More onerous is the financial talking heads. These people can and do make statements that can directly impact people’s futures, far more than someone in a white house for eight years will.
Currently, the heads were almost in unison beginning the year in that the world was ending. The “collapse” of China’s stock market must surely mean America will soon fall.
Fall into recession. Fall into a bear market. Fall into despair. I seem to recall another character crying about the sky falling. I think he’s in a 4-piece dinner at a KFC.
So, retail investors panic because all these “experts” tell them the economy is in the tank and the stock market will shortly collapse and it will be 2008 all over again. Sell! Sell! Sell!
Um. Except, 4 days later, the labor department says America is adding jobs by the hundreds of thousands. Thousands. Hundreds of.
Oh, well, the talking heads didn’t mean the recession was starting this month. No, you must have heard wrong. And really, job data is for last month, so clearly it’s January and February that will show the sky is falling. We’re not just talking heads, we’re really smart talking heads. Would we be on a TV show if we weren’t?
Here’s a hint for you. Check your spending. Then, have a conversation with a friend or neighbor (or two) about their spending. Still buying cars? Still doing some shopping? Still trying to give gifts to the kids and grandkids?
Yeah, that’s the economy. You. Me. The next door neighbor.
We may not be getting much (or anything) in the way of a raise, but we still are trying to enjoy our lives and get the stuff we can when we can.
And you don’t need a talking head to tell you that.