One of the fascinating aspects of doing the media circuit is the feedback you get. This is especially the case when you drop a truth bomb on people that they are not ready to hear, certainly not accept.
I was reminded of this yesterday when we saw a parade of those trying to calm down markets, by gently telling them everything is going to be all right. Nothing to see here, move along, move along.
I call shenanigans on that nonsense.
My comment on Bloomberg Tuesday that Bank of America should seek a pre-packaged, GM-like bankruptcy reorg generated a stern phone call from a Mr. Someone, a regular on BubbleTV. Understand, I have been saying this exact same thing for over 3 years (only adding the GM part since their reorg). The other party was a bit of an ass, and when I called them on it (Long BAC are we?), we had a few choice words. When they crossed a line, I informed them all of our calls were recorded — I could practically hear the sphincter tighten on the other end of the line — I added a few choice words the only way I knew how: My exact phrase to this person was a less than eloquent expression involving self-love that is not possible amongst those who are not double jointed.
Which brings me to pundit motivation: People who try to soothe the savage market psychology do so because its their jobs, and it is in their self-interest. They may work for Fed or the Treasury or a firm so large they cannot be tactical investors. Hence, their calming words amount to little more than propaganda, self-interest, and crowd control.
If you think people are sheep, then you try to manipulate their fears and psychology via the media. You engage in color coded terror warnings, you threaten total financial Armeggedon, you warn of an economic seizure. You say what cows the masses into a corner to be harvested and sold off for parts.
I prefer the Truth bomb. Precision guided, accurate to within millimeters, high yielding explosive truths.
If you have the slightest respect for Humanity, you tell them what is. You give them the facts. You honor the Truth, and let the chips fall where they may. Despite my curmudgeonly world views, I still have enough respect for my fellows that I believe Truth telling is the only way to go. And I am more than happy to call out anyone who wants to tell lies to reach their objectives.
I prefer Truth bombs over soothing pundits.
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