When you read the economic news releases in the mainstream media, you probably wonder what the real story is behind the headlines. And if you don't, you should.
All too often, sources like The Wall Street Journal, or CNBC, or any financial media outfit, aren't telling you the truth.
Sometimes the truth isn't obvious because of the way the media reports the numbers, usually ignoring the actual raw data for the universally followed and seasonally adjusted (manipulated) data. That's just one problem.
But there's a bigger problem that causes facts to become twisted and headlines to become lies...
What's Keeping You from the Truth
The media doesn't work for you.
They work for their advertisers and business clients. CNBC is the longest-running infomercial in TV history, featuring the wares of Wall Street hucksters. Bloomberg uses free news reporting as a loss leader for its real business - selling information terminals to banks, brokers, and institutions at a cost of $30,000 per year per terminal. Reuters does the same.
Then there's The Wall Street Journal, published by Rupert Murdoch's News Corp Dow Jones subsidiary. News Corp isn't really in the news business - it's in the marketing business. For starters, Dow Jones is a sister subsidiary of Realtor.com, the online marketing platform of the National Association of Realtors.
That's right. The marketing genius behind the latest U.S. housing bubble is none other than Rupert Murdoch.
Another News Corp Dow Jones subsidiary is a company that you have never heard of. It's called News America Marketing, whose slogan is, "Your marketing objectives are our business." I want you to think about that every time you read a Wall Street Journal headline. The "you" in the slogan isn't you. It's News Corp's corporate clients.
Think also about the fact that last year, Dow Jones offered buyouts to all of its newsroom personnel to get them to leave their jobs early. Why? Because they're expensive, and because some Journal reporters apparently still fancied themselves as journalists. They wanted to do straight news reporting. That's problematic for The Journal's owners and managers.
You, the reader, aren't their true customers. Their real customers are their giant corporate marketing customers.
Dow Jones wants PR people to churn out press releases. It does not need or want journalists to write in-depth news and analysis. Most of what you read in The Journal is nothing more and nothing less than corporate PR. The Wall Street Journal and CNBC are most interested in disseminating their PR to manipulate you toward their clients' "marketing objectives."
With that background in mind, I'm going to look at the most important monthly economic data releases and report to you on a couple of angles.
About the Author
Financial Analyst, 50-year charting expert, finance + real estate pro, and market analyst; published and edited the Wall Street Examiner since 2000.