Archive for the ‘pump-and-dump’ Category

Pump and Dump Deja Vu

July 27, 2007

Yes, once again the supposed ‘independent’ analysts from investment banks have been bought off to give buy ratings–which their sales function makes them inclined to do anyway, regardless of reality.

Increasingly a 14,000 DOW is looking like the top as the bad loans come home to roost.   But you won’t find much analysis on the business channels, between Jim Cramer’s shilling, Lou Dobbs’ posturing, and the all important search for a younger, hotter “money honey.”

But no matter how bad it gets we can always count on happy business news from Rupert Murdoch, on his new cable business network and his shiny new prize, the Wall Street Journal.

Posted in Erin-Burnett, Jim-Cramer, Lou-dobbs, Rupert-Murdoch, Wall-Street-Journal, business-journalism, money-honey, pump-and-dump | 1 Comment »

The Return of the Pump and Dump Channel

May 4, 2007

Party time–Dow 13,000! 

At the end of the last century, when someone referred to a particular company or, more likely, a certain stock, I’d say “I saw it on the pump and dump channel.” I was referring to 24-hour business channels like CNBC and the late, unlamented CNNFN with tons of time to let company spokespeople and analysts with screaming conflicts of interests plug their picks. Of course, there were plenty of business journalists with conflicts too.

In the 50’s, “Newspapers would put their drunks and burned-out cases on the business page, says  former Forbes writer Jim Michaels.  Now it’s about which “money honey” is the hottest.  
Then there’s the Jim Cramer vs.  Lou Dobbs battle of the Harvard madmen.  Cramer’s pounding the table on stocks he likes is bad enough, but Lou Dobbs seems to want out of the business ghetto, he’s found a media conspiracy  and his CNN enablers seem content to let him say say any kind of shit.  

With what passes for financial journalism, what’s depressing is that we’ve been here before, with most of the same characters.  It’s easy to be a genius in a rising market.  Let’s see what happens if the house of cards falls—again. 

Posted in Dow-13000, Jim-Cramer, Lou-dobbs, business-journalism, money-honey, pump-and-dump | 1 Comment »