The Bazooka Jams As Propaganda, Pardon, Media Always Gets It Right... Eventually

Tyler Durden's picture

Compare and contrast the following headlines:

and then,

Really nothing much to say here.

Let's focus on some of the salient paragraphs from the two articles:

German Chancellor Angela Merkel
rallied European leaders to help Greece deal with its debt
crisis. She still hasn’t sold her political allies at home on
the idea.

Says Bloomberg. Odd, because over across the Atlantic, we read:

Angela Merkel, the German chancellor, mounted stiff resistance tonight
to any swift bailout of Greece, as a rift opened up between European
capitals over how best to tackle the risks posed to the euro.

Little point in copying and pasting anything else. We already know that the "bailout" is not going to happen most likely because the EU "leaders" will never be able to agree on a cohesive plan that does not cause mass revolts (you see Europeans may be anything Americans like to call them, but they sure can rally the troops when needed). In other news Goldman compares the Greek bailout to Paulson's Bazooka:

“It’s like Paulson’s bazooka,” said Nielsen, Goldman
Sachs’s chief European economist in London. “It’s a difficult
balancing act -- saying something comforting to the market
without committing money and hoping the market will take their
word for it.”

It appears Erik is a fan: some time prior we posted:

It is a clear indication that just like Paulson said in July 2008,
Europe is preparing to take out the "bazooka" and deal with the
elephant in the room. However, just as in 2008, the EU will very soon
learn, and demonstrate to the market, that not only is there no
bazooka, but when you don't have the facility of access to the reserve
currency printer, you are, well, fornicated.

Regardless of the shared vivid imagery, the bazooka just jammed. Did these people ever buy Paulson's highly objective memoirs? Or even read the courtesy copy?

Bazookas, elephants, propaganda, revolutions.... It is shaping up to be a fun Friday.

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Daedal's picture

Ah yes, "news" -- gift wrapped for our consumption. To hell with the content, the packaging is nice.

DaveyJones's picture

at least the currency makes good wrapping paper.

carbonmutant's picture

"image is everything" - Andre Agassi


Zina's picture

Sure it's a fun Friday: Carnival is just starting here in Brazil!

Financial and/or Nuclear Armageddon can wait until next Thursday to begin? It would be annoying if the world ended in the middle of our national orgy.

Anonymous's picture

Hey, if it has to end, what better time?

WaterWings's picture

Pensa que ela pode dancar pour ~oitenta minutos? Eu queria ver algo gostoso, nao a menina. O fim do mundo?

glenlloyd's picture

Wow...custom tailored news...who'd a thunk it! Unbelievable that two pieces can be so different, yet probably based on the same tidbits of information. Then again it's been going on for quite a while now and I don't expect we'll get anything different as long as insolvency rules.

dollar gained last night too...

Going Down's picture

 

Eventually

 

Feb. 12 (Bloomberg) -- Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, a situation that will lead to the break-up of the euro bloc....

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.DhVdgUJ6nA&pos=5

TraderMark's picture

Nouriel Roubini crushed an aghast Steve Liesman this morning on CNBC - 8 minute video

http://www.fundmymutualfund.com/2010/02/video-nouriel-roubini-crushes-kool-aid.html

It truly shows the disconnect between the mainstream and the ZH crowd!

Andrei Vyshinsky's picture

What is most regretable here is that Roubini, a man of some personal dignity, gets into the tub with slime of this kind. He does himself a disservice both as an economist and a human being engaging in McLauglin Group type of food fights with this rifraff. He needs to put the lid on his newly found prominence or he'll have less appeal to serious people than a clown like Krugman. The allure of the camera carries with it a kind of Faustian bargain. He apparently hasn't yet learned that.

Segestan's picture

True. But I didn't know Roubini had personal dignity.

Gunther's picture

A bailout of Greece would be very hard to sell in Germany; even a second bailout for the local banks would be problematic to say the least.

But right now there is carnival in Germany.
The Rhineland is partying and government and corporations there are shut down until next tuesday (depending on the hangover possibly until thursday.)

The real reaction in/from Germany might be known some time next week.

Anonymous's picture

Bloomberg has taken a hard turn toward propaganda in the last 6-12 months. I'm not sure if there's a political motive involved, but their pure news value has definitely been degraded.

Anonymous's picture

What news value? If I wake up in the morning, they see it as a "sign of recovery".
Too bad too. They've turned a great franchise into trash.

SteveNYC's picture

Lately, loomberg has turned into the biggest shit dispenser on the internet. Their cheerleading has gotten completely out of hand. They go to press with so much speculation to the upside (how many times have you read a B'berg article lately where the heading features "likely came in better than" or "is probably improving" or "amidst recovery"?)

I miss Mark Pittman, he was their best by far.

bobby02's picture

How bout this one:

"Retail sales in US increase more than anticipated as recovery takes hold."

Why is bloomberg becomin CNBC?

Anonymous's picture

In the last 6 months Bloombug had the word "probably" in alomost 32% of its articles,

WARNING: 75% of all quoted statistics are made up on the spot.

shargash's picture

That's especially rich, considering this from Bloomy's own economics calendar page:

"The comeback matched the market forecast for a 0.5 percent gain."

IOW, retail sales didn't exceed expectations. Another BS headline from Bloomberg.

 

IKEA Is Swedish's picture

That's it. Bloomberg is officially off my reading list.

Daedal's picture

Don't categorically eschew Bloomberg, just avoid the 'news'. Michael Lewis and Jonathan Weil provide some added value and satire. WSJ opinion tends to be good as well. Today's NY Post piece by Rich Lowry is a must-read. No objective news is objective, so make sure that any interpretive stuff that you read is written by someone who acknowledges that bais in advance.

IKEA Is Swedish's picture

My main beef with Bloomberg lately is the bullish cheerleading bias during interviews. The latest Faber and Saluzzi sessions are painful examples.

Thanks for the heads up.

Daedal's picture

I concur with you wholeheartedly. We have Bloomberg playing in the office, an unfortunate side effect of having the terminal. I've concluded that my Blood pressure is directly proportional to the volume on the machine, so it's muted 99% of the time. That is, until Faber/Saluzzi and others are mocking them live on air, in which case I blast it at full volume like I would Celine Dion, err, I mean a rap song.

Anonymous's picture

> The latest Faber and Saluzzi sessions are painful examples.

Which Faber session? Bloomberg had Faber on again after "that" CNBC appearance - last Wednesday, 11pm Eastern. The interviewer (Bernie Lo) was extremely chummy, and he was the one who brought up Faber's "everyone defaults" prediction (Faber coyly pretended not to remember what all the fuss had been about). Asia Confidential has featured some other huge bears as guests in the past, and Lo's been very genial with them too. Mark Miller sporadically throws off snarky and disloyal comments about our glorious recovery (or certainly he used to). A couple of days ago they had a segment (from Chris Valerio) about the tumbleweed blowing through Silicon Valley. Bloomberg telly isn't uniformly bullish or bad by any means.

caconhma's picture

Any media source/institution has an agenda. Truth and objectivity are not their primary objectives.

Finally, do you remember that Mr. Bloomberg is a politician? Well, as you know, any politician truthfulness and integrity are on par with used-car salesmen.

Anonymous's picture

> Finally, do you remember that Mr. Bloomberg is a politician?

Specifically, he's the poor bastard who's responsible for trying to wring as much tax as possible out of Wall Street in an attempt to keep NYC out of bankruptcy. While his old day job is selling, er, Bloomberg to Wall Street. Bloomberg News/TV looks almost like a model of objectivity when you remember it's playing under that handicap.

bankofamerika's picture
bankofamerika (not verified) Feb 12, 2010 9:54 AM

hat tip to: http://www.iamned.com

Jim in MN's picture

 

Hey, man, put this in your bazookabong and smoke it: European Central Bank Chief Economist (a German, egads) says NFW to bilateral or monetary union financial support for Greece (or by extension anyone else). 

 

It's sink or swim, duckies, no life preservers.  Those talking suits are....just talking suits.

 

Greece must resolve crisis itself: ECB chief economist

http://news.yahoo.com/s/afp/20100212/bs_afp/ecbgreecefinanceeconomy

 

 

Gunther's picture

If memory serves correctly "no bailout" is written in the Maastricht treaty.

In that sense the ECB guy repeats old news.

 

Quackking's picture

Deze palookas aint got no dam bazookas, Kapeesh?

Simple's picture

the more i read the news the less i believe there was(is) crisis... maybe all this is just manipulation like 9/11 (obviously a trigger to so called US-ization of the world?) yeah looks like US administration watch too much George Lucas' Star Wars... and the responsible of all that sh$$ since 90s is of course Kuwait...

so now this so called credit crisis is just a trigger to what? invade the world with massive financial destruction weapons???

think about it...a bubble doesn't appear and blow by itself...

mtfbwu like someone could say :)

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