Santelli Slams Analyst And Media "Myside" Bias

Tyler Durden's picture




 

The overwhelming herding of AAPL's analysts highlighted by James Stewart in today's NY Times sets CNBC's Rick Santelli on a path of truthiness not often seen on business media. Citing the findings, most specifically, "analysts are, in the end, salesmen," Santelli notes that the average investor (listeners and viewers of financial media) have limited time and thus are forced to rely on this herd-like behavior. The audience, of course, hears what it wants to hear as confirmation or 'myside' bias' dominates each and every word uttered. But it's not just the financial analysts, its the political pundits who continue to abjectly ignore an exploding deficit in order to support the 'brand' of independence their media provides. The 'safety in numbers' argument holds up as the analysts group together - all knowing the reality ahead, but terrified to break ranks and admit the emperor is indeed naked.


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Mon, 02/11/2013 - 14:38 | 3234051 Go Tribe
Go Tribe's picture

Whatever child keeps winding up the Santelli doll, would you please fucking STOP IT?!?!

Mon, 02/11/2013 - 14:41 | 3234063 zendome
zendome's picture

The '08 crash should have taught everyone that no one is to be trusted. We're on our own and should act/react accordingly.

Mon, 02/11/2013 - 14:45 | 3234080 sbenard
sbenard's picture

Ben Bernanke. He never met a bubble -- pardon me, "wealth effect" -- he didn't like. But that's just what he's blowing -- more bubbles! And what goes up, must eventually and inevitably come down!

BUBBLES Bernanke!

Mon, 02/11/2013 - 14:50 | 3234108 Florida Joe
Florida Joe's picture

Dr Paul Krugman says

 

" . . . Bring up hard economic science solutions like creating debt today to pay off tomorrow and they think people are coming for their guns and gold."

 

"Creating debt today" REQUIRES a "tomorrow" for any payoff by its very definition, thus nothing is "paid off" with debt -- it is merely a fiction and a reshuffle -- kicking the can down the road with nothing accomplished. Due to interest on debt, you are worse off if you ever stop kicking the can. If interest is manipulated downwards, then it is not a free market, it is instead all contrived.

There is simply so much debt now that the interest eclipses the growth rate and our ability to produce.  The myopic statisticians and economists who use prior growth rates (generated when in a bubble) as todays targets are binding themselves to re-inflation of a new bubble -- that is not a free market economy, it is centralized ponzification.

 

*

 

  

Mon, 02/11/2013 - 14:54 | 3234134 From Germany Wi...
From Germany With Love's picture

Okay, German perspective incoming:

This thing is called opportunism and was the keystone to Hitler's ascent after 1933. After Hitler grabbed power people switched to his side because in a self-fulfilling prophecy they assumed he'd never let go of power anymore and so it was best to switch sides. And people stood to Hitler right until his death.

And for the same reason as with the analysts. The logic is: if you do evil and enough other people do the same, there is a certain safety in numbers. And surely after 1945 the Allied only persecuted the biggest of Nazi criminals.

Safety in numbers allows for any unreasonable or even criminal action. Until allied bombs start following on your head, killing opportunists, die-hards and dissidents alike.

Mon, 02/11/2013 - 15:02 | 3234165 redpill
redpill's picture

If that was really a German perspective you would have put all your verbs at the end!

Mon, 02/11/2013 - 15:16 | 3234223 jayman21
jayman21's picture

That some funny shit was.

Mon, 02/11/2013 - 15:20 | 3234237 ebworthen
ebworthen's picture

Oh yeah, and the Apple "iWatch".

Boy, Apple is really going off the rails without Steve Jobs.

The new generations don't wear watches, they are "old school".

If they have an iPhone, why would they buy an iWatch?

Do your own research and look and see how many people under 35 wear a watch.

What next, an iCalculator?

Go ahead, buy AAPL.

Mon, 02/11/2013 - 15:32 | 3234279 redpill
redpill's picture

I thought you were joking and then I googled it, wtf

Mon, 02/11/2013 - 17:00 | 3234652 Mike in GA
Mike in GA's picture

iSee

 

Wireless spectacles, HUD, designer color frames with rimless lenses, wireless charging just-by-walking, Foxconn custom MFG by 3-D printing robot air-mailed to the US every 15 mins, (except on Sundays) (& Saturdays)

 

 

plus other, secret features TBA

Mon, 02/11/2013 - 19:27 | 3235041 Anusocracy
Anusocracy's picture

iWatch porn.

Mon, 02/11/2013 - 15:30 | 3234278 geewhiz190
geewhiz190's picture

the bigger question is whether or not these "buy" ratings are tied to the various firms's ability to trade AAPL's huge investment portfolio and generate commission revenues. in the days of ENRON, nobody was allowed to say no to them about anything they asked for.

Mon, 02/11/2013 - 16:06 | 3234436 trendybull459
trendybull459's picture

you can cry,you can bite your tongue and head into wall,we have game and the name is "Suiside" itself before we slot you!

Visit us with new page and vote for FED poll,do not shy,remember,only together we can kill it:http://trendybull777.blog.com/about/

Mon, 02/11/2013 - 16:55 | 3234638 Hannibal
Hannibal's picture

Fuck anything paper, load up on physical silver!

Mon, 02/11/2013 - 17:29 | 3234743 Never One Roach
Never One Roach's picture

Two weeks before the Lehmans collapse my CFA was tellng me "never a better time to buy bank stocks"....that ended his career, at least in my world it did. Luckily, I listened to my Grandpa who said "buy hard assets like gold and silver."

 

Happily, I did. PMs up over 250% and Lehmans....well, you can read about Lehmans on Wikipedia:

 

Before declaring bankruptcy in 2008, Lehman was the fourth-largest investment bank in the US....

 

 

http://en.wikipedia.org/wiki/Lehman_Brothers

Mon, 02/11/2013 - 21:19 | 3235332 lickspitler
lickspitler's picture

Sell paper silver and paper gold and you'll have lots of cash to buy the physical . Keep stackin clack-a-lackin

Tue, 02/12/2013 - 07:14 | 3236109 WTFUD
WTFUD's picture

Krugers is correct if the man formerly known as " working " wishes to cash in his food stamps at WokMart then who are we to piss on his parade.
Krugman your worse than a junkie. At least once in a while they get off of their Cloud.

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