Normally, I simply mark those emails as spam and move on, but yesterday, I decided to watch the latest apocalyptic story. The email points out that because of the Affordable Health Care Act (Obamacare) 99% of us will start paying a 30% additional tax beginning July 1. This tax, of course, will break us all and cause a major economic collapse. Oh, but if you subscribe for a mere $164, the “investment research firm,” which has predicted all the major collapses since the dawn of time, will reveal how you can survive intact and get rich on the disaster.
- Scarelore existed before the Internet, of course. It’s why people burned witches. But the Internet, combined with the rise of echo-chamber mass media, makes propagating scarelore much easier.
I want to believe in humanity, I really do, but if folks believe the scarelore that comes across the Internet and other mass media, than I fear for our future. I guess I should be, as history does tell us far too many people are fearful enough and ignorant enough that they jump onto these preposterous band wagons and then do really stupid things, things far more stupid than paying $164 to find out “the secret.”
Folks, there is reality and then there is, well, that which the breathless media in all its forms tells us to believe. For example, yesterday, we were all told that Home Depot’s earnings were “disappointing,” yet, in fact, they were actually very good. We were then told that because those earnings and those of other retailers were not up to snuff, the market tanked.
- Lowe’s, the home-improvement retailer and rival to Home Depot, reported first-quarter earnings on Wednesday of 61 cents a share, up from 49 cents a year earlier. Revenue rose 2.4% to $13.4 billion.
Okay … So, today, Lowe’s earnings come out and they are stellar. The market goes up lots and the breathless media’s response is … Oh, where is the story on Lowe’s earnings? The breathless media is all about scarelore, in all its varying degrees. All you gotta do to be safe is buy it.
- Tiffany & Co raised its full-year profit forecast after the company reported stronger-than-expected quarterly results as its increasing focus on lower-priced jewelry attracted customers in the United States, its biggest market.
Discretionary spending is an economic indicator and a decent one at that. Putting aside the expectation of the Fed minutes release today, one might say the market likes the earnings from Lowe’s, Tiffany & Co, and, yes, even the disappointing earnings of Home Depot.
Trade in the day; invest in your life …
