Faking It

“If there is here revealed a capacity to shock, to startle the lifeless ones from their profound slumber, let us congratulate ourselves; for the tragedy of our world is precisely that nothing any longer is capable of rousing it from its lethargy. No more violent dreams, no refreshment, no awakening. In the anaethesia produced by self-knowledge, life is passing, art is passing, slipping from us: we are drifting with time and our fight is with shadows. We need a blood transfusion.”

Anais Nin (1934)1

After years of watching American corporations lie to investors about earnings and Wall Street analysts pimp for them and keep their jobs, it amazes me that people are just coming to discover “fake news”. Wall Street has churned out “fake news” since printing the first stock certificate. Companies lie to analysts, analysts lie to investors, the financial press parrots these lies and then everybody sits around predicting the future like a bunch of dime-store palm readers. CNBC claims to be the leading financial news channel when, to borrow the words of its Washington reporter John Harwood, it is nothing more than a cartoon version of a television network creating false excitement about markets to lure unsophisticated investors to day-trade stocks at the worst possible times. They used to say that if you want a friend on Wall Street, you should get a dog. What they meant was that if you were looking for the truth on Wall Street, you are dumber than a dog… Continue reading

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