Friday, May 12, 2006

Of course, it's a loss of CONSUMER confidence

Sometimes, I have to laugh about the determination of the MSM to twist, spin, and skew every story into a puking repudiation of the [hawk, spit, boo, hiss]EVIL BUSH ADMINISTRATION. Found the following on CNNMoney
After charging toward an new all-time high earlier in the week, the blue-chip Dow index tumbled about 140 points Thursday as a spike in gold and oil sparked selling in the stock market.

Two economic reports released Friday kept investors on edge about inflation.

The University of Michigan's preliminary index of U.S. consumer sentiment for May fell to a seven-month low as high gas prices took a toll on consumers.
Gee, that doesn't sound like a lost of consumer confidence to me - it sounds as though people are shifting their money from stocks to commodities (gold and oil). When the blue-chips falter, doesn't that often mean that more speculative, riskier investments get the benefit? And, wouldn't that translate into INCREASED confidence?

Oh, what do I know? I'm not OFFICIAL media.

Tags = News & Politics

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