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Saturday, August 18, 2007

BE CAREFUL OF THE INTERNET

BE CAREFUL OF THE INTERNET

Please be careful of what you read, see, or hear on the internet. There is so much outright incorrect information there, even I, an somewhat intelligent individual, has a most difficult time separating the wheat from the chafe.

This is particularly true about information on financial matters which I follow quite closely. I wrote over a week ago about John Browne who is quoted frequently in News Max. The day the Feds met and decided to leave interest rates unchanged, Browne castigated the Feds saying they should have increased the rates for that is what the financial markets expected. I wrote in my Blog that Browne was incorrect, that the Feds should have decreased rates. I also wrote that Donald Trump thought the same and suggested that the rates be decreased by a whopping one percent.

I wrote several Blogs stating that from a purely philosophical point-of-view decreasing rates was the correct thing to do. Why? The answer is very simple. If the housing market collapse with the ensuing collapse of the so-called sum-prime lending market were due to the Feds having increased rates so rapidly for about one year ending about one year ago, then it would seem LOGICAL and appropriate to reverse the damage by decreasing rates. The only problem is that it usually takes a year before the correction will occur. But, at least, the market will be told that hope for a correction is on the way.

I am not sorry to say because I have never been known to be an humble man that I was correct all along and many of the great financial prognosticators were incorrect.

As it happened yesterday the Fed decreased rates by half a percent. I wish they were bold and decreased it one full percent, but then again we have a Fed that is always behind the curve as long as I have been following them. Several days ago, one of the Fed members came out publically to say rates should be increased. It was the next two days that the markets collapsed throughout the world. Are these guys stupid? They surely seem stupid to me. They all should go to Jesuit college – I mean a Jesuit college of the old days – where they can brush up on their Logic and Epistemology. I mean a Jesuit college of the old days because I know that in my Alma Mater, Boston College, they have abandoned the teaching of Scholastics as they did in the Good Ole Days when I attended.

These Fed members really are out of touch with what is going on in the market. They have been so concerned about warding off the flea of inflation that the miss entirely the dog of impending financial disaster.

Although I get New Max emailed to me several times each day, I am beginning to wonder that, if the other information they promulgate is as reliable as what John Browne is writing, can I believe anything else. What is bringing this on is that today on MoneyNews.com, a related site to News Max, John Browne is being credited for great financial foresight. This is what was printed today:

“But the track record of John Browne and Financial Intelligence Report, which we at NewsMax and MoneyNews have been publishing since 2003, has been uncanny in its assessment of the U.S. economic scene.”

Who are they kidding? These are the same people who suggested about one week ago to increase interest rates. Yes, it is true that they were forecasting impending disaster, but every one knew that. Please tell me something I do not already know.

Do not get me wrong. The Internet is a great place to obtain information. But one must beware that not all which is on the Internet can be believed, especially in politics and finance.

You can believe me, folks, because I try to tell it like it is. And although these are my opinions, such opinions can be judged only by the quality of the mind giving the opinion.

Move over, Benvenuto Cellini, make way for me!

nicola michael c. Tauraso, M.D.

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