Mainstream Media | timiacono.com - Part 5

U.S. markets are closed today for President’s Day, so the financial news is a little light stateside,  but it’s business as usual around the world and they’ve been hard at work at the U.K.’s Telegraph this morning providing this update on Libya, oil, and gold.

Let’s see… Brent crude oil is at $104 a barrel, WTI crude is at $89, gold just topped $1,400 an ounce again, and silver surged past $33, looking like it will reach $40 by the end of the week as global equity markets are moving lower along with U.S. stock futures.

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How is this a Bold Prediction???

In the first of what will surely be many, many 2010 year-end reviews and predictions for the year ahead, CNBC goes waaaaay out on a limb and calls for sharply higher stock prices next year in one of their “Boldest Predictions for 2011“.

What would really be bold is if they predicted that their ratings will soar. Of course, with nine of the ten lowest rated cable shows last month as reported at Business Insider the other day, that may not be too difficult to achieve.

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Why People Don’t Buy Gold

Spotted over at the Implode-O-Meter recently was yet another xtranormal text-to-movie, this one dealing with the mainstream view toward gold as an investment.

Favorite line from the gold-averse investor: “I do not want to feel stupid. I do not want to be called strange and weird … I listen to a few people that everyone else listens to. Then, if I am wrong, I don’t feel stupid because everybody else made the same mistake.”

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Paul: “Government Can Not Create Prosperity”

Rand Paul, son of Congressman Ron Paul (R-TX) and soon to be labeled (R-KY) himself, had a big win last night that put him into the Senate while the results were mixed for other Tea Party candidates. It should be an interesting legislative session ahead – not that much of anything will get done (or undone) with a divided Congress – but the electorate certainly expressed their dissatisfaction with the status quo.

Paul’s message and that of some of the other Tea Party candidates certainly resonated with senior citizens where support for the movement was generally quite high. Favorite line from Paul’s acceptance speech: “We are in the midst of a debt crisis, and the American people want to know why we have to balance our budget and they don’t”.

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