Over a year ago I said this:
Smart money says the economy will recover and our economic cycle of bubbles and busts will continue on its merry way.
Smart money also says that you do generally the opposite of what the media tells you. The owners of mass media have a message for you - the lowly consumer - and it runs usually exactly the opposite of what the media owners - and economic puppet-masters - are going to do. When they say the economy is bad what they really means is that they want you to panic and to sell low so that they can buy low. When they tell you the economy is in a boom cycle what they really mean is that they want you to buy high so that they can sell high.
This is really no different than people that try to spike the buying and selling of stocks by deseminating rumors that favor the way they want the sheep to move. The sheep move one way and the rumor-mongers move another way.
http://thebloodofpatriotsandtyrants.blogspot.com/2008/07/disinformation-and-economy.html
Today, I give you billionaire financier George Soros:
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U.S. economy has bottomed: George Soros
http://news.yahoo.com/s/nm/20090811/bs_nm/us_economy_usa_soros
"I think it (the stimulus) has made a difference, the economy has actually bottomed and I think we are facing a positive quarter, and I think that is largely due to the stimulus," he said in an interview with Reuters Television in New York.
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What does it mean? On HuffPo one astute poster, GoodRead, said:
When Soros says the economy has hit bottom, what he is really saying is he wants to sell his positions and needs buyers to get in the market so he can get out at a high...The same goes for Goldman Sachs and Chase. When the Smart Money talks, listen...The Dow will drop ~600 points within 75 days.
http://www.huffingtonpost.com/2009/08/11/us-economy-has-hit-bottom_n_256887.html
Surely the "man who broke the Bank of England" and former member of the Carlyle Group can do no wrong?!
Or can he...?
