There is no question a big reason why the MSM informs so little is that senseless theories and rumors continue to be pushed even after being thoroughly refuted or debunked.  So often proving a point is, well, besides the point.  Confusing the issue and deflecting attention from real answers is the goal.

Pundits and think-tank ‘experts’ incur no cost whatsoever for doing this (professional, legal, reputational, etc.) since most are never held accountable for their past analyses or predictions, so it’s a cheap trick to further their backers’ agendas.

There are plenty of examples, but a particularly onerous one is the ‘Fannie and Freddie created the crisis by mandating minority loans’ meme.  It’s a favorite of Neil Cavuto over at News Corporation.

So I am ecstatic at this little experiment Barry Ritholtz is proposing: He will debate anyone on the topic, and bet $100,000 of his own money on it.  Let’s see how many idiots are willing to put up, and how many will finally shut up.

Today’s Strasbourg town hall was a milestone.

In 60 minutes Obama took blame for our arrogance in the Bush years, told Europe to lose its anti-Americanism, that America is changing but Europe needs to change too, reminded us all that France is our oldest friend, and how we brought Europe and Japan to their feet after WWII with the Marshall Plan.

Of course, the media has no patience for important thing like a re-invigoration of our alliances.  I switched over to CNN where David Gergen and AC were discussing how Obama had been rebuffed because he couldn’t get major troop commitments for Afganistan.

Does anyone really expect that after 8 years of Bush the Europeans will just say ‘yes America, anything you want’ like that?  I mean the man is good, but he can’t walk on water!

Sure we could throw our weight around and TELL our allies what to do.  And how would that be change?  In fact it would be a continuation of the last eight years.

Instead, Obama is leading.

UPDATE 4/5: Jack Welch calls it “masterful”.  At least I’m glad the pundits let sane people do the talking sometimes.

Now that they have found an MSM willing to go along with the silly ‘Obama bear market’ meme, the GOP is actively working to keep the market on a downward slide.

That’s why Richard Shelby goes on This Week and says about the banks: “I don’t want to nationalize them, I think we need to close them. Close them down, get them out of business. If they’re dead, they ought to be buried”.

I realize he’s the dumbest of the bunch, but there is no way he doesn’t realize the effect such a reckless statement may have on the market tomorrow.