I rarely refer to videos on this blog but this one is just the epitome of my feelings towards the media. I suggest you go see it now and get back to my post afterwards:
What is the link between personal finance and this video? The Media are totally sick, always looking for something to say. They remind me of my 2 year old; on a daily basis during supper, while my older son is telling us what he did at the daycare, the little one is trying all the tricks in the world to get attention and the right to speak. Therefore, she says “Daddyyyyyy?”, she makes weird noises, taps on her dish or makes bubble with her milk. When she finally gets an annoyed look in her direction, she smiles and says something like “I’ve been to the daycare today”.
The Media act the same way: they make a huge deal on just about everything. Offering coverage with experts, testimonials and projects on the rest just to get our attention. But in the end, they just don’t have much to say and the news is not that big.
It touches our personal finance in the sense that the Media affects our beliefs as consumers, as investors and as homeowners (or should I say mortgage-tied-homeowners?).
Remember the 2008 economic crunch? They were telling us that it was the end of capitalism. Economists, financial analysts, finance gurus and all the other “experts” were shown on the big screen to tell us that we will be losing our job, that our economy was sick and that this time, it wasn’t a recession as usual. Did you Canadian Banks profit over the past 2 weeks? They all beat the market expectation except for RBC. Quite impressive for the supposedly post-capitalism era, isn’t?
Now we are moving to a different story for the past 6 months: the inevitable (huge) raise of interest rates. Since Australia moved up their daily interest rate back in Autumn 2009, we have heard, read and seen all those experts telling us that the wave will surely hit us in the face. They pull out housing boom graphs to show us how bad the housing bubble will burst in our face. Yet, so far, the Bank of Canada is still saying that they won’t touch the interest rate until June 2010 and while inflation is still under pretty good control, our dollar is getting stronger and stronger compared to the US dollar. Prime rate 4% at the end of the year anyone?
I’ve always wondered if the Media were creating or reporting on the crisis… 2008 economic crunch, H1N1 and now the interest rate in Canada… I’m curious to see who will be right this time 😉
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