Investing became a daily “sports” event back in the late nineties according to the ”Wall Street Hype Machine,” a BusinessWeek cover story. Big advertisers in the financial services industries have thousands of products to push. So they spend $15 billion every year hyping 14,000 funds, 8,000 stocks, countless bonds. Ad money has transformed cable, television, newspapers, financial magazines and online sites into a huge 24/7 multimedia casino and transformed a generation of investors into addicts obsessed with playing the market. Advertisers as well as corporate media owners subtly influence the selection of editors and anchors, guide editorial policies, and pressure overworked reporters into taking the easy path between investigation and analysis, on one hand, and merely rewriting press releases prepared by savvy Wall Street’s admen skilled in manipulating public opinion.
Ever wonder why you feel addicted to financial news, like you need a fix if you didn’t catch the latest market-moving hot breaking-news flash? Ever get super-anxious, like you’re detoxing when you go more than a few hours without checking in on CNBC, Fox or MarketWatch, or reading The Journal, Kiplinger’s or Money? Well, sounds like you’ve been brainwashed the “Wall Street Hype Machine,” which has turned you into a robotic junkie addicted to “The News!” … which is the goal of America’s advertising buyers. (More)