If you have read some of my previous posts, you might know that news headlines can drive me crazy – either because they are accidentally or purposefully misleading or because they are just stupid. Today, Bloomberg annoyed me all day with this rather ridiculous headline:
If you actually read the article you can make sense of it, that “Stock Oracles are at odds with Bill Gross” – isn’t that a better headline? Anyway, I’m sure Bill Gross is trying to drum up more fixed income business, but I am also more likely to agree with his assessment of the economy versus that of all the Wall Street firms whose livelihood depends on everyone jumping into risky assets.
Besides, Bill Gross had good company when today, Nobel Prize winning economist Joseph Stiglitz said, “There’s a lot of risk going ahead of some big bumps…There’s a very big risk that markets have been irrationally exuberant”. His main concern was with unemployment, saying that economic growth this year and next will “fall well short of what we need to stop unemployment from growing”. What an optimist. Luckily Bloomberg shoved that story to the bottom of the top news and kept the cryptic Bill Gross headline up top.