The Noise Industry

We looked at the media a little bit this pm. My goodness! Noise is everywhere. Folks are desperate to be heard; they clamor endlessly for spots on TV (we were one of these, once upon a time). The competition in the noise industry is intense, both for an appearance, and in debate. It’s big business. But it’s not necessarily information.

Excess is also the norm with the written word. There are too many words, too many stories, too many diatribes that aren’t worth a trip to the outhouse. We are suffering from a sever case of inflation in word usage, verbiage re-defined.

All of this particularly irritates when applied to economics. You think these witch doctors, prognosticating on the stock mkt and the economy have any idea about what they’re talking about? As the chief economist of Northern Trust (and a friend) once told us, “We’re just entertainers.” Think these guys provide insight? You come home, have a Jack, let some barker tell you what happened and why today, and then you sleep better. That’s it. They know it. That’s where the $ comes from. Ask them, as you would a plumber for example, for their track record and there is only silence.

Humility is key in trying to close the economic pattern ahead. Most of us have our hot moments. Key is to recognize the not-so-hot, that is, our limitations. We all have the power of insight. That is what this blog is about. We don’t need authority figures, economists (who continue to earn salaries given a track record south of 50%), or anyone else. All we need is judgement, common sense.

Our last sketch presents in distilled form just what is needed to fire this economy. Let’s leave it at that for the moment. The rest is noise.

Robert Craven