Loans and cash

So, what is it with these “experts” anyway? How can so many well- informed people be so wrong so often?
Part of the problem may be that the pool of “experts” is getting diluted.
A few years ago, before the proliferation of talk shows and the Internet, you had to be well versed in a particular subject before you were invited to appear on television or radio.
Not anymore. These days, talk shows have multiplied to such an extent that the supply of “experts” has increased to meet the demand. Of course, common sense will tell you there is a limited supply of experts on any particular subject, but this doesn’t seem to matter very much because there is so much babble sprouting up in all forms of media that it’s possible to say almost anything, no matter how outlandish or uninformed, and get away with it. The proliferation of Internet financial sites has also created demand for more “experts.” Every site needs columnists and “analysts” to expound on the daily developments on the financial scene. Most of them are excellent writers, and it sure soundslike they know what they’re talking about. But who are they? What are their backgrounds? How much experience do they have? Have any of them ever even experienced a bear market or anything other than “momentum” and “index” investing?
It’s tough to tell if you’re reading truly informed analysis or just plain nonsense that has been created to provide content. This nonsense cuts across ideological boundaries. No matter what your personal, political, or business agenda, it is possible to put your own “spin” on almost anything—even historical matters that are not really open to debate—and chances are you will not be challenged. And even if you are challenged, so what?
Rush Limbaugh, for example, has blamed the oil shortages and gasoline lines of the 1970s on Jimmy Carter, saying that “those gas lines were a direct result of foreign oil powers playing tough with us because they didn’t fear Jimmy Carter.” But the first—and worst—OPEC oil price hike took place between 1973 and 1974, during the administration of Richard Nixon. Not only that, but one reason for OPEC’s initial oil price hike was the Nixon policy of wage and price controls, which caused OPEC to feel it was not receiving a fair price for its oil. Everywhere you look, “experts” are spinning facts to promote an agenda. To this day, Democrats still try to deny that the economy performed well under Ronald Reagan.