Let’s say that you’re a market commentator or financial blogger…
If earlier this year you predicted that unemployment would climb higher than 10% and that the market would be crushed, would you now be considered half-right or half-wrong by your followers? Will you be rewarded for nailing the unemployment number or hated for keeping readers out of the biggest market rebound of all time?
We’re starting to see the beginnings of the backlash against many financial bloggers, especially those of the gloom/ conspiratorial kind. Most of the hate is actually coming from other bloggers.
For all of 2008 and the beginning of 2009, we were being force fed troughs full of lies and obfuscation about what our true financial picture was and what was being done behind the scenes. It was in this environment that many in the investor class turned to more, shall we say, alternative voices for a different take on the parade of financial meltdowns.
Bloggers were no longer relaying the news, they were digging for the truth in the data and making the news.
Now, 7 months or so removed from the bottom for most financial assets, many are tired of the conspiracies, even if they contain some truth and even if they do constitute an incredibly unlevel playing field. The attitude is starting to shift more toward the traditional “Hey, I know these guys are stealing and screwing me and are pulling all the strings, but what the hell? I can make money in the market now, too, and what can I do about it anyway, might as well join the party.”