Another Sky-is-Falling Guru

Do pessimists get more attention in the traditional media and on the Internet than optimists?

CNBC featured another “sky-is-falling” expert (so-called) in US Economy Going from Bad to Worse: Roubini

Why does the media focus on these losers? You may wonder what I mean by Roubini being a loser since he garners so much media attention.

Even the New York Times published a piece with a headline that shouted, Dr. Doom, and said, “Roubini’s critical and consistently bearish economic views have earned him the nicknames “Dr. Doom” and “permabear” in the media.

This is the second prediction of a financial advisor that I have written about and Roubini appears to be worse at predicting the future than the first guy I wrote about in The Earning Power of Predictions

If you want to know the details, I recommend reading Nouriel Roubini Was Wrong, Again, and Again and Again.

“Dr. Doom”

Here are a two pull quotes from that post: “Update May 19, 2011: Okay, this has become as easy as hitting the side of a barn with a baseball. Now, more than two years later, Roubini’s predictions made late in the financial crisis and documented below couldn’t be looking much worse. More importantly, any investors who followed his advice have taken a bath (that means they lost a lot of money) . Since he stated that stocks were engaging in a sucker’s rally, U.S. and global stock prices have doubled!

“Update October 30, 2009: Oil has climbed above $80 per barrel this month so Roubini’s January prediction that it would stay below $40 for all of 2009 ain’t looking too sharp just now.”

You may want to click over to Eric Tyson.com and read the rest of the facts about Dr. Doom being wrong again and again.

Why does the major media focus on so called guru’s of doom and gloom who are often wrong way more than they are right instead of someone that is right more than they are wrong?

Is the answer Yellow Journalism or the fact that one large-scale scientific study concluded that “pessimists” live longer healthier lives than optimists do? Source: Recruiter.com on Hiring Pessimists


Another opinion about who lives longer—a pessimist or an optimist?

As for me, I suspect I’m more of a pessimist than an optimist as I’m always expecting the worst to happen, while writing goals that aim for success and then working to make those goals materialize. To me, if you do not do anything, the glass is empty–not half full or half empty.

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Lloyd Lofthouse, a former U.S. Marine and Vietnam Veteran, is the award winning author of The Concubine Saga.

His latest novel is Running with the Enemy. Blamed for a crime he did not commit while serving in Vietnam, his country considers him a traitor. Ethan Card is a loyal U.S. Marine desperate to prove his innocence or he will never go home again.

And the woman he loves and wants to save was trained to hate and kill Americans.

To follow this Blog via E-mail see upper left-hand column and click on “FOLLOW!”

The going, going, gone American Dream

If Joseph Stiglitz is correct, the chance of achieving a common America Dream is quickly fading for most people in the United States.

What is that “American Dream” anyway?

PBS.org’s Bill Moyers Journal quoted James Truslow Adams, who wrote of the American Dream in 1931, saying the American dream was: “that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement…”

However, after founding the US in 1776, the American Dream meant something else to most people. Back then, the American Dream was linked to the migration West toward the Pacific as people searched for some sort of paradise (the grass is greener on the other side of the hill mentality).

In fact, the American Dream has never had just one meaning. To most immigrants coming to the United States, the American Dream means coming to a country free of despotism and burdensome taxes without a hierarchical or aristocratic society that determines the glass ceiling that stops most people from improving status and lifestyles.

Back to the man that says the American Dream is dead—at least the most common 20th century American Dream.

Aaron Task, writing for the Daily Ticker, reports, “Columbia Professor and Nobel laureate Joseph Stiglitz … reaches some startling conclusions, including that America is “no longer the land of opportunity” and “the ‘American dream’ is a myth…”

“In the last 30 years,” Stiglitz says, “the share of national income held by the top 1% of Americans has doubled; for to the top 0.1%, their share has tripled, he reports. Meanwhile, median incomes for American workers have stagnated…” while “…just 8% of students at America’s elite universities come from households in the bottom 50% of income…”

Importantly, Stiglitz believes inequality of wealth and opportunity are hurting the overall economy, by limiting competition, promoting cronyism and keeping those at the bottom from reaching their potential…”

How many common working class Americans do you know of that worked hard to achieve his or her American Dream? And I’m not talking about the Paris Hilton’s of the world that inherited great wealth.

S. M. Miller, From Rich to Richer, says, “Half of those on the Forbes 400 list started their economic careers by inheriting businesses or substantial wealth…only three out of ten on the Forbes list can be regarded as self-starters whose parents did not have great wealth or own a business with more than a few employees.”  Source: Born on Third Base

This means that 120 of more than 310,000,000 Americans achieved the American Dream of success leading to great wealth (those are very stiff odds). I don’t know about you, but I do not know any of those people personally.

Instead, according to Credit Cards.com, in 2008, there were 176.8 million credit cardholders in the US and today, the average credit card debt per household with credit card debt is $15,799. In November 2011, USA Today reported that total student loans outstanding will exceed $1 trillion for the first time. CNBC says short term loans is about $40 billion; small business loans $68 billion; farm loans are $114.2 billion; auto loan debt is $313.8 billion; tax debt owed to IRS is $345 billion; revolving home equity credit is $577.8 billion; revolving consumer credit outstanding is almost $1 trillion, and residential mortgage debt outstanding is $14.64 trillion (and this does not include the national federal debt).

How long do you think the debt ridden US will be able to hold onto that borrowed American Dream?

Discover The True Value of American Idol where one of about 60,000 will win first place and achieve his or her American Dream.

_______________________

Lloyd Lofthouse, a former U.S. Marine and Vietnam Veteran, is the award winning author of The Concubine Saga.

His latest novel is Running with the Enemy. Blamed for a crime he did not commit while serving in Vietnam, his country considers him a traitor. Ethan Card is a loyal U.S. Marine desperate to prove his innocence or he will never go home again.

And the woman he loves and wants to save was trained to hate and kill Americans.

To follow this Blog via E-mail see upper left-hand column and click on “FOLLOW!”