So, Warren Buffett makes a statement concerning the dire outlook for
the U.S. dollar if the current account deficit continues, and, without
taking the time to get their story straight, the CNBC Squawk Box leaps
into a vigorous debate. They are batting it back and forth, about how
the mighty Buffett said the dollar would become "worthless."
Buffett actually has to place a call to Becky Quick, while she is on
the set, to set the record straight. He explains that he had said the
dollar would be "worth less," not "worthless." Of course, Jim Cramer
and the rest of the Squawkers have a big time, laughing at the little
misunderstanding. Incredibly, they apparently never stopped to address
how incredibly irresponsible they had been in running with a story
before they had the facts.
One might think that, in these uncertain times, those charged with
delivering the financial news to the American public would do so with
integrity and care. But, of course, the mad rush is always to get the
news first. They don't have time to concern themselves with getting it
right. It's just a shame that these knuckleheads didn't find their way
to the Ringling Brothers rather than Wall Street. At least beneath the
big top, their circus act would be harmless and cute.
As it turns out, it isn't the dollar that is worthless. It is the
Squawkers.
That is the Word on the Street.
Veracity Jones
www.basherbusters.com
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