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Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse by Jeff Macke, Joshua M. Brown

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CHAPTER 3

THE FIRST MEDIA-BLOWN BUBBLE

 

Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.—GEORGE SOROS

We like to think that the modern media machinery is behind the boom-bust-boom investment cycle that has characterized the last couple of decades. We’re fond of pointing out the ways in which the television or the Internet is somehow responsible for each mania that arises—as though basic human emotions like fear or greed have only come into existence at around the time of the transistor or the microchip.

As foolish as it would be to blame the media for speculative excess, however, it would be equally foolish to completely dismiss its role entirely. While the press ...

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