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   Brian Wesbury
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  Up or Down, It’s all Bad
Pessimist - "One who, when he has the choice of two evils, chooses both."  Credit to Oscar Wilde

We remembered this quote as we surveyed the press coverage of commodity prices and the economy.  It seems like every conversation about the economy includes something about commodity prices, especially oil and gas prices.  Not surprisingly, the pessimistic tilt has been in full bloom.  What is most interesting about this is that it doesn't matter which direction prices are moving, the media seems to think that it's bad.  Rising commodities – that's bad.  Falling commodities – that's bad, too.  The headlines below tell the story very well.  Each links to the story, but who needs the story when the headlines make it so clear.  There is nothing like a good hook in the media and it seems that the hook of choice these days is the commodity market.

As oil moved up in April:

Gold and Silver Jump on Stock Slide April 26, 2011

US profits set to suffer as commodity prices bite Apr 10, 2011

Markets fall on rising commodity prices Apr 12, 2011

High oil prices to keep markets volatile Apr 10, 2011


Since oil turned down in the past couple days:

Slumping oil, commodity prices halt stock rally

US stocks plunge on commodity price drop

US STOCKS-Commodities rout spurs selling on Wall Street

Dow Plunges as Commodities Get Hammered

Commodities fall puts financial markets on edge
Posted on Thursday, May 12, 2011 @ 3:24 PM • Post Link Share: 
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