Doomsayers make for good TV, but does the media have something agaisnt the real apocalypic uber-bears?
The Daily Crux notes that you hardly ever see Jim Rogers on TV these days, and suspects that it’s because the networks aren’t keen on airing his anti-Washington views at a time when all business wants to be friendly with government.
That echoes something Time Magazine’s Justin Fox recently wrote about hardcore libertarian money manager Peter Schiff:
This year, though, Schiff’s TV bookings are down 75% to 85%, says his younger brother Andrew, who handles p.r. for him. About the only things written about him lately have been negative–the result of financial blogger Michael (Mish) Shedlock’s pointing out that Schiff’s investment recommendations were money losers in 2008. How could a bear have managed to lose money last year? Schiff was blindsided when global investors piled into dollars and U.S. government bonds during last fall’s panic. But that rush to safety has already abated, and over longer periods, Schiff’s decade-old strategy of steering clients out of U.S. securities and into commodities and overseas stocks has been a big winner. His investment record surely can’t be the reason for his fall from media grace.
No, the main issue with Schiff seems to be that he hasn’t changed his tune–and it isn’t a pleasant tune to listen to. He thinks the “phony economy” of the U.S. is headed for even harder times. He believes that the crisis-fighting measures coming out of Washington are merely delaying the inevitable, debasing the dollar and loading future taxpayers with huge debts.
It does seem as though we’re hearing less from Schiff, though on CNBC they do frequently have that other, British guy from EuroPacific, who is just as apocalyptic.
That being said, there’s not as much Roubini, Meredith Whitney or Nassim Taleb on TV either. None of them (particularly Roubini) is all that objectionable. It’s just that with the stock market rally, the pullback from the edge of the cliff and, perhaps, crisif fatigue, they’t not in vogue like they once were.
Until we take a real steep ride down again, we can’t test the theory that they’re being shunned.