ROBERT SHILLER ~ THE ROLE OF THE MEDIA IN SETTING THE STAGE FOR MARKET MOVES ~ IRRATIONAL EXUBERANCE ~ 2000

~ THOSBBRWTAON ~ The History Of Speculate Bubbles Begins Roughly With The Advent Of Newspapers

~ ATNM-N/M/BM/TI-PTADOOME-TATAIPOTE-SME-GOOITISTALGOP-A-TNMAEVFTSOI ~ Although The News Media – Newspapers / Magazines / Broadcast Media / The Internet – Present Themselves As Detached Observers Of Market Events – They Are Themselves An Integral Part Of These Events – Significant Market Events – Generally Occur Only If There Is Similar Thinking Among Large Groups Of People – And – The News Media Are Essential Vehicles For The Spread Of Ideas

~ NS-RHA-S/P-EOTM ~ News Stories – Rarely Have A – Simple / Predictable – Effect On The Market

~ TNMAICCTCTPATNTS-SFTR-FADIN-FAONTH-W-O-M-P-TBTA-A-WP-DAOSTETATRSC ~ The News Media Are In Constant Competition To Capture The Public Attention They Need To Survive – Survival For Them Requires – Finding And Defining Interesting News – Focusing Attention On News That Has – Word-Of-Mouth – Potential – To Broaden Their Audience – And – Whenever Possible – Defining An Ongoing Story That Encourages Their Audience To Remain Steady Customers

~ TNMANATFM-B-ATVLTMP-CN-ITFO-DPC-NBTSMFSFOPINI ~ The News Media Are Naturally Attracted To Financial Markets – Because – At The Very Least The Markets Provide – Constant News – In The Form Of – Daily Price Changes – Nothing Beats The Stock Market For Sheer Frequency Of Potentially Interesting News Items

~ TSMAHSQ-TBCIT-BC-TMFMP-A-BTOAGDISAABOTSOTN-AITTMCFABF ~ The Stock Market Also Has Star Quality – The Pubic Considers It The – Big Casino – The Market For Major Players – And – Believes That On Any Given Day It Serves As A Barometer Of The Status Of The Nation – All Impressions That The Media Can Foster And Benefit From

~ FN-MHGHIPTTETIDWTMOBOF-TOORGONOACSI-SE-FNASN-TAFRHOTECOMNT ~ Financial News – May Have Great Human Interest Potential To The Extent That It Deals With The Making Or Breaking Of Fortunes – The Only Other Regular Generator Of News On A Comparable Scale Is – Sporting Events – Financial News And Sports News – Together Account For Roughly Half Of The Editorial Content Of Many Newspapers Today

~ TMOSTTOS-IRLATDIEDW-TWOFSTISTSAROAGD-TITNASRACBS-OATTCPHATE-IA-WIDO-DI-EAAOIAOQD-APFSTDIFUBCS ~ The Media Often Seem To Thrive On Superlatives – If Reporters Look At The Data In Enough Different Ways – They Will Often Find Something That Is Close To Setting A Record On Any Given Day – The Impression That New And Significant Records Are Constantly Being Set – Only Adds To The Confusion People Have About The Economy – It Also – With Its Deluge Of – Different Indicators – Encourages An Avoidance Of Individual Assessment Of Quantitative Data – A Preference For Seeing The Data Interpreted For Us By Celebrity Sources