As many of you will recall, I recently discussed the ridiculous valuation of Facebook by Goldman Sachs, designed to dump off pumped up shares to naive and greedy investors.
Recently, I ran across an article whereby some clown made a ridiculous case for an eventual $100 billion valuation for this social "networking" website. I didn't bother to waste my time tearing apart this article because the claims made by the author accomplish this task sufficiently.
I hope you are able to spot the psychology here. Quite simply, the guy wanted to generate a large number of reads by selecting a topic that was already in focus, and making outrageous claims as a way to boost traffic. This is a common tactic used by the media.
I want to remind you that you need to avoid these clowns and the sites that publish this kind of material. If you read this trash you are only reinforcing their strategy of delivering trash and delusions.
You need to reward good content by reading it, while avoiding hype and bad content by ignoring it. Remember, each time you visit an ad-based website, you are sending it money even if you don't click ads.
Some of you might recall that I also discussed how useless social "networking" sites have become a few months ago. As a part of my rant, I even referred to anyone who uses these sites as a moron at the risk of upsetting friends and followers. Okay, so I went a bit overboard. But I wanted to shake some sense into readers, so I hope you weren't offended.
More important, I also discussed the dangers of these sites. In short, I stated that personal information from these sites would be used in court cases. Here is a brief excerpt from this article.
"You should also keep this in mind. Eventually, people will be convicted by circumstantial evidence based on what you disclosed on social networking sites. I'll guarantee it. In fact, it's already happened in at least one case for a Myspace user."
Today, Reuters published an article that discusses this growing trend. Have a look.
The Reuters article serves as proof that once again, the media remains behind the curve. Reuters is a huge media firm employing thousands of reports across the globe. It is one of the primary newswires used by media outlets via syndication throughout the entire globe. Hence, for someone like myself, who focuses on investment and economic topics to have beat the media to the punch by alerting people of this dangerous trend tells you just how useless the media is.
Make no mistake. I'm not patting myself on the back. My warnings were nothing more than the result of common sense and awareness. You should be wondering why the media has not raised these issues in the past instead of waiting until social "networking" has grown into a large industry. Once you remember that it's really social media, you will have your answer.
You can imagine how far behind the curve the media is regarding investment and economic issues. Of course, being late to the party is one of the less severe results one may experience if they rely on the media. The most damaging result is to actually believe the BS pumped out by the media.
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