I want to talk about market today since it's the first time the market goes through correction since the September soar. It came as a surprise to me this morning when I picked up the Journal as the market was down .7% before the open bell, and U.S failing to negotiate export terms with South Korea was on the front page. Although it is a bad news for the U.S economy, especially if Obama's known for having increasing exports on top of his agenda, the sudden drop still feels like an overreaction as if Mr.Market has finally found an excuse to head south since September. The Journal leads the front-page news to A9, where an article on IMF was inserted. And of course, it talked about the same thing that it has talked about for the past month--how the world economy should not solely depend on the U.S consumption and other countries in G-20 such as Germany and China should increase their consumption levels such that they don't export as much. However, it seemed like the Journal completely forgot about how the leadership in U.S usually tells us to "spend our way out of the recession" while the Red across the Pacific Ocean drives 1.3 billion people to save big time due to the lack of social net of medicare and social security. It must be quite cool to write news articles since you really don't have to draw any conclusions and it's up for the readers to interpret what you wrote and act on their interpretation. Basically, my point is as a newspaper reporter, you're not liable as long as you can prove you're only keeping an journal of what has happened.
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