Shocking News: AJC Previously Bullish

• Posted by Adam Warner
• on August 6th, 2009

“Great to have you joining us, you have a great record through the years”

Larry Kudlow

 

Not to flog AJC or anything, but dug up this post from December 2007.

 

Just as this “consolidation” is getting a bit tiresome, we have some bullish vibes from an unlikely source (hat tip Abnormal Returns).

Goldman Sachs Group Inc.’s Chief Investment Strategist Abby Joseph Cohen (shown here translated into Euros) said the Standard & Poor’s 500 Index will rise 14 percent by the end of next year to a record 1,675 “as recession fears fade.”

““U.S. stocks will offer moderate gains and will dramatically outperform bonds over a 12-month horizon,” New York-based Cohen wrote in a report today. “Recession will likely be avoided, due to strength in exports and capital spending by corporations and governments, and thanks to a vigilant and flexible Federal Reserve.”

Hmmm, have we seen this movie before?

Cohen was among the most bullish Wall Street strategists tracked by Bloomberg News with her estimate that the S&P 500 would surge to 1,600 by the end of 2007.

The point isn’t to demonstrate she made a pretty horrendous call or anything, I mean she’s had some good one’s too. it’s that she always says the same thing. There’s a saying about a broken clock that comes to mind.

But that’s not even the point either. It’s this Culture of Bubblevision that believes in zero accountability for anything you’ve ever said on TV. They mention her previous perma-bullishness exactly zero times in the interview (you can see it in the middle of this post). In fact the only mention of anything she’s ever said before is it the end when Kudlow gets all juiced up about her optimism and utters the quote up above.

CNBC’s mantra is that since not 100% of everything ever posted online was true, you shouldn’t trust anything. It’s just a mean, mean, bad, bad, world out there with a bunch of anonymous hypesters posing as experts. Come watch us, we’ll show you the real experts. We just won’t make them stand up to anything they’ve ever said before.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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