Led Astray by the Media
Although I thought I always viewed media reporting sceptically, I have to admit that my world view recently does not seem to match what is actually happening and I wonder if I have been swayed by the media I consume. Examples where I was significantly surprised by recent happenings include the Brexit and Trump votes. I am also surprised that my expectation about what would happen if both of these events came to pass, as they have done, was also not correct. For example, electing a guy who espouses such rhetoric & potentially destabilizing ideologies like Trump, should have I thought led to instability, market uncertainty and drops in business confidence and equity prices. This expectation was apparently wrong as markets have rallied to all new highs after his election. Reality does not match up with my world picture. I am not sure why, but at least that much appears to be true.
Why is this the case and why I am not seeing it? Is it that the news and media that I am reading is so slanted and divorced from reality that I am even unaware of what is driving the real world anymore? Articles are still being written complaining about the electoral college/popular vote or of Russian hackers affecting election results. This seem to me to confirm that the media I am reading is drifting away from a neutral reporting of what is happening in the world and providing a super strong editorial bias for what they wish to be happening. Amazingly, I find myself agreeing with Trump camp statements saying that if the election went the other way, then complaints about Russians hacking emails and the rules of the electoral system would be considered fringe, crackpot conspiracy theories. If I flip it around - this is indeed how such articles appear. Why not accept your side lost and think about why? What message is coming from the electorate.
What explanation is there for markets responding so positively to Trump's election? What am I currently blind to?
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