What do Paris Hilton and the New York Stock Exchange have in common?

Know More: Media

I have to admit that the stock market, whether it be the New York Stock Exchange or NASDAQ, has always been a bit of a mystery to me. Yes, I have and do own stocks, just not as many as in the heady days of the dot com bubble, which left me somewhat burned by the experience. What continues to amaze me is the media’s obsession with the stock market. Not just the financial channels and papers devoted to it, but the general media. As far as I know, no other country features the numbers at the “Closing Bell,” as is done in the US evening news, admittedly, only after the latest on Anna Nicole’s baby, or who’s surviving on “American Idol.” Up until today, every news program was breathlessly reporting on the run up to the 13,000 mark on the Dow Jones Industrial Average, and when it was achieved, announcing it with the enthusiasm normally reserved for the latest on Paris Hilton. And yet most financial pundits admit that all these indices don’t mean very much. My favorite being the Cost of Living Index, which doesn’t include food or gas, which after housing are the two most costly things in the average family budget. But then again, most of the people on Wall Street, particularly at “Year End Bonus” time, don’t exactly fit into the "budget" category.

I don't play the stock market. I have people who do that for me!

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