The local newspaper substitute is at it again. Railing against the stock market for (gasp) not falling into lockstep with the current administration.

The confusion on the part of the editors of that publication comes from thinking the stock market is merely a visible appendage of "the evil rich"--celebrating when economic news is bad and falling when economic news is good. This muddled viewpoint comes about from their prejudices against those who have achieved economic security. They believe that anyone who is rich has cheated, lied, stolen or in some other way "prevented" the average person from earning more money. Thus when the average person is not unemployed, the rich sell their stocks, "causing" the market to decline.

It's a strange viewpoint, and not one that holds up under scrutiny, but they hold to it nonetheless. In a recent rant and rave editorial, they whined that the market declined after it was reported that the economy was doing better than expected, screaming that this was proof of their theory.

What everyone who actually understands the stock market knew was that people were reacting to the consequences of the news, not the substance! Since the economy was doing better than expected, there were not going to be any interest rate cuts in the near future. Thus those people who had left the bond market fearing lower yields sold off their stock investments and bought (back) into bonds or into other investments.

Since the editors are statists, they feel that individuals should not be able to make such choices, that some government authority (like the proposed Clinton administration constraints on pension funds) should ok each and every investment decision!

The gross ignorance and/or disdain of both market economies and freedom of choice is amazing to witness. These are the same people who think you should vote the way they tell you to, and that people who vote differently do so out of ignorance, bigotry or prejudice.

It is because of such attitudes in the mainstream press that I and others have turned to the Internet. Armed with our own printing presses, we shine the light of truth (to borrow a phrase from Rush Limbaugh) on the statist propaganda.

When markets are controlled by governments, they become inefficient. Witness the returns on investment in any of the communist (or even European socialist) countries. Far below the free market countries. When a statist country like China opens up just one provence to freer markets, the economic activity explodes.

What statists need to understand is that in an age when everyone has access to information, people like me will not let their lies stand. We will tell the truth, whether about politics, history, economics or even everyday life. As their market shares decline they will attack us with great vigor, but we will withstand their assaults. History is on our side, and we're making sure the revisionists don't keep their monopoly on the printing presses.

Some financial links to follow up on so you too can become (or stay) one of the "evil rich":

• Investor's Business Daily
• Yahoo's Finance and Investments
• The Wall Street Journal

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