The hierarchy of news sources according to pessimism and optimism

When things are good I look at The Washington Post and The New York Times first every morning.  All those reports and ideas!  And what if there is a new movie coming out, not to mention new road construction?  When things are less good I look at The Financial Times first every morning; the headline is sure to cover the carnage.  When things are worse yet I go to Bloomberg to start the day, because the ugly numbers will be fully current.  But today…we all need another media rung into the bowels of asset price hell.

Currently I see the Dow futures down 1000 points, FTSE down six percent, and various measures of USD off two to four percent.  And tweets are popping up faster than I can follow them.

Wolfgang Munchnau made a relevant observation:

The EZ recovery strategy is critically dependent on the idea that what’s happening in China cannot be happening

Don’t even ask about Canada, the largest single national market for American goods.