All of these Analysts Screaming on CBNC About Big Up Moves in the Market Are Masking 2 Unsettling Truths
Image Kelly Louffler, Courtesy: AP

All of these Analysts Screaming on CBNC About Big Up Moves in the Market Are Masking 2 Unsettling Truths

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Here at BestCashCow, we’ve been inundated by people thanking us for the work that we are providing in organizing and displaying bank rates over the last several weeks. We are grateful that we can continue to provide everyone with the ability to find the best savings rates, CD rates, mortgage rates and home equity rates during this difficult and unprecedented times.

Yet, some folks still aren’t getting the message. Just two weeks ago, before the markets’ latest fall, BestCashCow was attacked on Twitter by someone operating the Market Rebellion twitter handle. (Market Rebellion is the latest branding effort of Jon Najarian and Pete Najarian). The criticism read “Whatever with BestCashCow. We hope your followers enjoy their 2% CDs!”.

So, let’s make this clear. First, the stock market goes in all sorts of difficult directions. In spite of what we have been conditioned to believe over the last 11 years, it goes down too, sometimes dramatically. Over the last month, it has lost a third of its value and if you are blinded to that reality by screamers on CNBC on up days, you need to outline your assets on an Excel Spreadsheet to see how much you have lost. And, even now, you need to consider how much more you can tolerate, because all doctors and medical professionals are saying that our Coronavirus problems have not peaked. In fact, it may be many months or years, before this crisis in under control.

Second, there is always somebody of the other side of your trade. And, in the case of the buying that you were doing in February, we now know that among the people who were selling to you were North Carolina Senator Richard Burr and Georgia Senator Kelly Loeffler. They had information that you didn't have and may still not have.

If these two realities don’t cause you to reconsider your allocation to savings and CDs, nothing will.

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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