Another Progressive Media Outlet Collapses
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Yeah, they’re failing left and right. And I’m talking about progressive media outlets. I mean, it almost seems like on a weekly basis, we continue to see more of these ridiculous websites and outlets fail. I was Jezebel falling apart. And here’s another one that got my attention because they originally started out as a business publication, business insider.
Business Insider, it, you know, I kind of laughed at the left wing crap that they would put out on a regular basis. Not to mention the fact that one of the heads of that company happened to be an investment crook from back in the day. When I say back in the day, I mean, yeah, three decades ago. Yeah, Henry Blodgett, Henry Blodget. This guy, you’re not familiar with Henry Blodget. I’ll go take you back in time.
He was an analyst for Merrill Lynch back in the 1990s. And these analysts at these big brokerage firms back at that point in time, this is during the dot com run up, they would try to almost outdo themselves when it came to being outrageous, with outrageous price targets on companies that had no basis in any sort of economic reality at all.
at the time. And again, they would put these things out there. They were regulars on CNBC constantly being pulled on. It was bringing people on at a regular basis. It was like a ridiculous television show. You know, what stock analyst was going to outdo the next one in regard to some ridiculous report. And it just so happened Henry Blodgett didn’t even have any sort of business
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English major writing prose for Merrill Lynch. And some of the calls that he made, I remember he put up, I think it was like a $400 price target on Amazon back in the 1990s. And the thing skyrocketed. And then eventually it fell back down to earth. Now, like I say, well, it was right. Look at where Amazon is today. Go read his report, okay? Go to read his report.
It had no basis in reality. Amazon is a completely different company today than it was back then. That wasn’t one of the only companies that he put these recommendations on. He ended up getting in trouble for all of his nonsense, all of his lies, because he got caught. They actually got ahold of his internal emails where he was actually, you know, putting out and saying, ah, this company is a piece of garbage. It’s terrible. It’s awful. Even though he had strong buy recommendations on it.
So I don’t know, he got thrown out of the industry, got thrown out of Wall Street, and now he was running a paper, a publication called Business Insider. He decided to change it. Didn’t wanna be just business anymore, and it just was gonna be insider. Fail, fail, fail continues to fail. Now it’s going back to becoming Business Insider again as it’s losing a ton of money, and now Henry Blodgett is out the door.
Again, there’s just a lot of crap out there. A lot of crap. And one of the things that business insider and insider did is they tried to get as many, because that’s how they make money, is clicks. So you have to put, again, you have to put out outrageous headlines. You have to put out all sorts of crazy hit pieces. You have to use all sorts of sources, unnamed sources, and you’re out to try to destroy people.
One of the guys he tried to destroy is the gentleman from Barstool Sports there, David Portnoy. He also does like the pizza reviews and whatnot. And yeah, went after him claiming all of these things turned out all of it to be false. But again, it didn’t matter. In order for these media outlets to generate revenue is they have to get clicks, eyeballs. That’s how they go about doing it.
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and they make stuff up and they’re outrageous for outrageous sake. They don’t care who they destroy in the interim. And well, Blodgett’s out this time. He’s not going to get any trouble. Who knows where he’s going to be next? But again, even the folks over at CNBC, I mean, they have him on still on a regular basis. Here’s a guy that lied again and again and again.
in his position where he was supposed to be helping out the clients at Merrill Lynch when he wasn’t helping out the clients. He was just helping out Merrill Lynch and their investment banking department, which brings us full circle to what I talk about here on the program when it comes to these big firms. They don’t give a rat’s buttocks about you. Watchdog on wallstreet.com.
