"Spin" - A Double-Edged Sword (that only cuts one way)

In the past twelve months, there have been many attempts by government officials and agencies to put just the right interpretation on events and actions such that we ignorant members of the populace will be properly influenced to hold "correct" opinions. From Paulson to Geithner to Bernanke, a common set of "rules of engagement" have been utilized to obfuscate by omission, and obscure by subterfuge (remember Bear Stearns? Lehman Brothers? Merrill Lynch? TARP?).

It seems, therefore, that these charlatans must be incredibly dull-witted or obstinately incorrigible to keep repeating the same mistakes. Spin rarely succeeds - it is almost always revealed for what it is - a dishonest attempt to divert attention away from the truth. To continue with the parade of spin, the charade of spin, when any astute sixth-grader can tell the difference between facts and wishful thinking, seems unbelievably absurd.

The problem with spin is that, though it often has a brief life span of credibility, it's viability is soon exhausted. When the embers of indisputable truths ignite the veil of deception, the spin and the spinner are left standing naked before their intended victims. Like the emperor's new clothes, the spin reveals far more than was intended.

When spin is discovered, it invariably produces precisely the opposite effect to that which spin-doctors desired. It always begs the question, "If they went to this much effort to cast this bad situation in a positive light, how much worse is it than we realized?" At this point the imagination goes wild with speculation of how incredibly horrible things must be.

The Federal Reserve's Banking Stress Test seems to be the latest well-spun deception. The methodology of the stress test was released in a white paper this afternoon. Already several bloggers have tried to find rigor and meaningful testing described in this document (which might actually help determine the viability of the banks) but have come up empty. It appears at first glance that the so-called "stress test" had very little stress and not much in the way of meaningful tests.

Based on this admittedly cursory analysis, it now appears that the stress test was merely a ploy to properly spin the financial condition of the 19 largest banks, so that the public won't panic, the economy won't crater further, and the government sycophants and their programs remain credible.

The actual results of the stress test will be released on May 4th. If the majority of the banks which underwent the testing are shown to be quite healthy, based on tests that an illiterate child could pass, I'm afraid that we are in for some very rough times ahead. The public knows when the court jesters are in control.

Thank God for the solitary voice of reason crying in the government's wilderness - Elizabeth Warren!

It is inaccurate to say that I hate everything. I am strongly in favor of common sense, common honesty, and common decency. This makes me forever ineligible for public office. -H. L. Mencken