Cheering the Tech Stock Crash?

Its been a crazy week down at Wall street particularly these past few days.
The selling that plagued the financial sector of the market for the last two months formally spread to the rest of the market on this past Thursday. That's when tech shares began selling off in earnest upon a lower-than-expected revenue forecast from industry giant Cisco Systems (CSCO) which fueled worries that corporate spending on technology products going into next year.


Saul Hansell has written a real nice post at the NY Times Bits Blog, about the recent day's stock market sell off, so I thought that rather then write another description and explanation of what has happened over the past two trading days, I will just let his post speak for itself.

There is a journalistic convention that drives me absolutely crazy: writing about rises in stock prices as good and declines as bad. Here are some of this afternoon’s headlines.

Nasdaq Loses 6.5% in a Rough Week-Wall Street Journal

Stocks Post Steep Losses, Capping Painful Week-New York Times

With Little Good News, Stocks Close Week Lower-Fox Business

This seems to me to be a blatant abandonment of journalistic objectivity. The story can equally well be told in the reverse. Every stock sale, of course, has a buyer and seller, and the buyer usually wishes to have paid less.

Read on.