Sunday, May 29, 2005

 

When good reporters write stupid things

Usually Joe Hallett writes decent enough pieces for the Dispatch, especially as we have pointed out, when he is free of the Niquette albatross.

But Hallett and the rest of the Dispatch have been picking up the Drew Crew's Coingate crumbs for nearly two months, and his "Who is Tom Noe" piece today was just more snorebait except for this uber-clunker:
Chris Cipoletti, executive director of the American Numismatic Association in Colorado Springs, Colo., said public investments in rare coins can be lucrative "if you know what you’re doing" and on that basis the bureau could feel comfortable with Noe.
We've already posted about James Dao's Saturday NYT piece, but it is worth comparing the above to one of Dao's in order to show Hallett and the Dispatch's still are unable or unwilling to mentally process how stupid and irresponsible was the BWC decision to venture into coin investing:
Experts in state workers' compensation programs said they knew of no other states that invested in rare coins, largely because they are considered volatile commodities that are difficult to price, difficult to sell and easy to lose or steal. "I just can't imagine collectible rare coins being used as an investment," said Gregory Krohm , executive director of a trade association for government agencies that administer workers' compensation programs. "It's hard to make a market for them."
So, the Dispatch's expert tell us that government investment in coins can be "lucrative" and the NYT's expert tells us that "he just can't imagine it." Uh, Joe, isn't your expert actually the head of the sales association? Wonder why he suggests it can be lucrative? Hello?

The only people slower than Taft to catch on to how stupid this investment was are the writers and editors at the Dispatch. And don't even get us started again on the Dispatch's business writers.

Hey Mike and Ben: How about putting some people on board - even one person! - that understands basic finance and investments?

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