Note: I started to write this post in Feb 2011.
Well actually it is stock market is dead again but I am sure that is not good for SEO. If you ask Felix Salmon. My love for the financial media just continues to grow. To his credit, he did publish it in OP-ED. And he is just killing the stock market and not the whole market.
First of all, all financial journalist should know the difference between the equity market and the economy. Two completely different things, it probably seems as if they are the same because it has been printed so many times. Just because I wrote Sarah and Eli forever 100 times in Junior High does not mean it came true. Please get this right from now on. Send me an email email@example.com we can talk.
Mr. Salmon argues that Apple and Google does not employee very many people. Come on use your creativity to be objective instead of prove a weak point. I can help you and don’t worry I will do it slowly. Lets say I have a website, it gets traffic, I get eyeballs, and advertisers are willing to pay for those eyeballs. I use the most popular service, Google. If you want, just look to the right of about anything you have ever written on the web. Here is a screenshot for ease of use. So yes they do not have many “employees”, but many people earn from them. Including you.
Now to Apple, once again I find your comments very interesting. You know that the I-pad is suppose to save the magazine and newspaper industry right? I highly recommend the Reuters News Pro for iPad. Apple also pays many people for apps and musics, you are right they are not “employees” but they are paying people.
Also, lets go back to economics. Wealth is created by efficiency. I cannot think of two companies that have created convenience and lowered the barrier of entry more than those two.
Your next point has to do with the number of companies that are listed. According to your article, since 1997 we have lost about 3000 listing. Lets look at a couple of things that have happened. First, the Internet. That caused a big boom which in turn caused a bubble that burst. Companies went out of business and consolidated. Another big event that has happened is the ever increasing cost of an IPO and regulation. Although I agree with you 100% the market adapts but being in the media we probably have different versions of adapting.
I actually got bored and stopped. Everyone is entitled to their opinion but show some objectivity. If you tell me you hate a product I am probably not going to buy it from you the next day.
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