Writing the popular Real Money column at Thestreet.com, Doug Kass says that despite Apple’s poor performance and the media’s doomsday scenarios regarding the much dreaded fiscal cliff, the market has seen modest gains in December.

Whether financial crisis, global warming, gun control, US foreign policy or any other major news story, the media has become an amalgamation of hysterics competing for attention. The media is no longer a watchful eye on those in power, but rather the power itself which needs outside monitoring. Unfortunately the media, which once upon a time comprised a number of enlightened editors and reporters who understood that the media must use its power in order for the truth to prevail, no longer serves an important role. What are the consequences of abandoning investigative and prudent journalism for sensationalists and lazy news casting masquerading as journalism?

Kass’ reading of the stock market and speculation vis-à-vis Apple’s stock are indicative of the syndrome that pervades the news media: anyone can say anything because information is handily available to anyone with access to internet or TV. Of course anyone should be allowed to say anything, but a world so dependent on the stock market and which sometimes acts like a psychotic rabbit, how can we know what to do with our investments? Perhaps fundamentals are overrated, and a strict adherence to the movement of the individual asset should be the focus – irrespective of world events and expert opinion.