A tool used to reject accountability for a stupid mistake made, converting it into a lesser offense. If the counterparty replies with "Well, don't believe everything you hear," you have successfully dodged responsibility altogether.
Didn't you see the increasing claims in unemployment? The rising inventory to sales charts? The rising disability income claims? The lowered corporate earnings projections? Why would you buy more index futures? Are you retarded?

Well I heard the Fed was going to cut rates again by 75 basis points.

Well, don't believe everything you hear. Oh well.. whatever. Are you going to the poker game at Karetnikov's tonight?
by pitbear August 12, 2010

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