Posted on 08/05/2009 12:17:05 PM PDT by sinanju
"...In this past year, we've witnessed the most fundamental failure of capitalism since the Great Depression and important new deals between Washington and Wall Street. But while many anchors and reporters play it straight down the middle, CNBC has embraced a surprisingly politicized view of these developments. Many of the network's most prominent personalities are quite far to the right. (Disclosure: I appear on CNBC occasionally, and the network's on-air and off-air staff has been kind to me.) As the stock market fell in January and February, a reaction to the sharp plunge in the global economy and failure of the world's credit system, CNBC hosts and analysts warned of an Obama bear market. A parade of guests touted the virtues of supply-side economics, the inevitable failure of any stimulus that involves government spending, and the bizarre notion that we shouldn't regulate the bankers who blew up the world. They trumpeted the historical falsehood that the New Deal prolonged the Great Depression. And who can forget Rick Santelli's bile-filled anti-bailout rant in mid-February? I recall sitting on the set when one anchor argued that we should never have had the Securities and Exchange Commission in the first place. The consensus on CNBC seemed to be that President Obama was half Joseph Stalin, half Jimmy Carter."
(Excerpt) Read more at slate.com ...
The author is also glibly insinuating that things are now going great and that CNBC is needlessly talking the economy down.
Unfortunately, like everyone else here, I don't watch it. Can anyone out there comment authoritatively?
I’ve never watched it.
“And who can forget Rick Santelli’s bile-filled anti-bailout rant in mid-February?”
BILE? Oh, give me a break!
Massive government social engineering in the housing market represents a "fundamental failure of capitalism?"
Stopped reading after this nonsense.
The NBC part of C explains why I do not watch that channel..
I agree this is a curious article. If his explanation of the CNBC ratings fall is correct, how would he then account for the ratings falls at CNN and MSNBC and the corresponding improvement at FOX? Liberals are in total denial, which is probably very good news for the 2010 election.
CNBC’s ratings freefall is simple, when people aren’t investing in STOCKS.. if they aren’t investing in the stock market they aren’t going to be watching television focused on the stock market.
Its really nothing more complicated than that.
“In this past year, we’ve witnessed the most fundamental failure of capitalism since the Great Depression...”
###
No need to read further. This is propaganda, at a level to make Pravda green with envy.
People have lost interest in investing, because the Marxist in Chief has subverted all the fair-play rules of the marketplace and portfolio management.
Capitalism didn't fail. The government (Democrats) tampering with capitalism failed. If the source of the problem cannot be discussed nor highlighted, then the problem will never be fixed. Expect Economic Collapse Part II coming soon...
CNBC is poart of GE, NBC and MSNBC. I will not watch CNBC. Fox Business is killing them and I have always loathed CNBC. It is fast paced and action oriented to grab the viewer like the tricks they use at casinos. People watching CNBC to try to improve their investing will lose their shirt. Only good show is Fast Money because Jeff Mackey and Guy Adami are pretty good. The rest of CNBC is crap.
Fox News Financial has taken a lot of the finance veiwers.
If I were a banker in Philly...I might spend an hour or two a day watching CNBC. But if you went to Texas and found a 1,000 folks on the street...I doubt if one of the thousand watched more than an hour a week of CNBC. It’s a network without masses, and never did have masses.
I only watch CNBC for Rick Santelli. The bond, currency, and commodity markets are the only markets that interest me currently.
CNBC’s ratings are dropping because there are too many perma-bulls who attack any skepticism in any positive move in the US markets. CNBC loses credibility when the economy is visibly sluggish.
Interesting point of view in the original post. I watched it for a while a few days ago and they had guest after guest pushing Obama’s DeathCare plan with almost no one on our side of the issue. It annoyed me so much I turned the channel.
Usually, they are pretty focused on business and economic stuff without so much politics involved. So, I guess what it all comes down to is that economics is economics. Whether liberals like it or not it’s a matter of the rough science of cause and effect no matter how one would like to wish it were different. Communism, socialism, and authoritarianism all lead down the same dismal economic path to varying degrees and liberals don’t like the reality that they just can’t have their cake and eat it too.
“The consensus on CNBC seemed to be that President Obama was half Joseph Stalin, half Jimmy Carter.”
This is why I watch CNBC.
One of the commentors on the Slate website noted that GE has received mucho baksheesh from the Big “O” and that has everything to do with the slant on their various media tentacles.
I have CNBC on all day. Much better than Fox Business. That said, I think it is a gross misstatement to say that the network has moved right. As to comments earlier in the year that the stimulus was suspect, I think events have proven that out. These are not so much opinions politically as money managers and traders who know that regardless of what country is trying to stimulate in this manner, it doesn’t work.
Never watched it much in the first place. Turned it off completely when Erin Burnett referred to President Bush as a monkey.
Rick Santelli for Senator of the great state of Illinois!!!
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