“But eight point one percent. . . . Uh, that’s what you said, right, Zandi?”
“I said eight. I said eight. Eight point one is worse than I expected.”
“I mean, this is bad, right?”
“There’s nothing redeeming about it. . . . There’s nothing good about it. . . . I don’t see anything redeeming about it at all. . .”
“So why are the futures higher? Any idea why the futures are higher?”
“Uhhhhhhhhhh.”
“Well, there were articles out yesterday that said if it was just a complete blowout. . . . It’s a capitulation, a capitulation. That this is the worst; that was the, that was the talk.”
“Well, you could now say that February was better than December and January!”
“But we haven’t got the revisions yet!”
“It’s a capitulation . . . but when you look at the private sector forecasts that are out . . . things are still gonna be worsening.”
“The worst?”
“It’s very very . . .”
“Tough.”
“But the futures . . .”
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As I type this, CNBC runs in the background....
Let me get this straight, Maureen: your complaint is that CNBC is somehow behind the curve in informing the unwashed as to the economic realities about them while pretending otherwise? As a journalist, an entirely risible "profession", I assumed you would be cheering CNBC's ability to make a buck while spouting crap. But no...you feel the need to hack at CNBC while bewailing the fact that there is now a "depression" among journalists. Oh, heaven forfend!!!!
The pretensions of jounalists generally and CJR in particular are comical. Get over it and find a real job....like spokesgoon for the current administration.
Posted by Steve on Fri 8 May 2009 at 09:21 AM
I'll never forget CNBC's involvement in the economic crisis. I can still vividly see and remember Jim Cramer's comments on the Today Show. He made me nervous with his comments and I actually almost took his advice to get out of the stock market. I think everyone was vulnerable then and when notable journalist's and experts make statements like Cramer was making, we all listen. They are supposed to know what is going on. Wolverine Movie Leaked
Posted by Roy James on Fri 8 May 2009 at 10:13 AM
Steve--
It's an desperately small number of people capable of *truly* appreciating fraud as a source of personal enrichment.
You should be proud--most people, for all that they say that their own economic growth is all that matters, still, deep down (and maybe secretly) believe that there are things that matter more than that.
Posted by braak on Fri 8 May 2009 at 11:44 AM
Senator Dick Durbin, referring to the Congress of the United States, said "Wall Street owns the place." . . . Wall Street, in that same sense, "owns" CNBC too. . .
CNBC represents Conservative America's attempts to continue deceiving mainstream America that they too can be rich (and Republican.) . . . CNBC is simply a propaganda organ selling the Ponzi scheme that is Wall Street.
And - of course - Wall Street actually DOES own the Congress (and Obama's financial advisors) so the scheme will continue unabated and unregulated until the country is divided into gated estates for a handful and the rest of us rioting in the streets.
Posted by Wisconsin Reader on Fri 8 May 2009 at 11:49 AM
what an enjoyable read. thank you.
Posted by equity_guy on Fri 8 May 2009 at 12:10 PM
Futures products are "derivatives" and they are highly regulated and transparent. Why do so many "learned" writers lump all derivatives into the same camp? It was specifically credit default swaps, mortgage back securities and other instruments related thereto. It may seem picayune, but the distinction is significant and the number of "journalists" who fail to explain it shows they "investigate" about as well as CNBC "reports."
Posted by Reards on Fri 8 May 2009 at 12:11 PM
Greetings, braak:
Actually, the number of people capable of truly appreciating fraud as a source of personal enrichment is breathtakingly large: union thugs of any and all stripes, particularly the laughably self-described "educators"; collectivists generally (community organizers); and, of course, the fraudsters in chief: our US Congress (particularly those on the left side of the aisle.
Why folks like yourself seem to focus on the Wall Street types (most of them loyal democrats) is mystifying to me. The fraud is all around you, my friend. Wake up and smell the coffee.
Posted by Steve on Fri 8 May 2009 at 12:50 PM
It seems the argument is whether we are going to be subjected to the insults of reporters who have forgotten what their there for. Basically, who wants to know Larry's political bent or Rick's rant. Just give me the good stuff. Its just a shame that Bill and Sue, the original Financial News Network reporters are lump in with this bunch of self promoting hacks.
Posted by Lee on Sat 9 May 2009 at 11:06 AM
Whai is why I watch Bloomberg!
Posted by steve on Sat 9 May 2009 at 03:11 PM
My observation of CNBC is that they have thier own perception of how things are and will be in the future.
In depth reporting is lacking, there is no, and I do mean NO "outside the box" thinking.
For example, is there any seqment to allow salient questions from main street to ask and for them to respond?
How about questioning why the required due diligence of the Fed and Treasury was not perfomed BEFORE the crisis became one?
I am astonished there have not been any perp walks as yet. I think I overheard Obama saying we have to get over this, don't worry about punishing.
As journalists (sic) they are not. As you relate in the article, we need the Watergate investigation journalists back.
Where have they gone? Laid off so they can't get to that dark side. Isn't it a pity!
Posted by Joe_in_Indiana on Sat 9 May 2009 at 05:53 PM
Congress, ass and elephant are the frauds here. CNBC et al are the enablers. I'm a very unvarnished kind of guy:
340 billion Bush bailout
800 billion Obama bailout
3.5 trillion Obama budget
17 billion Obama savings priceless
Posted by paul on Sat 9 May 2009 at 06:21 PM
Cramer's Action Alerts portfolio, from 2002-2008: -13%. That's a LOSS of 13%.
You can't pay your bills by beating the S&P when you lose 13$ of every $100 invested.
And this is a so-called "expert"?
Posted by A trader on Sat 9 May 2009 at 08:06 PM
Sorry - I'm no fan of Kramer or any of those other financial 'entertainers'. Does anyone remember the days of that guy on PBS on Friday nights that gave stock picks. Louis Reukeiser, I think? He had an entertainer quality to himself as well (though not as far out as Kramer).
Track Text Messages
Posted by Carl on Mon 18 May 2009 at 10:10 PM
CNBC has become an extension of the Fed and the Treasury via its parent company GE who sits alongside the banksters at the public trough. (the attached from the Hollywood Reporter is an example)
http://74.125.95.132/search?q=cache:xFG4jGz0rkUJ:www.hollywoodreporter.com/hr/content_display/news/e3i888016761f9ec824f862a5c265de605c
Posted by Guest on Sun 7 Jun 2009 at 12:44 PM
As an investment professional since 1972, I usually flip between CNBC and Bloomberg, but I only leave the sound on while tuned in to Bloomberg. The only reason I watch CNBC at all is that I interact all day long with people that watch CNBC and then call me to discuss something that was currently being tossed around the octobox or decibox (?).
There are a number of reasons that I truly dislike CNBC, the first of which is that the "reporters" and anchors simply cannot restrain themselves from interjecting their personal ideology into an interview or discussion. Kudlow is the most obvious, of course, but he's a blowhard buffoon and everyone knows it. Bob Pisani, David Faber and a couple of others are the closest thing to actually knowledgeable reporters the network has, and a pleasant relief from the Joe Kernans and Mark Haineses that are always in view spouting off about socialism and left wing politics, etc. Rick Santarelli is one of the most sophisticated commentators on the network, but no one outside of Wall Street has any idea of what he's talking about. I used to like hearing his views on the markets he covers, but over the last three or four years he has drifted more and more to the spouting of ideology instead of just giving us his take on the bond market, etc.
Posted by Freddy on Sun 7 Jun 2009 at 12:46 PM
You sadly missed an opportunity in this article to discuss Dylan Ratigan, and the manner in which he quit/got fired, ie, while standing up to the brass and espousing the same points as your article.
Posted by a Mr. Someone on Sun 7 Jun 2009 at 03:16 PM
CNBC worships at the altar of money. They have been known to idolize billionaires that are in fact defrauding their customers out of billions. Their market acumen is non existent. They have lost a lot of people a lot of money. And they keep repeating "stocks for the long run" mantra which is completely wrong. In summary, never has a journalistic institution been so wrong and so successful at the same time.
Posted by ReturnFreeRsik on Tue 9 Jun 2009 at 02:03 PM
" .. CNBC represents Conservative America's attempts to continue deceiving mainstream America that they too can be rich (and Republican.) . . . CNBC is simply a propaganda organ selling the Ponzi scheme that is Wall Street."
Yeah, yeah, yeah .. and "The Wall Street Journal" is a tool of GWB and Cheney. Right -- and pigs fly out of MESSIAH's butt.
Reality: at their best, WSJ, Fortune, Forbes, CNBC, et al., know they have to be FRANK, HONEST & DIRECT. And, sometimes, BRUTALLY so.
Because, if they are not, their readers will TEAR THEM APART in seconds. As fast as the Internet.
If that doesn't fit into your worldview framework (e.g., Socialism, Communism) -- that's on you.
Heck, the Commies read the aforementioned for facts -- you think they actually believe any of the Orwellian newspeak that comes out of D.C., London, Moscow or Beijing? No one is that stupid, except in U.S. taxpayer-funded academia.
Cramer? I've never watched a minute. Not into Harvard Law comedy.
CNBC? Becky Quick's a babe, but I use my own sources. Just turn the sound off.
America, your problem looks back at you in the mirror. Suck it up, do your job, adn quit whining. Please.
Posted by I make up my own mind, thank you on Wed 10 Jun 2009 at 03:55 PM