First, watch Jon Stewart ripping into CNBC and their sorry bunch of pundits (with the exception of Steve Liesman who is smarter and more knowledgeable than the rest of the bunch together).
It's a gem; funny, sad, and a piece of media history.
Watch it!
Paul Krugman commented on the pundits/economics reporters pang for fiscal conservatism in his latest column:
'President Obama’s plan to stimulate the economy was “massive,” “giant,” “enormous.” So the American people were told, especially by TV news, during the run-up to the stimulus vote. Watching the news, you might have thought that the only question was whether the plan was too big, too ambitious.
Yet many economists, myself included, actually argued that the plan was too small and too cautious.'
And Frank Rich picked up on Jon Stewart's CNBC-segment in his Sunday Times column Some Things Don’t Change in Grover’s Corners.
On Monday, the New York Times had an interesting piece explaining how the CNBC network is struggling to retain its tiny, but wealthy, group of viewers by becoming more political and by lambasting president Obama.
'But in a change from previous downturns, CNBC is now a place for politics, to borrow a phrase from its sister channel MSNBC. The network’s journalists have been encouraged to speak their minds, making the line between reporter and commentator almost indistinguishable at times.
“When they are all sitting around the table it’s hard to tell a business pundit versus a reporter,” said Tom Rosenstiel, the director of the Project for Excellence in Journalism.
(...)
With economic attention focused on Washington, the network is spending less time on bullish stock picks and more time assessing the government’s actions.
In recent weeks some have perceived the network to be leading the campaign against President Obama’s economic agenda."
Now you may be ready for a little more nabob skewering from Jon Stewart's side:
In case you missed my previous blog about the revenge of the nattering nabobs of negativity, scroll down to read it!
Hans Sandberg
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