Wednesday, October 8, 2008

CNBC's credibility

If there is anything humorous about the last 6 months of market activity, it has been the implosion (in my opinion) of CNBC's credibility.  Here are a few things heard/seen on the channel over the past few months:

  • Several instances of a host saying "breaking news...right after the break."  How important/real time is the news if a few commercials need to be fit in first?

  • Today, October 8th, the focus has been on the rally(s). No mention that Ford (F) is on its way to zero. 

  • Cramer: Has made his recent career of giving the public stocks to buy ever day.  Recently he now says it is time to sell everything.  Thanks for the heads up.

  • They repeatedly have a guest named Hugh Johnson.  Are they trying to give trading desks ammo? Didn't Bart Simpson used to look for him at Moe's Tavern? 

  • Some genius recently uttered "the market won't be at this level forever."  Someone got paid to say that.

  • B. Pisani - 1) Why do you have to walk briskly when reporting?  2) Were there really people "cheering" the rally this morning on the floor with "many more on sidelines ready to jump in?"  Head cheerleader. 

  • Comment days ago: "only forced sellers today, no buyers." 

  • Next week look for guest commentary from Carl Spackler.  " I'd keep playing. I don't think the heavy stuff will come down for a while."