Just about every morning I get up and go to the gym, getting there about 45 minutes before the market opens. I get on the elliptical trainer first and usually turn on CNBC and watch ‘Squawk on the Street’. But sometimes I catch the end of ‘Squawk Box’ and I almost always regret it. I used to like to watch Joe Kernan, but no more. It seems to me since the 2008 election that CNBC has become much more of a political channel than a pure financial channel. Now, instead of more focused insight into issues that matter to traders and investors, we are treated to a sour grapes bitterness about the last election and why, despite the fact that the election is over, why it should not have been decided the way it was. Right before the 2012 election the person on CNBC that summed it up best was Cramer, of all people. He said (and I paraphrase) ‘I’m on the side of making money’.
And Kernan is not the only one. The Tea Party favorite, Rick Santelli, whiteboards ideas from the CME, again denigrating our elected officials, and seems sure his view is correct because he turns around and asks the traders on the floor what they think and they all clamor his position. Since when is a CME trader pool a representative sample of the United States? Lastly there is Michelle Caruso Cabrera who rails against the nanny state and government regulation as if the only impediment to a robust economy is the federal government.
I realize that ratings helps sell advertisements which is the life blood of cable news, but CNBC does not need to use the tactics of Fox News or MSNBC to get people to watch. Or maybe they do . . . .and maybe I just need to vote with my feet.Come to think of it, Bloomberg has stolen some of the best of CNBC and are certainly less hyperbolic.I should just make it a point to watch them instead, if I just have to watch financial news.
I remember the old days of FNN in the mid 80’s. Sue Herera and Bill Griffith were the two I remember and its great to still see them in the afternoons on CNBC and I remember them here because they are NOT part of what I perceive to be the problem at CNBC. They represent just good, solid financial reporting.
Please, if I want to get stirred up, I can watch Fox or MSNBC. But all I want out of my financial media is just a little help making money.