Any in NACHI land that has watched and trusted these folks?
Some thoughts from a recent newsletter.
Written by Tom C-O-C-K
March 30, 2009
“How the hell did we end up here, Mr. Cramer?” host Jon Stewart asked as CNBC financial guru James Cramer arrived on Comedy Central’s “The Daily Show” earlier this month. “What happened?”…
These queries are important. But they miss a bigger question: Why do so many people revere CNBC’s market prognostications when they have such a lousy track record of predicting the future?
CNBC is long on hype and the misleading disinformation that we regard as “investment pornography,” which hurts investors more than it helps them. I also don’t understand why this channel is so highly regarded when it provides almost no basic information for investors looking for long-term guidance…
CNBC is not in the business of helping investors. No, its business is selling advertising. To do that, the network must have an audience that is hooked. The network does this by creating 17 hours of live television every day. To get younger people to watch, it makes the entire production sensational – with graphics, personalities and advice. Although Cramer’s ratings have fallen since his on-the-air clash with Stewart, CNBC still has a strong following of young viewers, many in their 20s.
Most of the media missed the real lessons that should have been learned from the cable guys’ debate. …