Ezra Klein explains exactly why you should never rely on financial advice from cable business programs, and he does it in language I’ve been using privately since the dot.com bubble exploded. Unfortunately, the video he references has been withdrawn by the user (is there a story behind that?).
Update [2009-2-10 14:37:23 by BooMan]: Dada found the video:
All you have to do is read CNBC’s front page to know exactly what not to do.
Taking the ‘fair and balanced’ thing to an extreme, they seem to make a point of having contradicting stories on every subject.
klein’s link may be dead, but it’s the internet, ya know. the segment is here:
whata buncha morans.
But, but, dada,
on breaking news on MSNBC, they just arrested 8 people who were at the bong party with the olympic swimmer Phelps.
$800,000,000,000.00 stimulus,
8 arrested for stimulants
now, now…settle down head.
l think the ‘shiny object’ diversions have just about run their course. there’s a lot more outrage over the death of the economy and the RATpublican’s and msm’s less than concerned attitude than a handful of pot smokers can over shadow.
lot’s of folks can’t afford cable anymore now that they’re unemployed…and willful ignorance is not a virtue.
dada,
What I found funny is that, that would be breaking news, while the whole place is going to shit.
Who cares if some stupid pot smokers got arrested.
l think we should start using scientific notation for these economic numbers…they’re getting awfully big.
scientific notation would be fine for those of us who can handle numbers…but Congress would be totally lost.
too late, they already are.
I guess it doesn’t surprise me very much. They have a very strong vested interest in the status quo. Not only in terms of viewers – many of whom are trying to figure out what the next hot stock is, to the advertisers who are trying to sell useless crap the viewers.
Really bad news upsets all of this. The advertisers don’t like it because it puts people into a bad mood where they would be less likely to buy the aforementioned useless crap. And it makes the viewers uneasy so they contemplate staying on the sidelines, and once you decide to sit it out for a while, then you don’t need the day-to-day jolt of financial news to tell you what to invest in.
Josh Marshall had a link to this yesterday, I think. Roubini must just loathe those bastards. I know I do.
It’s all just fun and games regardless of the media venue. CNBC, CNN, Faux News or the Big Three Networks. Not to mention the Inside-The-Beltway pundit types. It’s all just one big fucking game to them.
As for me, well I’m not laughing very much right now. Kinda hard to laugh when you’re staring at the real possibility of losing everything you’ve worked for over the last 30 years.
Ha-Ha CNBC. So funny. Kiss my ass.
Great video, thanks, Booman. What a pack of screaming idiots those people from CNBC are. Do they ever listen or just shout out their programmed and packaged questions on what stocks to invest in?
[I think the answer was none of them.]
I love it. Roubini and Taleb are calmly discussing just how reamed with a railgun we all are, and chucklefuck there is asking “So where do you put your money in an economy like this?”
Which is like asking “What’s your Super Bowl pick, anyway?” when standing in the middle of a nitroglycerin factory during an earthquake.
“So where do you put your money in an economy like this?”
I’d pay good money to see one of these guys respond to a vapid question like that with a deadpan answer of “canned goods and dried beans”.
Strike that. I’d pay good canned goods and dried beans to hear that answer.
This has to be the video of the year. It’s that earth-shaking.
Changing our rancid media culture is Job #1. Every challenge we face will be made easier once we rid the landscape of those dimwit cable TV hosts.
TPM had it on their ‘must see’ list….for the sheer absence of any serious thought from the interviewer(s)
‘Liberal Media’ my ass…