On Financial News Coverage

The Daily Show was on fire tonight (Wednesday). In the wake of Rick Santelli’s decision not to appear on the show, Jon Stewart devoted the entire show to financial news reporting in general and CNBC in particular. Among the topics discussed were:

  • CNBC’s failure to predict the stock market collapse or the financial troubles of Bear Stearns, Lehman Brothers, or AIG (and, indeed, their predictions of the reverse);
  • Their uncritical toadying approach to interviewing CEOs and company officers; and
  • Reporting that assumes negative stock market performance is tied to negative public opinion of President Obama and his policies.

Beyond being a master class in tearing someone apart, the show highlighted a great many of the problems in financial reporting that helped to create this bubble. It is mandatory viewing.

Update: Here is the link to the episode.

Published in: on March 5, 2009 at 12:22 am  Leave a Comment  
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