mayjun09_300x405This month’s Columbia Journalism Review (CJR) focuses on the role of the media in the credit crisis stock market and economic collapse.

My interest in this area goes back a long way; its the reason why I did the media panel at TBP.

Its very interesting criticism, and worthy Sunday reading.

There are 3 articles of particular interest:

Power ProblemThe business press did everything but take on the institutions that brought down the financial system:

“Without facts, the public is powerless. With them, well, it can lick Countrywide and Goldman Sachs put together. In his book, Liberty and the News, Lippmann wrote: “Everywhere today men are conscious that somehow they must deal with questions more intricate than any church or school had prepared them to understand. Increasingly, they know they cannot understand them if facts are not quickly and steadily available.” Without them, he says, there can be no liberty.

He was talking about a crude and corrupt press that manipulated public opinion around World War I. We’re dealing with a financial press that is neither of those things, but is nonetheless a battered and buffeted institution that in the last decade saw its fortunes and status plummet as the institutions it covered ruled the earth and bent the government. The press, I believe, began to suffer from a form of Stockholm Syndrome. Now, it is in the awkward position of telling its readers they were insufficiently attentive to what it wrote.”

Waiting for CNBC: A tragicomedy in one long act:

“The worst recession most americans have seen has accelerated a full-bore depression in the industry of journalism. About 12,000 journalists have joined the unemployment statistics since January 2007 by CJR’s count; in the business universe, fifty-five weekday standalone business sections have died since the fall of 2007, most recently at The Fayetteville Observer, along with nineteen once-weekly sections, according to Chris Roush, who teaches journalism at the University of North Carolina at Chapel Hill.

All this is part of the reason armchair ombudsmen are so very disappointed in CNBC these days. Serious journalists track down the fudged documents that unscrupulous mortgage brokers used to qualify dementia-stricken octogenarians living on $1,100 for $2,400-a-month adjustable-rate mortgages, as The Washington Post did in November. Serious journalists file Freedom Of Information Act requests with the Federal Reserve demanding the details on the financial institutions that reaped the rewards of the aig bailout, and hunt down the discredited statisticians who built the foolproof model by which the firm catastrophically oversold and underpriced obscure credit derivatives that would take down the global economy. They retrace the chain of events whereby the most egregious abusers in the financial system lobbied to be regulated by the three-martini-lunching slackers at the Office of Thrift Supervision. Serious journalists have worked ninety-hour weeks for a bonus-free sixty or seventy grand a year, only to find themselves released into the running pink-slip party that has already claimed their friends.”

Identity Crisis: The Wall Street Journal steers away from what made it great:

“In December 2008, a year after* Rupert Murdoch’s News Corp. purchased The Wall Street Journal, the paper had a holiday “party.” Each news department was escorted separately, in turn, into a brightly lit conference room. A large horseshoe-shaped conference table took up most of the space, leaving little room to stand. Amenities were sparse. “They spent maybe $30 on the little plastic wineglasses,” recalls a reporter who, like nearly every Journal employee interviewed for this article, requested anonymity. Everyone hovered awkwardly at the side of the horseshoe. Then Robert Thomson, the Australian editor hired by Murdoch to run the paper, made his entrance. He seemed—and Journal reporters often characterize him this way—unsure of what to say to his employees. “He said we were up seven percentage points. He said something about a focus group. He told us we were moving the needle,” the reporter says. “After an hour, they flashed the lights and it was time for another group to come in. I thought, ‘Thanks, that’s really why we went into journalism. To move the needle.’”

At the Journal’s offices in lower Manhattan, just about everyone is grateful that the new owner has deep pockets and is willing to invest in reporting—both rare commodities in the industry these days. Yet there are reasons to fear that in the midst of a global financial crisis, arguably the biggest test a business newspaper could face, with greater demand for high-quality journalism on finance and the economy than at anytime in decades, the Journal is abandoning values that have long distinguished it: a commitment to deep reporting and elegant writing. Murdoch and his team can keep news organizations afloat. They can move the needle of a media company—they’ve proven that over the decades. But though Murdoch went to considerable lengths to acquire the Journal, he and his top lieutenants have displayed barely disguised contempt for its core strengths. They have moved the paper decisively toward a more terse, scoop-oriented form of journalism that they believe is more in keeping with the information age. The question, then, is whether this strategy will work at the Journal, and if so, at what cost? Murdoch’s managers, as one reporter put it, “don’t fully appreciate what they have.”

Sources:
Power Problem
Dean Starkman
CJR, May/June 2009

http://www.cjr.org/cover_story/power_problem.php

Waiting for CNBC
Maureen Tkacik
CJR, May/June 2009

http://www.cjr.org/feature/waiting_for_cnbc_1.php

Identity Crisis
Liza Featherstone
CJR, May/June 2009

http://www.cjr.org/feature/identity_crisis.php

Category: Financial Press, Television

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

103 Responses to “CJR on CNBC, WSJ & Business Press”

  1. Mannwich says:

    This is only partly what happens when a culture focuses its sole attention to the dogged the pursuit of money and wealth at the expense of everything else, including ethics, morals, and community values. Nobody has any responsibility or accountability to anything or anyone other than making money. It’s caveat emptor to the nth degree and we are all poorer because of it.

  2. some_guy_in_a_cube says:

    More hang-wringing, deep-thinking and mea-culpas about what ails us, from the CJR of all places. Pu-leeze. Those hoping for the crude and corrupt corporate media to save the day deserve to watch their portfolios turn to dust.

  3. The media is an important element in shaping policy, elections, governance, etc.

    When they do a less than ideal job — even a less than very good job — it has deep ramifications.

    We should all be less glib and more thoughtful about this . . .

  4. larster says:

    Those of us that read a great deal from varied sources realize how weak the print media, in particular, has become. Headcount is down, the pressure is on to deliver 1,000 words, so research is scant. How this ends up nobody knows, but it will end up damaging the country. One only has to think what happened when the FBI shifted the majority of it’s personnel to hunting terrorists and did little, if any, investigsation of white collar crime.

    Re Murdoch- McTague’s column in Barrons this week looked like it was ghost written by Newt Gingrich. The pressure must be on as he is usually more sensible than the screed on this Sat.

  5. Nah, that’s just McTeague.

    He’s been right of center for as long as I have been reading him.

    I remember his October 2006 cover story as to why the GOP will hang on to both Houses:

    The GOP Will Hang On
    10/23/06
    Campaign money often speaks louder than polls in determining which candidates win elections. Our race-by-race review predicts that Republicans with fat war chests will carry the November elections.

    Not exactly prescient; My response was here:

    Autopsy of a Miscalculation
    http://www.ritholtz.com/blog/2006/11/autopsy-of-a-miscalculation/

  6. Mannwich says:

    By the way, I canceled my WSJ subscription a couple of weeks ago. It runs out on June 24th. Over the past couple of years I’ve noticed a steady deterioration in its quality, so I could find no reason to re-up at $249 annually when you can actually get much of their stuff for free (the selected stuff you want without thumbing through hyper-partisan nonsense on the Op-Ed pages) if you really know what you’re doing on the Internet.

  7. Dennis says:

    EXCLUSIVE: GE/NBCU TRYING TO STIFLE OTHER MEDIA’S COVERAGE OF COMPANY: Immelt Orders Nielsen Media Iced Over GE-NBCU-Obama Story: NBCU’s Zucker Follows Orders And Freezes Out The Hollywood Reporter For Past 6 Weeks

    http://www.deadlinehollywooddaily.com/exclusive-genbcu-trying-to-stifle-other-medias-coverage-of-company-immelt-%20banned-nielsen-media-over-ge-nbcu-obama-story-zucker-followed-orders-nbc-universal-didnt-cooperate-with-the-hollywood/

    According to my sources inside and outside Nielsen Business Media, The Hollywood Reporter trade publication ran a story dated April 22nd and updated on April 24th covering the “drama” at the most recent GE shareholders meeting in Orlando. THR’s West Coast Business Editor Paul Bond wasn’t sent to the meeting, but he interviewed about half a dozen people who’d been inside the shareholders meeting and told him what transpired (see below). Bond’s THR story focused on the attempts by stockholders and Fox News Channel and other media to find out whether or not GE Chairman/CEO Jeffrey Immelt ordered his news operations to be less critical of President Obama and his policies.

    Bond’s story was immediately picked up by The Drudge Report under the headline “GE shareholders outraged over MSNBC bias; Microphone cut off.” It became a widely posted news story on conservative and liberal and media websites everywhere. That’s when, sources inside and outside Nielsen Business Media tell me, GE Chairman Jeff Immelt ordered a GE company-wide ban on all of The Hollywood Reporter’s parent company Nielsen: advertising, editorial, the works. After a few days, the ban was reduced to GE’s NBC Universal which chief Jeff Zucker carried out against Nielsen Business Media’s The Hollywood Reporter and lasted six weeks. My NBC Universal sources believe the ban was lifted yesterday.

    My reporting is the first about the ban or what led to it. “People need to know that GE is using its media arm to stifle coverage about its company, and this is coming from Immelt and Zucker,” a Nielsen Business Media insider said. I’d attempted multiple times over several weeks to speak with NBCU about this story but the company won’t discuss it.

  8. franklin411 says:

    @Barry
    You should read Ronald Steel’s excellent biography of Walter Lippmann–”Walter Lippmann and the American Century.” He was brilliant, but the man was a bundle of conflicts. He was a Jew, but he supported the quota system that strictly limited the number of Jews that could be admitted to American universities such as Harvard. He had been one of the chief propagandists for the US getting into WWI, but when the peace didn’t turn out the way he had hoped he became one of its most aggressive attackers, ignoring his own role in getting us into it. He began his career as a socialist (contrary to popular notions, socialism and communism are theoretically more democratic than the Republican form of government we call “democracy” in the US) but over time he became more conservative. He was very much a creature of the Eastern establishment, consisting of elite journalists, politicians, thinkers and the rich.

    Nobody reads “Liberty and the News,” though…I would recommend “Public Opinion,” which is is most famous work on the subject of opinion-making.

  9. Mannwich says:

    @Barry: It seems obvious that one reason (of many) the media seems so out of touch today is that they are all drinking each other’s bath water, meaning they only hang out with “their own” and continually suck up/listen to the elite (in order to get access). If some of these folks got out more and actually hung out with/talked to ordinary citizens, it might actually give their coverage a different perspective. How novel. I no longer watch anything on the MSM (even turned off Bloomberg), but when I watched from ’04-’08 (thru the election), I used to laugh out loud at some of the crap that was reported because it as so out of touch with what was really going on in most communities, sometimes shockingly so. These idiots literally had no idea (or did and still didn’t care to report the truth) about the true pulse of the country. That’s how I stumbled upon your site. I got tired of the garbage in the MSM. Their election coverage, with almost all of them missing the Obama story until it was too late (the real story was just how bad the economy was deteriorating and how pissed off people were with the GOP), was the final coup de grace illustrating their incompetence and lack of seriousness. I’m getting close to cancelling my local paper and my Sunday NYTimes as well. Once that happens, this will be the first time that I haven’t regularly read a newspaper in my entire adulthood. I’m finding that I only have so much time during the day and I prefer reading sites like TBP, CR, Mish, NakedCapitalism, and others, that care about facts and the truth instead of sucking up to corporate masters like the MSM does.

  10. dead hobo says:

    Mannwich Says:
    June 7th, 2009 at 10:03 am

    By the way, I canceled my WSJ subscription a couple of weeks ago.

    comment:
    —————
    Mine runs out in a few weeks and I don’t plan to renew unless they come back with a maybe $50 a year one time offer. (Fat chance) The first section has degenerated into 1/2 politics and 1/3 basic news. The 4th section rarely has anything of interest. Sections 2 and 3 are the remaining sections that are business oriented and most info there is available for free on the internet. Although I will probably have to change my morning routine after it ends. I generally use the WSJ and a cup of coffee to get my morning started, if you catch my drift. (Their wine club looks interesting, but the wine of the month club rules.)

    Too bad about CNBC. I used to like it. As I became more educated, their flackishness became more obvious. They’re mostly just an infomercial that ties together their advertisers and parent company. The rising chorus of complaints about them won’t matter any more to them than complaints about Fox New’s hate TV matters to Fox News management. Their demographic probably confuses their shtick with credible business know how.

    Fox Business News look OK to me. The few times I have watched them gave the impression they are trying to tell a credible story.

  11. cvienne says:

    Journalists & the Media are just giving AMERICANS what they have come to want…

    The “Cliff’s Notes” version of everything…

    I mean, let’s face it…Regarding the complex eddies created by the socio-political-economic interactions, it is even difficult for the “sharpest pen in the room” to verifiably plot where we are at any given moment on a matrix, or furthermore, tell us where we’re going…

    On a blog like TBP, I think CNBC & others rightfully get criticized because they happen to be “less sharp pencils” than the contributers here (or at least their presentation of the news comes off that way because of their need to be CLIFFS NOTES)…

    So I think their AUDIENCE isn’t the readers here (who have done our homework)…Instead, it is to all those millions of other Americans who never had time to read the whole novel, and now their essay on it is due tomorrow (or worse, yesterday)…

  12. dead hobo says:

    Perhaps it should be opened up for debate ….

    Resolved: Hereafter, CNBC should be referred to on the entire internet as “The CNBC Infomercial Network” or CNBC-I with the ‘I’ standing for infomercial.

    Pro? Con?

  13. Tony61 says:

    Media/ journalism will always be in a state of flux. Newspapers have been around only for a few hundred years of the 20,000 years of human social existence and they may be on the wane, but that does not mean that the transmission of information will cease to exist. It will merely take on another medium.

    Barry has written a full length book investigating bailouts, others likewise are pursuing the facts surrounding the financial meltdown. Investigation and transmission of information has not stopped. Some of the best and brightest have come of age on the internet: Josh Marshall on politics, Glenn Greenwald on economics, Teresa Lo on finance, and Barry Ritholtz on economics, among many many others– and the cream rises tot he top. Fresh voices, but adhering to the age-old search for truth, which is necessary for a free society.

    The fact that television news viewership is down and newspaper circulation has decreased are positive signs that the public recognizes bullshit when they see it. Of course, this is no guarantee that we won’t devolve into a despotic oligarchy that goes unchecked by a viable fourth estate.

    One could argue that deep investigation is being done, just not my the usual outlets. Traditional media needs a come-to-Jesus moment, but the fact is that enough has happened on their watch– illegal wars, abrogation of human rights, economic malfeasance– that the jig is up. The void will need to be filled in a free society, or the society will cease to be free. I am heartened by the advent of newer media and I am hopeful that the charge of media will be taken up responsibly.

    Thanks Barry.

  14. Murdoch’s managers, as one reporter put it, “don’t fully appreciate what they have.”

    I beg to disagree. Murdoch knows fully well what he has. He’s just trying to put his own stamp on things. I hope this guy didn’t think Murdoch would just leave it alone. Murdoch thinks he is bringing the WSJ into the 21st century. Yes, the results are dreadful, but Murdoch is not unaware.

  15. Tony61:
    Don’t you mean Glenn Greenwald on the law and TradMed(Traditional Media)? Greenwald doesn’t do economics.

  16. CNBC Sucks says:

    Well, even The Great CNBC Sucks was covered in CJR…by Maureen Tkacik:

    “And while professing to be ‘ecstatic’ that his cause had gained a wider audience, the anonymous blogger behind the site CNBC Sucks, which mixes lewd commentary on the measurements of the network’s famously fetching female reporters with angry leftist rants on tax policy, lamented that Stewart was picking on the wrong problems at CNBC.”

    Unfortunately, Jon Stewart did pick on the wrong problems at CNBC and Moe wrote that article three months ago. Today, the rage is gone, and Americans are preoccupying themselves on whether they are emo or indie or where on their bodies their next tattoos might be. The middle class and poor of America anesthetize themselves with obesity and trivia against the relentless and vicious economic war waged against them daily by the GOP / CNBC Axis of Evil.

    My problem with CNBC is its core ethos, its fundamental and basic view of the world. On that network, the Dow Jones Industrial Average is the end-all and be-all of all life activity. CNBC does not even care about the S&P 500, much less the NASDAQ. Hell, I don’t recall the Wilshire 5000 being discussed substantively on that network. CNBC does not care about earnings, much less company fundamental valuations or cash flows, much less the fudged, spun, and government-micromanaged macroeconomic statistics so often discussed on this blog, much less economic sustainability, much less sustainability, period. I have seen CNBC report time and again that some company was hemmoraging money, but “thank goodness the stock is up because ‘investors’ aren’t reacting too harshly”. CNBC celebrates stupidity, irresponsibility, and insanity on a minute-by-minute basis, and if there isn’t enough stupidity, irresponsibility, and insanity to report at a given moment, CNBC is only too happy to create some of its own.

    For a prospectus of your future if the GOP / CNBC Axis of Evil continues to run the world, read Cormac McCarthy’s The Road. CNBC does not care if live humans locked up in basements are the last remaining fresh meat on Earth, as long as the Dow gets back over 14,000.

  17. cvienne says:

    This weekend I felt like watching something on ON DEMAND from the menu of movies to select on my cable provider…

    I hadn’t seen “Frost/Nixon” so i decided to watch that…

    There was one VERY POIGNANT moment in the movie which basically focused on the “one brief moment of image” that caught Nixon’s expression as he basically let down his guard and admitted his mistakes…

    I think today’s media is ever in search of that kind of moment…One can criticize media all they want (and perhaps DESERVEDLY so), but every once in a while, the MEDIUM itself, in a single image or moment can change a viewpoint on something…If and when that happens, it’s more powerful than a million words or essays…

    I’ll give you a subtle example (probably not EARTH MOVING, but perhaps somewhat significant)…

    Last week, the media made a big “hoopla” about Obama taking his wife out on a DATE NIGHT to NYC…Fast forward…Obama & his wife are in Paris this weekend, and part 2 of DATE NIGHT occurs as the media are all over Obama snubbing Sarkosy and dining at a quaint Paris bistro…

    OK – Now I could read a million words about something like this and none of it would render an opinion in my psyche because I JUST DON’T CARE…However, in one brief off the cuff remark, one of the journalists on the sofa (I think it was FOX), mentioned something like “Obama just made it harder on all us REGULAR GUYS out there by taking his wife out on DATE NIGHTS”…

    All of a sudden I straightened up and said “OMG”!…

    That’s absolutely BRILLIANT…Think about it…In two high profile DATE NIGHTS (in successive weeks at high profile places like NYC & Paris), Obama has now seeded the idea of what a great husband he is…The media jumps on this, the term DATE NIGHT is coined, and Obama has just sucked in the ENTIRE female vote for this re-election…

    It doesn’t matter what happens “statistically” with the economy or anything else…Bottom line…A bunch of FEMALES are going to vote for him because he’s the guy that takes his wife out on DATE NIGHTS in New York City & Paris…

    So whatever you think about the media editorially, understand the POWER of what a moment can capture and how quickly it can disseminate…

  18. Mannwich says:

    @cvienne: The wife and I also watched “Frost Nixon” last night.

    @CNBC Sucks: Dead on with your commentary. By the way, I think I figured out that I am Indie. Thanks for helping me clear that up. Very important stuff.

  19. call me sally says:

    3 best things about cnbc are-

    Cramer and Kudlow and Kneale-

    geniuses all- financial luminaries-and- damn good looking too

  20. Mannwich says:

    @sally: Apparently you’ve kidnapped ahab. Please bring him back right away. We at TBP like him a lot more.

  21. thirdworld says:

    @cvienne

    I mean, let’s face it…Regarding the complex eddies created by the socio-political-economic interactions, it is even difficult for the “sharpest pen in the room” to verifiably plot where we are at any given moment on a matrix, or furthermore, tell us where we’re going…

    ———-

  22. thirdworld says:

    @cvienne – I submit you are one sharp pen for the above comment.

    — “That’s absolutely BRILLIANT…Think about it…In two high profile DATE NIGHTS (in successive weeks at high profile places like NYC & Paris), Obama has now seeded the idea of what a great husband he is…The media jumps on this, the term DATE NIGHT is coined, and Obama has just sucked in the ENTIRE female vote for this re-election…

    It doesn’t matter what happens “statistically” with the economy or anything else…Bottom line…A bunch of FEMALES are going to vote for him because he’s the guy that takes his wife out on DATE NIGHTS in New York City & Paris…” You nailed that, too bad for the rest of us who can’t travel with ease on AirForce One. Earlier, hit enter and it posted comment before it was ready.

  23. cvienne says:

    @Manny

    re: Frost/Nixon

    I thought it was fascinating…not so much entertaining as “fascinating”…

    I’d say I was pleasantly surprised…In any any case, it underlined the point that a MEDIA MOMENT is exactly that…A MEDIA MOMENT…and it can happen at any time, and quite unexpectedly for that matter…

    …and when it does, it can be more powerful and a million, billion, or TRILLION written words…

    So be VERY CAREFUL about “the bubbleheaded bleach blonde that comes on at 5, that tells you about the plane crash with a gleam in her eye”…

  24. cvienne says:

    @thirdworld

    I’ll say one thing…

    Maybe Obama or his PR guys strategized & “planned” for DATE NIGHT to emerge as a concept…OR…maybe it was just something that happened ad hoc…

    But now that it has entered into mainstream thought (and quickly, for that matter), they’d be fools to let it evaporate…I’ve gotta think they are pretty smart and are going to therefore get as much mileage they can out of it…

    In any case, it’s GOTTA be worth about 5+ percentage points in the polls…

  25. Winston Munn says:

    Once the fairness doctrine was abandoned newsrooms were free to pursue agendas without having to commit time (meaning money) to opposing viewpoints. This has allowed editorialized beliefs to be reported as legitimate news and has induced a level of disingenuous tripe that would startle even Winston Smith and the Ministry of Truth.

    Without honest opposition to immediately point out the editorial spin, there is no check or balance on the amount of dis-information the corporate media can spew – all passed on by unnamed-but-reliable sources who also just happen to be on the board of xyz corporation.

  26. call me sally says:

    cnbc sucks & mannwich-

    you guys are out of touch- refer to South Park- episode “the ungroundable”-

    it’s all vampire chic now-

    http://www.southparkstudios.com/episodes/

    season 12 last episode

    mannwich-

    ahab is recuperating from the Friday night public forum smack down- but shall return- speaking of return-

    what happened to my man hoffer? I love reading his posts- although it took many re-reads to finally get his “vibe” so to speak

  27. manhattanguy says:

    I stopped watching CNBC a few years ago.

    In fact the only magazine I read to gain insight into Global Financial and Economics is The Economist. Everything else is garbage..well except TBP.

  28. Onlooker from Troy says:

    cvienne

    Jon Stewart did a bit on Obama and date night that was pretty funny.

    http://www.thedailyshow.com/video/index.jhtml?videoId=228054&title=Saturday-Night-Fever

  29. Tony61 says:

    Calvin, you are correct. My internal editor failed. Thanks.

  30. km4 says:

    Is anyone really surprised by this ?

    The MSM is in on the US financial ponzi scheme and only does ‘happy talk’.

    The Dumbing Down of Americans began in earnest with the media consolidation in 1980′s with control by corporate oligarchs.

    It has got continually worse and if not for the Internet and World Wide Web I can only image how bad things would be….

  31. Tony61 says:

    Call me Sally says:

    “3 best things about cnbc are-
    Cramer and Kudlow and Kneale-
    geniuses all- financial luminaries-and- damn good looking too”

    Yikes. Everyone’s entitled to their opinion. Takes the wonder out of why traditional media standards have plummeted when the viewers accept such as drivel as “genius.”

    We get what we deserve.

  32. CNBC Sucks says:

    Thank God that Obama is as media savvy as he is. Finally, the “Left” can fight fire with fire against the “Right”. May Barry and Michelle fill many, many news cycles with Machiavellian, politically motivated “date nights” and other trivialities. Hopefully, their popularity will snuff out the GOP / CNBC Axis of Evil mythical nonsense that this country has EVER had truly free markets or small government.

    By the way, I will always consider myself a true conservative and a true Republican. I don’t think the rich and powerful systematically defrauding and enslaving an ignorant, impressionable, and intellectually disengaged middle class and poor with myths, fear, prejudice, and machinations is a foundation for a healthy nation. Unless you want yourself, your son, or your grandson to be The Man on Cormac McCarthy’s The Road, you will vote Democratic the rest of your lives.

    Out.

  33. cvienne says:

    @onlooker

    That Jon Stewart clip was HILARIOUS! :-)

  34. Moss says:

    People tend to read or watch whatever reinforces their existing belief system. These ‘base’ audiences are who they pander to (besides the advertisers of course). Much of the media has simply become another special interest group. Lobbyists of a different sort.

    NYC Date Night evolves into Paris Family Weekend.

  35. Onlooker from Troy says:

    Tony61

    You’ve got to know the players here sometimes. That remark by “sally” was definitely sarcasm. Hope that makes your feel better! :)

  36. call me sally says:

    t61-

    dude- guess I should have flagged w/ a [snark] tag

  37. Wes Schott says:

    you can call me saALly

  38. larster says:

    Why is MSM in trouble? I have subscribed to Barrons for over 25 years. When they came out with the online version I signed up for it as well and canceled it shortly thereafter. When my Barrons sub was due at an annual rate of $179, I received an email from Barrons saying please return. The offer was both print and online for $79. I immediately signed up for the online offer and fended off the many mailings and phone calls that pleaded with me to stay. Surely they can cross reference subscribers and both were mailed to the same address. I hope the reporters have more business acumen than the honchos.

  39. cvienne says:

    @CNBC

    Without going into detail, the BASIC THEME for Sun-Tzu’s “The Art of War” centers heavily on UNDERSTANDING YOUR OPPONENT (strengths & weaknesses)…

    The GOP, at present, is disadvantaged (by its own behavior), in that “conservatism” predisposes sticking dogmatically to a certain premise…That’s not to say that the premise is WRONG, but it happens to be “out of style”…

    So the GOP, going forward, needs to somehow find a way to THREAD THE NEEDLE between sticking to a core set of principles, yet “marketing” in a better and more fashionable way…It is difficult because the two concepts seem to be the ANTITHESIS of each other…

    In the meantime…people like FRANKLIN (on this blog) are going to be able to run rampant (and piss a lot of people off in the process)…

    The best metaphor I can possibly use to describe the scenario is the following:

    This weekend they ran the Belmont Stakes…Mine That Bird “should” have won the race…He is a son of BIRDSTONE (former Belmont Stakes winner) and therefore, bred for endurance…That is the perfect bloodline to have for a mile and a half race…

    Instead, the winner was SUMMER BIRD (also a son of BIRDSTONE)…

    So what was the difference? Both colts bred for the same thing, one beat the other…

    The jockey, Calvin Borel, admitted after the race that MINE THAT BIRD was a little rank on the back stretch…That’s horse parlance for “the horse wasn’t acting the way he needed to be acting”…

    Basically, the horse (MINE THAT BIRD), should have rated farther behind the leaders through the backstretch and far turn…He ended up making his move far too early and therefore didn’t have enough at the very end to get his nose UP on the wire…

    So in a sense, the GOP is facing the same scenario right now…The GOP needs to be patient and let the current “powers that be” exhaust themselves…Many already know that the policies that are being undertaken at present are fraught with disaster…Like a horse that patiently waits for the leaders to collapse, the GOP ought to use the same tactic…Don’t fight it so much…If you rate too early (as did MINE THAT BIRD in the Belmont), you might exhaust yourself before the wire…

    So the GOP (like MINE THAT BIRD), ought to “be itself” and not try and challenge too early…The PROOF in seeing that that might work was that the half brother, SUMMER BIRD (who was bred with the same characteristics), ended up in the winners circle…

    Bottom line: The “philosophy” or “breeding” isn’t wrong…It’s the TACTICS that are equally important…

  40. alfred e says:

    @emo. Correct. The media is definitely emo not indie. Sensationalism. Emotion. In thirty second sound bites. Sells. A Kierkegaard essay would never make it.

    Speaking of which:

    http://www.nytimes.com/2009/06/07/opinion/07cohanWEB.html?th&emc=th

    This one nails it. And leaves it at BO’s doorstep. Appropo.

    BR: This one OpEd could easily be decomposed into its separate questions and be a truly worthwhile effort for this surly cast of characters.

    I’m still processing how much it parallels many of the posts here over the last few months.

    Hoffer must have been bounced by the new spam filters (blue heading). I too hope he returns. Either that or he’s on vacation.

  41. km4 says:

    America since the 1980′s has had mostly corporate directed and more lame reporting in media, less and less intellectually honest debate, more ignorant and apathetic politicians reflected in the policy and laws enacted with firm direction by corporate lobbyists, and so on…

    Other than that everything is just great ;)

  42. cvienne says:

    @alfred e

    I LOVE Sandy Lewis…

    He’s become a FARMER like me :-)

  43. alfred e says:

    @emo should have been @moss. mea culpa.

  44. call me sally says:

    alfred-

    great link- money quote-

    “Instead of promising the imminent return of good times, why isn’t Mr. Obama talking more about the importance of living within our means and not spending money we don’t have on things we don’t need? We used to be a frugal nation. The president should be talking about kicking our addictions to easy credit, to quick fixes and to a culture of more is better”

  45. Mannwich says:

    @alfred e: I just read that same article on the exercise bike a short time ago. Was going to post it here but you saved me the trouble. It really touched on so many (if not all and then some) of the points that we have been discussing ad nauseum here at TBP in recent months.

  46. cvienne says:

    @call me ahab (SALLY)

    You know the [snark] answer to that question…

    If “consumers” don’t spend like it’s 2003-2007, how is it possible that GDP ever gets to where the TAX REVENUES will meet his proposed spending plans?

    And if THAT is not possible…HOW DOES HE GET RE-ELECTED unless he keeps going out on media covered DATE NIGHTS (in NYC & Paris) and locks in the female vote?

  47. call me sally says:

    another money quote- (reminiscent to what I have opined- that the market makers know the stops on trades and can blow everyone out)

    “The New York Stock Exchange really exists in name only, as computers execute a very large percentage of all trades, far away from any exchange . . .

    . . .As a result, there is little flow of information, and small investors are paying the price. The beneficiaries, no surprise, are the remains of the old Wall Street broker-dealers — now bank-holding companies like Goldman Sachs and Morgan Stanley — that can see in advance what their clients are interested in buying, and might trade the same stocks for their own accounts.”

  48. km4 says:

    > “Instead of promising the imminent return of good times, why isn’t Mr. Obama talking more about the importance of living within our means and not spending money we don’t have on things we don’t need? We used to be a frugal nation. The president should be talking about kicking our addictions to easy credit, to quick fixes and to a culture of more is better”

    **********************

    Very amusing but action speak louder than words.

    CR has a post up now ‘Jobs and the Unemployment Rate’ and concludes with “seems likely that the unemployment rate will continue to rise for the next 2 years or so since any recovery will probably be very sluggish”.

    I agree !

    Now couple this with Obamanomics where 1) The government champions funds 2) Funds champion corporations 3) Corporations champion markets and industries 4) The people ( American taxpayers ) get the tab which will fail because America and Americans are swimming in debt and you have the makings of a catastrophe ( like more severe and prolonged recession or depression )

    Most Americans had better start making a gradual shift to a lower standard of living and suggest that most should also be recalibrating their American dream ;)

  49. Cursive says:

    @Winston Munn 12:01

    The Fairness Doctrine is the state telling you what you can and cannot say. With the fascist turn this country is taking, the last thing we need is a return of the Fairness Doctrine, a tangible result of which would probably be to have a UAW representative moderate Tyler Durden’s Zero Hedge blog.

  50. cvienne says:

    @km4 (2:02)

    I agree with your notion wholehearteldy with respect to the term RECALIBRATING…

    But I reject the notion of LOWERED STANDARD OF LIVING…

    Basically – I saw this mess coming about 5 years ago…

    So I sold my house AT THE TOP of the market (which was bought with the proceeds from the NASDAQ stocks I sold at the TOP OF THE MARKET in 2000)…

    About 6 months ago – I paid CASH for a house (in the country – away from heavy suburban metropolitan REAL ESTATE tax burdens)…The amount i paid left me $$ to spare from my 2005 “cash out”)…

    I don’t have the same notions I had a decade ago about BECOMING RICH…

    But I can say that I’m MUCH HAPPIER than I ever was before…

    Therefore, I can’t say my STANDARD OF LIVING has been reduced…

    In other words…It’s EASIER now…What’s going to be PROBLEMATIC are the folks who have not yet either come to this conclusion and their reactions to it…That’s THEIR problem…

  51. CNBC Sucks says:

    cvienne: It sounds like it is you who needs to read Sun Tzu and re-examine your own perception of what is happening in this country. Do you even live in America? For Chrissake, you are trying to educate the peeps on this blog about media by quoting Don Henley songs from 1982!

    Make no mistake. The GOP is still squarely in charge of the United States of America. Barry O may be Prez and the Democrats may “control” Congress, but the prevailing ideology is GOP. From the time of McCarthy, the American people have been brainwashed ad infinitum that Socialism is bad, Europe is bad, Islam is bad, China is bad, anything good for common people is bad. Over fifty years, we have moved so far to the right that even when the Democrats win control of government, they must tread lightly on any reforms, whether it is for Wall Street, our military-industrial profit-making machine, or on massive subsidies for GOP crony industries such as oil, nuclear, and coal. The GOP has vast numbers of Americans so hoodwinked — and I am not even talking about its ever faithful zealots in the former Confederate States of America or neo-Confederate states such as Kansas and Alaska – that common people can’t even decide on issues where the Democratic cause is obviously in their best interests and wannabe middle-class intellectualists criticize Obama based on dimestore ideologies and myths despite themselves being systematically economically disadvantaged by the GOP.

    The GOP is still in charge. Your comments, cvienne, are only a symptom that they are in charge. At other times in American history, the Republicans would have been run by common people out of the country fleeing as thievin’ rascals, but in the era of emo or indie, GOP ideology and mythology continue to dominate the American agenda. We better get this fixed fast or your children, grandchildren, or great-grandchildren will be somebody’s supper.

  52. Onlooker from Troy says:

    @alfred e

    Love that NYT piece. What a great run down of where things stand and many of the questions that need to be asked and answered.

    Obama has given some lip service to some things such as fiscal discipline, but his actions (or lack thereof) speak much louder, with the financial oligarchs still in command and calling the shots. There’s an astounding feel in the air that greatly befuddles and aggravates many of us who thought maybe this fiasco would bring about some real change to that which has brought this crisis on. But it’s not looking that way. And it will only bring on another episode of crisis.

    I listen to (podcasts) and read a lot these days on various aspects of the economy these days, and the thing I notice most is a lack of understanding and acknowledgment of the underlying root cause of it all. That is the great debt binge and loose money Fed policy. Instead I hear a lot of scapegoating of the “crisis that nobody saw coming” for all kinds of stupidity and irresponsibility that has taken place; from the car companies to the housing bubble. Very aggravating, and bad for my blood pressure. :)

  53. cvienne says:

    Correction:

    My standard of living has NOT been reduced…in fact, it is enhanced…

  54. CNBC Sucks says:

    cvienne: It sounds like it is you who needs to read Sun Tzu and re-examine your own perception of what is happening in this country. Do you even live in America? For Chrissake, you are trying to educate the peeps on this blog about media by quoting Don Henley songs from 1982!

    Make no mistake. The GOP is still squarely in charge of the United States of America. Barry O may be Prez and the Democrats may “control” Congress, but the prevailing ideology is GOP. From the time of McCarthy, the American people have been brainwashed ad infinitum that Socialism is bad, Europe is bad, Islam is bad, China is bad, anything good for common people is bad. Over fifty years, we have moved so far to the right that even when the Democrats win control of government, they must tread lightly on any reforms, whether it is for Wall Street, our military-industrial profit-making machine, or on massive subsidies for GOP crony industries such as oil, nuclear, and coal. The GOP has vast numbers of Americans so hoodwinked — and I am not even talking about its ever faithful zealots in the former Confederate States of America or neo-Confederate states such as Kansas and Alaska – that common people can’t even decide on issues where the Democratic cause is obviously in their best interests and wannabe middle-class intellectualists criticize Obama based on dimestore ideologies and myths despite themselves being systematically economically disadvantaged by the GOP.

    The GOP is still in charge. Your comments, cvienne, are only a symptom that they are in charge. At other times in American history, the Republicans would have been run by common people out of the country fleeing as thievin’ rascals, but in the era of emo or indie, GOP ideology and mythology continue to dominate the American agenda. We better get this fixed fast or your children, grandchildren, or great-grandchildren will be somebody’s dinner.

  55. Transor Z says:

    Why don’t we just have media ratings agencies evaluate news stories and give them AAA or BBB ratings? Then we could securitize and sell ‘em off into tranches of sentence fragments. Problem solved. ;)

  56. CNBC Sucks says:

    Ritholtz, your WordPress is eating comments again.

    Every WordPress comment that disappears is a victory for the GOP / CNBC Axis of Evil.

  57. call me sally says:

    cvienne-

    from a philosophical perspective- I tend to be libertarian – and don’t like the USG having a say in anyone’s decisions- outside of heavily taxing those things that should be taxed to reduce demand-

    cigarettes and gasoline come to mind-

    I do think a national sales tax is on the horizon- and do not necessarily disagree with the idea per se, because I think it would help reduce consumption-

    however- the USG never ceases to amaze me at how they squander staggering sums of USD-

    I do believe that this country is at a turning point- and how we proceed in the next few years will seal our fate for some time to come-

    will we take the blue pill or the red pill?-

    I prefer the red pill- because our ruin will be if we try to carry on as before

  58. BG says:

    I, too don’t watch CNBC much anymore. I can’t stand it. It makes me sick when I see some of the younger attractive females so spirited and resolute about their so called capitalistic view-point; when it is really nothing more than a financial & political ruse. What I want to know is are these people that naive or are they just playing their part in the deception.

    Another thing that has been bugging me is how CNBC so quickly got Dylan Rattigan out of there. The last words I remember coming out of his mouth was the question he posed regarding AIG paying everybody off 100 cents on the dollar with Taxpayer money without even trying to negotiate better terms. I think that struck a sharp nerve with CNBC, the Wall Street elite and the boys at Treasury and the Fed. It’s a fair question; but, have you heard anyone so much as utter those words again? No and you won’t.

    CNBC just like the US Banking System is rotten all the way to the core. Our financial system has become so corrupt, we can no longer tell the truth about anything and must resort to putting eye candy on TV willing to lie to the masses to keep the fraud on the American public going. They really do SUCK!

    Also, it blows my mind that Bernie Madoff (only after walking into the SEC’s office and confessing ~ I mean what they going to say….go away?), Martha Stewart, Bernie Ebbers, Joe Nachio and now Mozilo are all that our financial enforcement agencies could come up with. I suspect, corruption has been so rampant in the last decade that we could never grasp the scale of some of the frauds that have taken place. Do they even consider trading on “insider information” a crime anymore?

    Yes, I am disgusted with the whole sorry mess we now have in this Country. We are our own worst enemy! We really are. I am sure the rest of the world including our enemies can not believe what they are witnessing in this Country.

  59. Cursive says:

    @km4

    The dumbing down of America began with the destruction of the patricarchial society post WWII and the emergence of the youth culture in the 1950′s. The lessening influence of father figures in a nuclear family unit has led to divorced spouses competing for the affections of their children. The children have become customers to be pleased. This theme began infecting our education system and now look at it. Franklin411 anyone? As a culture, we have grown very soft and emotional. We don’t like hard choices and we muddy the easy ethical decisions with the bullshit, over-trite phrase, “It’s complicated.” Doing the right thing is never complicated. You may not like it, but it’s not complicated.

  60. CNBC Sucks says:

    Everytime GOP / CNBC / NYSE stock sales courtesan Becky Quick sticks her chest out as far as it can go in front of the camera, I can’t help but think we are one step closer to Cormac McCarthy’s The Road.

    People, don’t let your children, grandchildren, or great grandchildren be someone’s Sunday dinner someday. Get all your financial news from my friend Barry “Wuzzy” Ritholtz and vote Democratic.

    The Great CNBC Sucks
    Registered Republican

  61. Wes Schott says:

    alfred e @1:47 –

    thanks for the link – the article asks what we are all asking

    it does demonstrate that there is some quality media out there, however

    i like to read the NY Times, but I can’t tell anybody down here in Tejas, or they start shooting at me

  62. willid3 says:

    i think some one mentioned that part of MSM problem is that is focused on production (the 1000 words kind) and that because these are basically just businesses. and they are trying to produce as much ‘stuff’ as they can in the cheapest way. some have even ‘outsourced’ their newsrooms (even going so far as India…or maybe even China). so we have the cheapest most prolific writers having to do their work in the least amount of time (think of the advantage of the 60 words per typist has over their co-workers). so since they get maybe a day or tow to get out that big honking story, no wonder we are getting very little from them and why they are obsessed with access. cause take away that, and they can’t write any thing at all.

  63. Wes Schott says:

    willid3@2:35 -

    i think many NYT articles, the researched ones, take more effort that what you are describing

    and same for the well researched articles in the WSJ (the Enron series, for example) albeit fewer and farther between such articles these days. Agree that the Journal is going down the tubes (I let my subscription lapse more than one year ago, similar to what others have noted)

    in any case, i like TZ’s suggestion @2:21, then we could really lever up the MSM bidness

  64. call me sally says:

    cursive Says-

    “Doing the right thing is never complicated. You may not like it, but it’s not complicated.”

    good point

    cvienne Says-

    “I don’t have the same notions I had a decade ago about BECOMING RICH…

    But I can say that I’m MUCH HAPPIER than I ever was before…

    Therefore, I can’t say my STANDARD OF LIVING has been reduced…in fact, it is enhanced…”

    I like that- a goal we should all strive for

  65. km4 says:

    @ cvienne Says: June 7th, 2009 at 2:18 pm
    I agree with your notion wholehearteldy with respect to the term RECALIBRATING…
    But I reject the notion of LOWERED STANDARD OF LIVING…
    Basically – I saw this mess coming about 5 years ago…
    *******************
    cvienne how many Americans can say this with honesty – go ahead and pick a fraction of 1% ( and the upper 2% of Americans does not count because their standard of living will not really be impacted )

    Cheers !

  66. cvienne says:

    I’m all for Becky Quick sticking her flat chest out as far as it might go…

    Hard as she tries, if Liz Claman “sucks in” her chest to the same degree, Liz still has her beat…

  67. km4 says:

    @ Cursive Says June 7th, 2009 at 2:29 pm
    ****************************
    Generally agree but your timeframe is wrong…it was mid to late 1970′s for accelerated decline of the patriarchal family and then Dumbing Down of Americans began in earnest with the media consolidation in 1980′s with control by corporate oligarchs and so on….

  68. willid3 says:

    Wes Schott Says:

    willid3@2:35 -

    i think many NYT articles, the researched ones, take more effort that what you are describing

    some do. but i suspect the majority of articles produced are not. and some are nothing more than the PR from the firms involved.
    its not every MSM company and its not every article, but all it takes is some to destroy their credibility and trust. and once its lost it takes a long time to recover it (just ask GM or Chrysler how long they will have to struggle. or the GOP)

  69. [...] Read the rest here: CJR on CNBC, WSJ & Business Press | The Big Picture [...]

  70. CNBC Sucks says:

    cvienne! Do not write about Becky Quick’s “flat chest”. I was very careful not to write “flat chest”, just “chest”. Ritholtz edits descriptions like that, or “spectacular, life-affirming bazooms” in Claman’s case.

    Betcha leftback shows up on this thread now.

  71. Wes Schott says:

    i get it now

    you guys all watch CNBC with the sound off

    just lookin’ at the eye candy, heh

  72. Wes Schott says:

    must be cold in the CNBC “newsroom”

  73. Onlooker from Troy says:

    willid3

    Indeed, credibility is at risk, and is key. Witness the friggen idiot at NYT whose now hawking a book about his travails in buying more house than he should have and living beyond his means in general. And he’s an economic reporter. Yeah…

  74. Onlooker from Troy says:

    I just can’t watch any of the crap anymore (CNBC especially). It just aggravates me beyond belief, and by blood pressure suffers as a result. And I too have wondered the same as BG (What I want to know is are these people that naive or are they just playing their part in the deception.) It’s really hard to tell. And I’m not sure which bothers me more.

  75. Wes Schott says:

    Onlooker@3:30 -

    they drank the kool aid and are just trying to be successful media people

    they know not what they do

    the pupeteers know, though

  76. CNBC Sucks says:

    What I find interesting about this blog is how it attracts both “progressives” and “Libertarians”, not hardcore “liberal” and “conservative” ideologues, per se. This is the smartest blog as far as commenters that I know, and combined with Ritholtz’s personality and courage, I find it irresistible.

    My comments are getting lamer and lamer, so my own rage is dissipating. Go keep thinking, criticizing, arguing, and bellyaching, but be sure to also enjoy each day, for life is still very good.

  77. km4 says:

    @CNBC Sucks
    Good observations and yes life is still very good but nice to have a good outlet ( Ritholtz is one of the rare ‘reality grounded’ guys ) to express non rarefied air ‘happy talk’ thoughts.

  78. Moss says:

    Recalibrating, The new Normal, reset, frugality, thrift.. all are in progress… not necessarily out of want but need. It will be irreversible and permanent. The trends are unmistakable… from people learning to cook for themselves to keeping cars much longer and learning how to do basic repairs/maint themselves. Witness the increase in savings rate, reduction in credit outstanding, increase in home farming to less garbage collection.

    I personally don’t think Obama needs to push for any of these behavioral changes.. it will happen organically. The magic carpet has been pulled out from under many. Those who never got on the carpet will be fine.

    We do need to make sure the carpet and curtains are removed from the corrupt politicians and financial schemers. While we can let the rage dissipate we must be resolute in demanding that the institutionalized corruption and graft that has swept us away be dealt with.

  79. Mannwich says:

    The next group that should be doing some serious introspection, are our modern day astrologists, I mean, economists. Mish has a good post on their “forecasts” and how laughably wrong they’ve turned out and almost always seem to turn out. Most of them are joke at this point (and bought and paid for by some entity to spin something for their masters), similar to the MSM.

    http://globaleconomicanalysis.blogspot.com/2009/06/optimistic-unemployment-and-housing.html

  80. cvienne says:

    @Moss

    “I personally don’t think Obama needs to push for any of these behavioral changes.. it will happen organically. The magic carpet has been pulled out from under many. Those who never got on the carpet will be fine.”

    In case you hadn’t noticed, Obama isn’t pushing for behavioral changes…Instead, he’s telling everyone to go out shopping at the mall…

    And he’s trying to set the example by spending the taxpayers money on expensive & glamorous DATE NIGHTS…

    He’s the only one that’s left on the magic carpet, so the joke is on HIM!

  81. Wes Schott says:

    cv@4:41 -

    you are so right on point 1, and i don’t get it – why does anyone think the cause of the problem can be the solution to the problem – even Bubbles saw, belatedly the error of his ways

    date night analogy, come on the prez can go out to dinner at a nice restaurant, nothin’ wrong with that

    the joke has been on a lot of people, no?

  82. DM RTA says:

    Larster said …”I hope the reporters have more business acumen than the honchos.”

    A business is a tool that serves needs and profitability is the report card of the business.

    The reason Barron’s (and every other media outlet) can’t do what you ask is because media enterprises have always had two customers, splitting their focus. Barron’s can’t make the same money with you clicking then when you thoughtfully read and flipped every page the way you always did…then passing it along (of course).

    Journalism and monetizing content are two completely different businesses and until they are treated as such they will be a mess. Up to this point no one has really needed imagination to make it work well. The easy days are over.

  83. cvienne says:

    @wes schott

    If I’m the prez (in these times), the only place I’d be eating out would be in a small town corner diner (talking to Americans about their situation)…

    I’m SERIOIUS when I say that…

    So at least even if I couldn’t do anything for them, I’d try and be sympathetic with their situation and LISTEN to what they were saying instead of TELLING them what I think their lives should be like…

  84. Onlooker from Troy says:

    Moss said
    “Recalibrating, The new Normal, reset, frugality, thrift.. all are in progress… not necessarily out of want but need. It will be irreversible and permanent. The trends are unmistakable… from people learning to cook for themselves to keeping cars much longer and learning how to do basic repairs/maint themselves. Witness the increase in savings rate, reduction in credit outstanding, increase in home farming to less garbage collection.”

    And there’s a smallish portion on the population that is saying, “It’s about damned time!”, and are very skeptical about the durability of such behavior. I think you’re right about this. There’s no real choice. But you can’t blame those who can’t believe that the great American over-consumer is really changing. The skepticism is well founded.

    For some reason my wife likes to watch HGTV and all the house hunting, renovation, etc. shows. They drive me nuts. You can observe some changes in the programming through all this. House flipping has been taken over by how to sell in a tough market. But there is still too much of the “How much will this new bathroom add to my house value” type of stuff.

    The idea that you’ll recoup 200% of the cost of redoing the kitchen still hasn’t been wrung out of Susie/Bobby homeowner yet. Of course this network is ad supported by the realtor, home building and home improvement industries, so it’s not unexpected. But it is still a decent barometer for the attitude of the American home consumer attitudes. It’ll be interesting to watch as it evolves further.

  85. Wes Schott says:

    cv@5:43 -

    fair point my man

    but, there is an international element to the job, and he was over there for D-Day rememberence ceremonies

    i can interpret your comment about “TELLING” (man you are into that caps lock thing, makes it seem like you are yelling at us – Howard Beale style – not tellin’ you how to write, just funnin’ a bit) different ways

  86. Moss says:

    @onlooker.

    Well, I think we are witnessing the fragility of the over consumption behavioral model. I was always skeptical of it and felt it could not endure. It has been a long, well funded strategy encompassing all facets of American culture. If u ask me the gig is up.. finito.

  87. Pat G. says:

    They say that diversification when investing is important. I think that’s also true when seeking out news which provides you with knowledge to make decisions. The Internet provides you with a diversification of articles written by a variety of journalists, economists, politicians and commentators from around the world AND provides you an opportunity to “bounce” your thoughts and ideas off others on blogs like TBP. It is your responsibility to make sure that you take advantage of it in order to have the fullest view of certain subjects that interest you. There were several people who indicated that a crisis was headed our way several years ago. They didn’t get a lot of air time then because most of them were considered to be crackpots. But some of them and we have discussed them here, have been fairly correct for some time now. So, if you are just sitting in front of CNBC, CNN or Fox News all day counting on them to give you diversification through balanced reporting you are just kidding yourself.

  88. call me sally says:

    moss Says-

    ‘Well, I think we are witnessing the fragility of the over consumption behavioral model. I was always skeptical of it and felt it could not endure. It has been a long, well funded strategy encompassing all facets of American culture. If u ask me the gig is up.. finito.”

    over-consumption is the root of the problem- that and the credit used to indulge ourselves- if we can break that- then we can see a new future- if not

    then we will be a bankrupt country financially and spiritually

  89. Mannwich says:

    Predator Nation in full effect. This kind of behavior is an insidious disease that can only be stopped by allowing firms like Wells Fargo to fail when they deserve to fail (now).

    http://www.nytimes.com/2009/06/07/us/07baltimore.html?ref=us

  90. Wes Schott says:

    Sal,

    right on girlfriend

    we are aligned

    …wait a minute, there was someone else on this site that said things like that…shit, who was it? damn, the half-heimers, wait a minute, something about a fish, a giant seagoing mammal, oh well, it will come to me…maybe

  91. Winston Munn says:

    Cursive Says:
    June 7th, 2009 at 2:17 pm

    “The Fairness Doctrine is the state telling you what you can and cannot say.”

    How foolish of me. Let’s do away with regulation. After all, we all know that due to deregulation all reporting is “fair and balanced”.

  92. Tony61 says:

    Sally, Sorry for the misinterpretation. You are funny. Perhaps I needed another cup of coffee to unfog my brain.

  93. some_guy_in_a_cube says:

    Feel free to naval-gaze the woes of the poor, beaten-down corporate media to death. The fact is that they are simply structurally not capable of rising above the conflict-of-interest inherent in a profit-based information system. A system that better served the needs of people rather than capital would be designed around a network of locally-based, non-profit media. Any other media – whether corporate or government controlled – would have its interests paramount, not ours.

  94. Wes Schott says:

    power to the people

  95. some_guy_in_a_cube says:

    Investing in a system where corporate media controls the information flow has significant implications for portfolio management. If they can’t get you to buy (either their product or their advertiser’s product), they starve. Since “shoot-the-messenger” risk naturally reduces the chances that you’ll tune in and buy their product, they are predisposed to deliver an upbeat, positive, happy message, the facts be damned.

    This is the basic conflict-of-interest that exists between the corporate media and you as an investor or trader.

  96. Cursive says:

    @Winston Munn 6:30

    What is it with you people that have a beef with Fox News? Do you think Dan Rather at CBS was a shining beacon of objectivity? Do you believe everything you see on 60 minutes? What about the credibility of Dateline NBC after they staged the explosion of that truck? Peter Jennings of ABC News characterizing the 994 Republican sweep as a “temper tantrum?” Do I need to even mention Keith Olbermann or anything an MSNBC (the Obama network)? Put down the Kool Aid 151 and wake up. I don’t suggest that you watch any of it or that you believe any of it. However, if you think that the government needs to mediate what the Fourth Estate does, you are either a closet fascist or a rube.

  97. BG says:

    Sean Hannity, Rush Limbaugh, Larry Kudlow…..must I go on? You talk about Kool Aid, this is brain-washing stuff.Might as well get a labotomy and be done with it.

  98. Moss says:

    Olbermann is the anti Limbaugh, Hannity and O’Rielly. He must be as fanatical as they and he is.

    They all promote their side of the filed in whatever way they can. It is up to the consumer of such information to establish the factual and contextual truth since neither is a given.

  99. [...] that focused on the role of the media in the credit crisis, stock market and economic collapse (CJR on CNBC, WSJ & Business Press). This area has long interested me (hence, our media panel at TBP conference). But I was surprised [...]