Monday, March 09, 2009

CNBC's Blather

I've been saying for weeks on the show that all ofthe squawking against the White House from Rick Santelli and Jim Cramer is about CNBC trying to find some relevancy -- after being an arm of the very bubbled-up financial industry that got us into this mess -- by now going after Obama. This article pretty much confirms that. Their ratings are usually down in an economic decline, but they've found someone to rail against:

But CNBC’s executives and hosts seem well aware that their ratings have traditionally stagnated in down times for the Dow. “People do not want to come to a show each night and hear how poor they are,” Mr. Cramer said.

But in a change from previous downturns, CNBC is now a place for politics, to borrow a phrase from its sister channel MSNBC. The network’s journalists have been encouraged to speak their minds, making the line between reporter and commentator almost indistinguishable at times.

Like much of the financial sector, they're also trying deflect attention from a spiral that their own recklessness (and bad predictions) created.