CNBC Talking Heads

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Adam Smith's picture
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Joined: 02/27/2009
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I was watching Jon Stewart lash out at CNBC and I've had quite a few thoughts, then and since:

1.) I think it's a bit disingenuous to take a random series of clips from a 3 year period of various people who may or may not have even been endorsed by CNBC.  Obvoiusly Cramer is one of "their" people, but several people in those clips may have just been random analysts.
2.) As I've watched Cramer's reaction he contributes to my general wondering about why anyone watches those things.  It's fairly clear that most of these guys are trend followers who just do what everyone else is doing and try to jump off first (Cramer says as much in the Stewart clip).  When things are going up they dismiss anyone who says it's going to go down and now they're all running around hopelessly.  Why would you ever turn to these guys for actual insight?
3.) Several of you are professionals and I know most of you watch this stuff.  Have you considered how it influences your views? 
4.) On that same note I hear a lot of "Obama is breaking the stock market" screaming from these same people.  The same ones who didn't have the insight to forewarn about the impending collapse are now qualified to critique policy because it doesn't have an immediately boon to the stock market.  I think most of us agree that the market will go down more before it goes up, yet the administration is responsible for making sure that all policy has an immediate upturn in the market?  I thought the market's job was to reflect the economic situation, not the other way around.
5.) Increasingly these guys look like petulent children and I can see why they're so easy to villify.  All during the buildup they all argued for lower interest rates, why?  Because it made them more money in the short term.  Now they're screaming mad that people other than banks are getting bailouts etc.

I know I'm rambling so I'll let someone disagree so I can refine what I'm saying.