Don’t Cry for Me CNBC!

From the wires:

NEW YORK, March 18 (Reuters) – NBC Universal Chief Executive Jeff Zucker fired back at comedian Jon Stewart on Wednesday, saying it was “unfair” and “absurd” for the funnyman to criticize CNBC and question its coverage of financial news. “Everybody wants to find a scapegoat. That’s human nature,” Zucker said during a keynote address at a media industry conference. “But to suggest that the business media or CNBC was responsible for what is going on now is absurd.” “Just because someone who mocks authority says something doesn’t make it so,” Zucker said, describing the comedian’s comments as “completely out of line.”…Zucker, speaking at the McGraw-Hill Media Summit in New York on Wednesday, said that CNBC’s reporters and commentators had done a “terrific” job and the network remained a “go-to” place for financial news. “It’s unfair to CNBC and to the business media in general,” Zucker said. “I don’t think you can blame what happened here on the business media.” The CEO of NBC Universal, which also owns the NBC broadcast network, cable channels like Bravo and USA, theme parks and a film studio, among other businesses, said the public was tired of hearing the media blamed for its coverage of financial news. “Frankly, I already think you’re seeing a backlash,” he said. Zucker also noted that the financial crisis has bolstered CNBC’s audience ratings, and said he expected viewers to stick with the cable network even if the economy remains mired in recession. “When there is a lot of red on the screen, historically people don’t want to watch that,” he said. “That is absolutely not the case this time. I don’t think this is like those other times.”

Jeff my boy…people are not sitting around worried about whether your merry band of stock pickers are getting picked on! And yes, the media is a huge part of the problem.

9 thoughts on “Don’t Cry for Me CNBC!

  1. I was particularly taken by the phrase: “Just because someone who mocks authority says something doesn’t make it so,”
    It doesn’t make it NOT so either!
    Zucker has a huge flaw in his logic, but what do you want… He’s selling advertising and doesn’t want to lose viewers and sponsors.

  2. Did you also notice how he also says this time it is different in that viewers are sitting glued to their cnbc watching the market go down?

    Boy, the “this time its different” bug has still not left these guys alone!

  3. Charlie, I too was taken by the same phrase. The thing that got me the most was his using the word “authority”. The arrogance of this network.

  4. He is one arrogant dude. His “viewers” are apparently just mindless drones in need of his supervision.

  5. I beg you all to read Irrational Exuberance by Robert Shiller in regards to how the Media affects bubbles.

  6. Michael,
    You should be applauding the muppets on CNBC, it’s because of them that opportunities exist for trend traders to make money. Their knee jerk, reactionary reporting helps with pricing inefficiency, we should all hope these guys have a job for many years to come!

  7. I have been watching CNBC lately only because I need some noise on while I am working and because when I used to watch it a few years ago, I thought it was interesting. I can not believe how cartoonish it has become. Bright lights, flash, and glitz. Sometimes I think I am inside a pinball machine. If that is what it takes to keep the drones who watch it for their investment advice happy, then so be it – I guess!!

  8. As systematic trend followers we know for a fact that nothing and nobody can predict the markets. So I find the concept of CNBC interviewing so-called experts for predictions absurd. It is also irresponsible, since they give these predictions a feeling of legitimacy to common people.

    It is similar to a gypsy in a caravan reading your palm. Except these gypsies wear suits and ties and use big words.

    It might be different though, if they suggest an entry price and an associated stop-loss for these predictions, and of course an updated stop every day, to enable the golden rule: “let your profits run and cutting losses short”.

    However, this successful recipe for trading has low accuracy. The public demands accuracy, and they do not understand that this is not required for successful trading.

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