CNBC Is Bringing Me Down

Posted: March 10th, 2009 | Author: saldarji | Filed under: business, politics | No Comments »

I am a CNBC junkie. Or I was until recently. I started realizing that they have been mixing more and more conservative viewpoints. The topic is covered thoroughly by the NYTimes here.

In recent weeks some have perceived the network to be leading the campaign against President Obama’s economic agenda. Mr. Cramer, who calls himself a lifelong Democrat, said last week that the administration’s agenda was “destroying the life savings of millions of Americans.” One week earlier Mr. Kudlow declared that Mr. Obama was “declaring war on investors, entrepreneurs, small businesses, large corporations, and private equity and venture capital funds.”

The liberal establishment has started firing back. DailyKOS is accusing Jim Cramer and CNBC of manipulating stocks. It’s the same story that has been promoted by Patrick Byrne (CEO of Overstock) who was once considered a nutjob and now probably feeling a little bit vindicated. *

Personally, I think that CNBC might really be shorting the news. They’ve become so pessimistic because their pessimism has attracted a lot of viewers, probably from the right side of the spectrum. Check out the following screenshot from CNBC today. The market rises 5% and their top stories are all about the economy falling apart.

And by the way, if you were wondering where the Daily Show’s takedown of CNBC is, it’s right here:

* – I met Patrick Byrne once and consulted for his company, so that’s my disclaimer.

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