That’s the question being asked by Gary Woods, a retired journalist and direct marketing professional, who writes into Broadcasting & Cable about CNBC‘s “Is your Money Safe?” graphic.
Woods writes, “I believe this is a very serious matter. While this graphic has been flashing tens of thousands of times in the past several months, the U.S. stock market has made some of the most significant declines since the Great Depression. Fear indicators, such as the VIX, have exceeded all previous modern levels. Wachovia Bank was solvent, until CNBC started talking about it while this message was flashing. In six weeks, $18 billion in assets were withdrawn from this bank, bringing it to insolvency. Experienced market analysts have never seen a sell-off like this, with such enormous intensity behind the selling. I believe something else is at work, and CNBC is partly responsible.
“I’m suggesting that you watch CNBC, and look for this graphic to appear. What is its manner and use?
“Perhaps an open dialogue should begin about this unusual device, and how it is being used in such an unusual manner when there is enormous financial stress.”
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