Media Moves

Columnist slams CNBC coverage

October 1, 2006

Nashua Telegraph columnist Tony Paradiso took exception to CNBC’s coverage this past week of the Dow Jones Industrial Average hitting a new high.

Tony ParadisoParadiso wrote, “With the exception of David Faber, the staff at CNBC can best be described as three-card Monte cons in suits.

“Repeatedly, these financial four-flushers reinforced the legitimacy of the Dow by soliciting predictions from exchange floor professionals as to when the record would be hit. Funny, though, none of these pros were ever asked whether they considered the milestone was truly important.

“Why is the gaggle of goobers at CNBC utterly disingenuous?

“Because as Faber pointed out, the professionals don’t give a rat’s patootie about the Dow. Professionals consider the S&P 500 a far better gauge of the market. By the way, rat’s patootie is a highly technical term I don’t have time to explain.

“But as shameless media types, CNBC assumes the role of financial Pied Pipers. The masses are most familiar with the Dow. Thus, portraying it as the Holy Grail is the best way to entice people to invest and watch.

“Normally, I’d have no problem with this sort of conduct. Like any network, the name of the game for CNBC is ratings.

“Except unlike most networks, CNBC is theoretically helping people make good investments. Of course, this is window dressing, which is why they can air shows such as Jim Cramer’s ‘Mad Money’ and have the nerve to promote it as educational.”

Read more here.

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