OLD Media Moves

Glued to CNBC

September 23, 2008

Andrew Edgecliffe-Johnson of the Financial Times writes Tuesday about CNBC’s recent coverage of the economic upheaval in the States.

CNBCEdgecliffe-Johnson writes, “In an age when online bloggers are supposed to have increasing sway over the news agenda, the credit crisis has instead seen Wall Street and City traders and executives glued to cable television.

“A string of exclusives from CNBC has included interviews with Barack Obama and John McCain, arranged hastily as both candidates saw the economy dominate the presidential campaign.

“CNBC’s screens, which at times featured eight talking heads all trying to be heard at once, also captured the confusion of the week.

“On Tuesday last week, after Mr Gasparino reported that federal money was ‘on the table’ for American International Group, his colleague David Faber went on air saying that a private sector solution had failed but he could not confirm the bail-out report. AIG’s shares see-sawed wildly on the day. Similarly, CNBC at first reported that China’s Citic Group –- rather than China Investment Corp, or CIC –- might invest in Morgan Stanley.”

Read more here.

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