Grandich: Most business journalism is TOUT TV
Peter Grandich, a financial advisor who also publishes a newsletter about the metals and mining industries, has some interesting thoughts about financial journalism in his latest issue.
Grandich wrote, “Itâ€™s also been my firm belief of the existence of a ‘Donâ€™t Worry, Be Happy’ crowd within the financial arena. These folks always, without exception, paint the most optimistic outlook–not because itâ€™s their whole-hearted belief, but because it sells.
“And certain parts of the financial media are willing conduits. Iâ€™m not trying to be sarcastic when I call CNBC-TV â€œTOUT-TVâ€?. Once a ‘fair and balance’ news channel that gave both bear and bull equal footing, CNBC has now become virtually one-sided in its reporting. You would sooner find a needle in a haystack than see and hear a bearish stock market/economic forecaster on their broadcast.
“And, if you do find one, hosts like Mark Haines or Joe Kernen will try to eat his/her lunch before long. These anchormen have openly cheered when the market rose and frown when it was down. If you agree, I encourage you to watch Bloomberg television and better yet, Canadaâ€™s financial channel, ‘Report on Business’ Television (ROB-TV). There, you will see and hear fair and balance reporting without any egos.
“CNBCâ€™s last fair and balance guy was Neal Cavuto (now with FOX News, ironically). ROB-TV has many distinguish reporters and the single best TV financial journalist in North America today, Mr. Jim Oâ€™Connell. Not only is Mr. Oâ€™Connell brilliant yet humble, but he always asks the questions you would in his position. Sadly, yours truly canâ€™t stomach TOUT-TV for more than a minute or two but thankfully is able to watch ROB-TV live on his computer for a minuscule yearly cost (see home page of http://www.robtv.com/ for information.)
“One more comment on certain aspects of the financial media from a personal experience that I believe clearly shows the biases against anything that may not fit into the bullish category: This past fall, I was asked to pen an article about gold for a ‘very’ well-known nationally-circulated business magazine. After completing the article, the ‘Features Editor’, sent me back the edited version.
“I wrote back and said in part ‘â€¦ Iâ€™m sorry but I canâ€™t in good faith put my name to this article. You took virtually all I said in the interview with the reporter and discarded it for a gold story mostly about just one element of the gold outlook-China. Unlike your version, I donâ€™t believe itâ€™s the driving force for gold and the article has nothing about all the other factors I had previously offered. Anyone familiar with my work would question this article knowing itâ€™s not the key reason for my bullishness.'”
Read more here.