Mark Gay of the Moscow News writes Friday about how financial journalism needs to be covered more widely and by more journalists.
Gay writes, “As CNBC’s first bonds analyst, I stood on the trading floor of a derivatives exchange, explaining how low interest rates were creating ‘irrational exuberance,’ in Alan Greenspan’s words.
“For a brief moment, television was staring at the beating heart of the financial system.
“Soon CNBC was back to touting shares, with one part criticism, four parts cheerleading.
“As the dot-com bubble inflated in the late 1990s, the banks grew rich on IPOs. Insiders got free shares in companies sold to a misinformed public.
“TMT was the buzzword: tech, media and telecoms. I told my Reuters editor we should avoid this salesman’s talk and choose our own language.
“I lost another argument. Within a year, many TMTs joined the 90 percent club: companies that shed nine-tenths of their stock market value.”
OLD Media Moves
Where do we go from here?
November 11, 2011
Posted by Chris Roush
Mark Gay of the Moscow News writes Friday about how financial journalism needs to be covered more widely and by more journalists.
Gay writes, “As CNBC’s first bonds analyst, I stood on the trading floor of a derivatives exchange, explaining how low interest rates were creating ‘irrational exuberance,’ in Alan Greenspan’s words.
“For a brief moment, television was staring at the beating heart of the financial system.
“Soon CNBC was back to touting shares, with one part criticism, four parts cheerleading.
“As the dot-com bubble inflated in the late 1990s, the banks grew rich on IPOs. Insiders got free shares in companies sold to a misinformed public.
“TMT was the buzzword: tech, media and telecoms. I told my Reuters editor we should avoid this salesman’s talk and choose our own language.
“I lost another argument. Within a year, many TMTs joined the 90 percent club: companies that shed nine-tenths of their stock market value.”
Read more here.
Full-Time
Bisnow seeks a commercial real estate reporter
May 7, 2024
Media News
Oden, former WSJ editor in Washington, dies at 85
May 7, 2024
Media News
NY Times names Schmidt its European biz editor
May 7, 2024
Media News
San Francisco Standard hires D’Onfro as a biz reporter
May 7, 2024
Media News
Business Insider to begin search for new editor in chief
May 7, 2024
Subscribe to TBN
Receive updates about new stories in the industry daily or weekly.