OLD Media Moves

The biggest financial story that we'll ever have

October 17, 2008

David Folkenflik reports for National Public Radio how business news cable network CNBC has adjusted its coverage during the economic turmoil.

Folkenflik writes, “In normal times, CNBC is hyper-focused on individual stocks. These aren’t normal times, and some stories just skate by these days. Reporters and anchors volunteered such topics as whether IBM or Hewlett-Packard was a better buy; whether the sharp drop in oil prices suggests they had been manipulated earlier this year to rise; and new nuclear plants on the drawing boards.

“Faber grimaces when asked about a New York Times story breaking the news that GM might merge with Chrysler. He had the story but didn’t nail it down in time. He says being beaten led to sleepless nights, but that the scoop was victim to putting out other fires.

“‘This is the biggest financial story that we’ll ever have,’ Faber says. ‘I’ve been doing this for 22 years. I don’t know how much longer I’ll do it. But there’s no way that I will ever see something like this again. I just am firmly convinced this crisis of ’07 and ’08 will be one that we’re writing about in the history books for decades to come.'”

Read more here.

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