Why TV is a joke

and financial news in particular: they lie.

Back in late-1989, I contended that the U.S. economy was in or headed into a deep recession. CNBC had me in to discuss my views along with a senior economist for a large New York bank, who was looking for continued economic growth. Before the show, the bank economist and I shared our views in the Green Room. I outlined my case for a major recession, and, to my shock, his response was, “I think that pretty much is the consensus.” We got on the air, I gave my recession pitch, and he proclaimed a booming economy for the year ahead. He was a good economist and knew what was happening, but he had to put out the story mandated by his employer, or he would not have had a job. More recently, following an interview on a major cable news network (not CNBC), I was advised off-air by the producer that they were operating under a corporate mandate to give the economic news a positive spin, irrespective of how bad it was.” And now you know that watching stations like CNBC for anything more than just comedic value is hazardous to your health and wealth.

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One Response to Why TV is a joke

  1. kishnevi says:

    Maybe that was ABC or MSNBC. I listen to CBS Evening News courtesy of my mother, and CNBC in the morning. They’re not positive about the economy–or more precisely, if that’s the best positive spin they can put on the news, then the reality must be Gawdawful horrible. CNBC hypes the stock market, which is not precisely the same thing, and besides that’s what essentially its corporate mission has been from the get-go.

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