FIXING FINANCIAL TV
Barry Ritholtz wrote a great piece on fixing financial TV last week. He listed 16 ways that the problem’s could be fixed. I believe this problem can be fixed with one simple change: tell your reporters to shut up, report the news and stop opining. No one on the planet wants to listen to Melissa Francis, an amateur actress and lifelong reporter, explain inflation 101 (incorrectly) to the Chief Economist of Deutsche Bank (this was embarrassing for CNBC and Francis):
The biggest difference between Bloomberg and CNBC is that the Bloomberg reporters don’t interject with their personal opinions every 5 seconds. Unfortunately, Bloomberg doesn’t come with most cable packages so it’s far less available to mainstream viewers. When it comes to financial TV you have two options: Fox Business and CNBC. Fox Business still has a ways to go before they can compete with CNBC. Their quality of guests and anchors are still inferior. That leaves one good option for most: CNBC. CNBC does a great job for the most part, but their one failure is allowing unqualified guests and reporters to opine on incredibly complex financial topics. This isn’t The View. I know opinions are like __holes, but when it comes to financial markets we’re dealing with stuff that 95% of the public doesn’t really understand. Most of those opinions simply don’t matter. We’re not talking about Brangelina here….We’re dealing with very sensitive topics that have a huge impact on people’s lives. Allowing Dennis Kneale to predict future stock movements is damn near financial negligence in my opinion.
The biggest attraction of financial TV is expert opinions. Rick Santelli is respected because he is a lifelong trader. He has spent his whole life in the trenches. Listening to him argue with Steve Liesman, who graduated with a Masters in journalism, is like watching me try to hit a Roger Clemens fast ball (while he was on steroids). Can you imagine watching Sports Center while you listen to Stewart Scott explain to viewers why Kobe Bryant missed an 18 foot jump shot and how he could go about fixing it? No, you would throw your remote control through the TV. CNBC allows their anchors to do this all day and it’s not only useless, but counterproductive. If you want to create Bill O’Reilly style shows where reporters scream their opinion that’s fine – pick an after hours time slot and let them scream and hit buttons all night. But during the day keep the reporters reporting the news and the experts deciphering it.
If you’re going to let people speak their mind at least find some credible experts. As for the reporters, find more David Fabers and Maria Bartiromo’s. There’s a reason why they’re the most respected anchors at CNBC – all they do is report the facts and nothing more. And that’s all viewers expect and want from them….
Um . . . Your point is exactly right (I run a hedge fund but never watch CNBC because I can’t stand it), but your link for Francis’s lack of qualifications leads off with: “Education / Harvard University B.A. in economics, executive editor of the Harvard College Economist Magazine.” I’m pretty sure they teach inflation there.
I thankfully watch CNBC Europe that is far superior to CNBC USA which is basically unwatchable. Bloomberg USA is the best channel from a UK perspective. Why do people fixate on CNBC USA so much? It is rubbish!
Robert,
Does her college degree make her an expert in financial markets? Does it qualify her to tell Joe Lavorgna that he is “wrong” on national TV? If she did indeed learn the basics of inflation I believe her Harvard Business School background is even further proof of how few people are truly qualified to voice their opinions on TV. Even the best education in the world still leaves much to be learned…It’s clear that she either slept right thru that class or, like most of the general public, still fails to understand it….
Simon,
CNBC Europe is great. Unfortunately, CNBC USA has a virtual monopoly on the US TV market. Bloomberg, like I said, is not included in most cable packages. If it was, CNBC would have gone out of business long ago.
TPC, that was the funniest thing I’ve seen for some time, ZH linked to it early. Frigging hilarious.
TPC…high quality post. That is precisely why Bloomberg TV is far superior to CNBC. It is real reporting. They actually ask great questions, and then just sit there and listen to the answer. They don’t try to make themselves the story on Bloomberg…imagine that, huh? I literally cannot watch CNBC anymore. I’ve felt that way for close to two years now and haven’t tuned into any CNBC over that time. I guess I do miss seeing MCC’s raccoons, though..is she still on?
I love how the economist from DB lists three “core” indicators. He might as well work for the government. Check out shadowstats.com for unmanipulated CPI, unemployment and money supply.
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