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Thread summary:

FOX News Business Block, CNBC out of touch with Main street obsessed with Wall Street, looking for other sources for financial information

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Old 10-26-2007, 04:18 AM
 
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I watch FOX NEWS Business Block and CNBC on a regular basis and am shocked how isolated and elitist the reporters are. They seem to think everything in our economy relates to how things are on Wall Street and can not relate to how things are on Main Street or in someones own family.

Is this a game on their part, a marketing decision, or are these people really that isolated from reality?
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Old 10-26-2007, 09:59 AM
 
3,737 posts, read 7,206,602 times
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Quote:
Originally Posted by goodtype View Post
I watch FOX NEWS Business Block and CNBC on a regular basis and am shocked how isolated and elitist the reporters are. They seem to think everything in our economy relates to how things are on Wall Street and can not relate to how things are on Main Street or in someones own family.

Is this a game on their part, a marketing decision, or are these people really that isolated from reality?
They are, for the most part, working on behalf of Wall Street insiders. When institutional investors want to sell large blocks of shares, they rely on analysts to do the pumping. Their buy-to-sell recommendation ratio is estimated to be 50 to 1. Believe it or not, their loyal sheep can move stocks -- even if only for short time.

Last edited by davidt1; 10-26-2007 at 10:38 AM..
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Old 10-26-2007, 10:30 AM
 
Location: WA
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All of them live, work, and focus on activities surrounding Manhattan... and much of the information they receive on all subjects is from that financial community. It is definitely another outlet that has its own bias so you must look to numerous sources to get a balanced view on any subject.
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Old 10-26-2007, 04:28 PM
 
1,352 posts, read 4,157,571 times
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Quote:
Originally Posted by goodtype View Post
I watch FOX NEWS Business Block and CNBC on a regular basis and am shocked how isolated and elitist the reporters are. They seem to think everything in our economy relates to how things are on Wall Street and can not relate to how things are on Main Street or in someones own family.

Is this a game on their part, a marketing decision, or are these people really that isolated from reality?
They are that isolated from "our" reality, LOL Their Main Street is the stock market and the market dictates their lifestyle and wealth, so that is "their reality" but not a reality for those who don't play the stock market - although the market does affect us. I hope that makes sense
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Old 10-26-2007, 04:48 PM
 
Location: Sacramento
13,755 posts, read 23,213,984 times
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Quote:
Originally Posted by goodtype View Post
I watch FOX NEWS Business Block and CNBC on a regular basis and am shocked how isolated and elitist the reporters are. They seem to think everything in our economy relates to how things are on Wall Street and can not relate to how things are on Main Street or in someones own family.

Is this a game on their part, a marketing decision, or are these people really that isolated from reality?
In my view they do their job, report on the financial markets and the statistical data driving market prices and profits. They don't need to see that Mr A lost his health insurance nor can afford their readjusting mortgage, but they have reported the overall statisitics and projected impacts.

CNN focuses more on the human pain story, it isn't FOX or CNBC's business reporting job to do so. Unless the pain relates to market movements, it isn't relevant to their reports.
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Old 10-27-2007, 08:12 AM
 
3,737 posts, read 7,206,602 times
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Quote:
Originally Posted by goodtype View Post
I watch FOX NEWS Business Block and CNBC on a regular basis and am shocked how isolated and elitist the reporters are. They seem to think everything in our economy relates to how things are on Wall Street and can not relate to how things are on Main Street or in someones own family.

Is this a game on their part, a marketing decision, or are these people really that isolated from reality?
The big financial news on Friday was that the market went up. As always, why it went up was interesting and puzzling to me. "Market rallies on CFC news and MSFT earnings, " said the headlines. How did they know the market went up because of CFC and MSFT? Does anybody ever become curious when they see headlines like that? Did the media call up investors and ask them if they were bullish because CFC annouced some news and MSFT had good earnings? Did they conduct a poll? CFC is a pos stock and MSFT is a has been. I can't imagine some Joe six-pack saying, "Oh my god, CFC is losing billions now but will make a boat load of money next year and MSFT is selling more Hallos. I will buy me some MER and BIDU." The media is such a wonder, isn't it?
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Old 10-27-2007, 12:27 PM
 
Location: WA
5,292 posts, read 20,697,476 times
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Originally Posted by davidt1 View Post
The big financial news on Friday was that the market went up. As always, why it went up was interesting and puzzling to me. "Market rallies on CFC news and MSFT earnings, " said the headlines. How did they know the market went up because of CFC and MSFT? Does anybody ever become curious when they see headlines like that? Did the media call up investors and ask them if they were bullish because CFC annouced some news and MSFT had good earnings? Did they conduct a poll? CFC is a pos stock and MSFT is a has been. I can't imagine some Joe six-pack saying, "Oh my god, CFC is losing billions now but will make a boat load of money next year and MSFT is selling more Hallos. I will buy me some MER and BIDU." The media is such a wonder, isn't it?
Obviously you see that their comments about why the markets goes up or down are for the most part just idle speculations to fill air time and put a handle on daily activity. With millions of individuals trading billions of shares there is no way you can say why the market is moving any more than a broad comment of bullish or bearish inclination (usually only valid for a few hours).

I am astounded they let those people talk on subjects they have no real background in... Have heard the most inane and ignorant discussions of energy, industry, real estate, etc. They ought to limit the on air adlibs by some of them that clearly would be branded as an ignorant blow hard at most parties.

I watch the financial channels to see what is happening in the markets, watch the rare good interview, but mostly ignore the comments from the talking heads.
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Old 10-27-2007, 03:38 PM
 
Location: Los Angeles, Ca
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The financial media seems to live in another land, far removed from main street.

Seems like whenever you tune in, there's always "economic growth", "low inflation", "strong employment", the market is hitting "record highs". Everything is just rosy.

And then in reality, economic growth for who?

They play around with the inflation numbers all the time, cutting them up in a way no one in the real world does. Core vs non core....its meaningless for people. People still have to buy gas, regardless if it's "volatile" or not.

If "Employment" is so strong, why does it usually take two people to support a household?

The cynical side of me would say....is it all just a game to perpetuate corporate dominance in this country and distract the masses from their day to day reality? Keep throwing up imaginary numbers and imaginary growth so people will think everything is ok?

CNBC is always hyper bullish on stocks. Their buy-sell recommendations are astronomical.

If stocks go up, they hit a "new high" (even though inflation adjusted, it might be minimal). If stocks go down, it's always "profit taking". Did they poll every seller to see if he/she took a profit?

It's all a big commercial for stocks. Get the analysts on there to recommend stocks. Get the "experts" with other agendas (that are really looking to push books, speaking on the lecture circuit, etc). Fill air time with brokerage ads, and more experts.
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Old 10-27-2007, 04:22 PM
 
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It's the same thing with housing price news. When I was a desperate renter, fearing I'd never get ahead or live anywhere decent, it infuriated me to read headlines like "Good news in housing!" and find out that the good news was a huge increase in price. I did write to that newspaper and inform them that many people who do in fact read the newspaper are not property owners.
"Housing recovery" currently strikes the same nerves, never mind that, recover from what? An unprecedented greed party/boom?
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Old 10-27-2007, 10:22 PM
 
Location: Los Angeles, Ca
2,884 posts, read 5,037,706 times
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Yeah...in the media, everyone is a property owner that wants housing to go up. When was the last time you ever heard about renters, or the price of rent on CNBC or CNN?

I was flipping through the channels tonight, caught Suze Orman......where do you begin her?

Talk about irresponsible and inane. She was recommending "spiders".

Why?

You never hear any real reasons why. "Because it's a stock, because it goes up." That's about the best answer they give.

When do you sell?

Why does the media always get so bullish and excited when stocks are going up? Aren't you better off buying when prices are depressed?

Wouldn't you rather buy anything when it's down?
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