When Media “Experts” Assist in Ruining Our Economy, Why Aren’t They Fired?
Yesterday I wrote about a depressing appearance by Nouriel Roubini and Nassim Taleb on CNBC, where the show’s hosts were demonstrably incapable of engaging in a serious discussion about the structural problems in our economy. A few days ago, I also wrote about how one of the problems with our current economic crisis is that we aren’t making a point of holding financial leaders accountable for harming our economy.
I can understand that it’s politically and logistically difficult to fire all of the regulatory and financial industry leaders who played a part in getting us into this situation. What I have a harder time understanding is the 24-news stations (CNN, Fox News and, most notably, CNBC) who for years have held out financial “experts” to predict for us which stocks were “buys” and which were “sells”. Of course, none of these “experts” have any particular prescience (because nobody does) and all of them have had their specific predictions fail more often than not. Most importantly, these so-called “experts” didn’t see our crisis coming, didn’t prepare anyone for it, and yet are still on TV, pretending to predict hot and cold stocks for us. Why do these worthless “experts” still have jobs?
Can We At Least Agree to Boycott the “Experts”?
A number of financial bloggers recently participated in International Boycott CNBC Day, heeding the call:
“We are boycotting CNBC because of what we perceive as a gross lack of accountability and editorial judgment.
“We are boycotting CNBC because they produce shows with personalities who take zero responsibility for stock picks and markets calls which misinform viewers and distort the severity of the economic crisis.
“We are boycotting CNBC because they trot out so called expert guests who have cost investors millions without warning viewers and allow these guests to pump themselves up without demanding the disclosure of performance.
“We are boycotting CNBC because we want to send a message that such asshat behavior is unacceptable to us, their viewers.”
Now, I’m sad to admit that I didn’t learn about International Boycott CNBC Day until it was too late (the boycott was on February 3). Then again, it would be hard for me to “boycott” something I’ve never voluntarily watched [I do regularly watch it, involuntarily, as it is the station of choice in my gym lockerroom].
The saddest part is that not only are most people not dismissing these clowns, CNBC’s ratings are actually UP since the financial crisis started.