Jon Stewart took CNBC to task early this week after one of the business news channel's commentators canceled a scheduled appearance. The commentator that bailed on the Daily Show was Rick Santelli who had a virtually meltdown on the air and ignited a "revolution." In this case, the media created and became the story. Santelli's on-air rant or inspirational speech (depending on your perspective) spawned the Tea Party movement where groups opposed to the Obama administration's mortgage rescue plan and bailouts in general could voice their opposition.
But the CNBC commentator's foray away from reporting into editorial commentary is not unique. The business news channel has a decidedly right leaning ideological bent as it caters to an investing class that has a relatively uniform view on what are right-headed and wrong-headed policies when it comes to the role of the government in the economy. But this common perspective has started to become inconsistent and schizophrenic. On certain days you'll hear that the government is too involved in the market that should be left to its own devices to correct problems in ways that only the hallowed market can. On other days, you'll hear demands for government nationalization of banks. Often these comments will come from the same anchors on any given day. What's become too apparent is that very little insight if any is coming from places like CNBC. Just like the virtually bankrupt institutions they have been covering, CNBC seems to be bankrupt of any insight. It's core value proposition of expert, focused news coverage seems hollow especially after you look back at their reporting leading up to and during the financial crisis. Jon Stewart points this out in spades where he schools CNBC in general. This line of mockery continued on the Colbert report, and Jon Stewart summed up these thoughts regarding CNBC well on his Letterman appearance.
Given CNBC's utter failing in understanding what was happening in a space that is its sole focus should give it some pause and even more humility. However, the fact that CNBC has only become bizarrely more arrogant and has relied on even greater editorialization in its coverage suggests that's it is no different from other lower brow news organizations. It's clear that CNBC like its general news brethren relies on a few operational guidelines: 1. Editorial content is cheap, 2. Quick interviews with so-called experts are cheap, and 3. Insight is expensive. Insight takes time, investment in research, and thoughtful review of the facts. Stick with editorializing based on half-knowledge and cycle people through the green room for quick 60 second takes on complex issues. That's the business model. Sure, it's cheap and likely profitable; but does it deliver on the value proposition to CNBC viewers that the network likes to claim. Clearly not!
The ultimate expression of CNBC's failing is by way of contrast. In May of 2008 NPR's This American Life series delved into what was causing the housing crisis which was then starting to take on real steam. Everyone should check out that excellent show which is call The Giant Pool of Money . It made the complex easier to understand by way of telling the stories of the human lives involved with the meltdown. Mind you, this story was still months before the major stock market collapse which was to commence in September 2008. This came from a non-news organization that was typically more focused on covering human interest stories about simple every day struggles. Almost one year later CNBC comes out with its near copy-cat House of Cards "investigative report" that essentially rips off the NPR effort in form and content. Instead of the old saying "a day late and a dollar short," CNBC was almost a year late and nearly one trillion dollars short.
Applying rigor and care to your craft pays off. Half-ass, opinion-based fluff in a space that should be data-driven just doesn't fly. CNBC let its stakeholders down. But instead of being chastened by its near absolute failings, it has become a defensive angry beast. That anger is surely a function more of self-loathing than anything else.
Filed Under: You're Not Getting the Full Story - Media Mediocrity: Our thoughts on where the media just plain dropped the ball and did not adequately or insightful cover a story that has significant relevance on the national interest. Sphere: Related Content
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