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Media Bias on CNBC: Missing Haines; Eye Rolls on Caruso Cabrera

by John on 05/21/2012

CNBC offers a good lesson on creating personal FILTERS while watching TV.

What are FILTERS?  FILTERS are questions you ask while consuming news.

What’s their bias?  What are they trying to sell me and why?

It’s the same questions you would normally ask when walking into a car dealership.  And like a car dealership, you can go online and become as informed, or more informed, than the so-called analysts and journalists, to protect yourself.

How to watch CNBC:

  • Watch for safety.  Like you should watch local TV news for any local danger or interruption of service, check in with CNBC to see if the financial world has had some disaster or hiccup.
  • Watch for the release of economic reports and news on business trends and how it might affect your job and livelihood.
  • Remember to use the Calm FILTER.  In other words, if the market has a massive jump or fall, don’t panic or whip yourself into euphoria.  It’s only a one-day event.  And for investing purposes, you’re too late, you’ve missed the opportunity.
  • Ignore the political rhetoric of CNBC.  It’s like going to a comedy show to have someone cure your tooth ache.
  • Go to www.cnbc.com instead and determine the news you want while weeding out the political hype.
  • Get Twitter or email notifications on breaking business news.

Let’s explain the CNBC Bias.

CNBC is like MSNBC and Fox News.  They mix news and political agendas. 

There is a difference, though.  MSNBC and Fox News seem to have set agendas directed by the two political parties.  But CNBC allows some of their so-called journalists to free-lance their own agendas – namely Tea Party and anti-regulatory.

So, you will get some honest brokers of information on CNBC.  Personally, I enjoy the work of Steve Leisman, Andrew Ross Sorkin, and David Faber.  My feeling is they offer a wider range of information and allow us to make our own assessment of what’s happening.

Unfortunately, fate hurt CNBC recently.  They lost its most honest broker of information: the late Mark Haines.  I was a big fan of Haines.  He stood up to power and bullshit.  Many times CEOs were miffed when Haines never swallowed their corporate p.r. talking points during live interviews.  Yet, he was never a left-leaning water carrier either.

The biggest offenders on CNBC today are Rick Santelli, Joe Kiernan, and Michelle Caruso Cabrera.  Their comments make them look like shills for the Tea Party or Wall Street. 

Caruso Cabrera out-did herself on Real Time with Bill Maher over the weekend.  She said Glass-Steagall wouldn’t have stopped the financial crisis of 2008.

She blamed the mortgage industry solely for the subprime loans on over-priced homes.  For someone who is supposed to understand what caused the financial crisis, she incredibly failed to point to the many factors that contributed to the crisis while dismissing one of the biggest factors – the unregulated financial industry.

Here’s one solid explanation that Caruso Cabrera wouldn’t consider:

Nearly four years have gone by since the fateful month of September 2008, and with every passing day it becomes clearer that had that law been allowed to stand, AIG wouldn’t have been allowed to make bets on credit default swaps, sell insurance on asset-backed security pools like collateralized debt obligations or batches of subprime mortgages, and eventually become the epicenter for the worst crisis in nearly 70 years.

This is clearly an example of media bias from someone who is supposed to be an honest broker.   You have to question the motives – or at least be suspicious of her and the other shills at CNBC mentioned here.

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