I couldn't sleep last night so I turned on CNBC around 5 in the morning.
What I saw and heard was the world edition where there seemed to be a balanced discussion with a number of talking heads about various aspects of the global economy. Most analysts were cautious and offered a balanced assessment of the risks and rewards.
At 6 Am sharp, the discourse changes. Joe Kernan, Becky Quick and Carl Quintanilla come on and while they are all very good, it makes the beginning of a transition for the morning. The unbridled optimism starts. The volume increases.
By the time that we get fully into the morning and the market is open, we have Trish Regan, Maria Bartiromo Erin Burnett and the wonderful Michelle Caruso-Cabrera show up, CNBC seems like a cheerleading section at a high school football gain. "Go Market, go market, go market." All of the smiling fans, which these days even seem to include CNBC's chief economist, are screaming about why you need to buy. And, all of the guest seem to say that it is time to buy.
The shift from the caution in the morning to the loud screaming has never been so apparent. The desire to be optimistic is spite of a difficult economic backdrop and to overcome whatever obstacles we face is something which is uniquely American. CNBC knows their markets well. They now what sells where and optimism sells in the US.
Comments
Faber report
May 19, 2009
If I were Faber I would make up some numbers about your analysis and then pass it off as some astounding revelation. The whole channel is nothing but entertainment. Enjoy it but don't invest based on what those guys say. The only exception is Mark Haines. He seems crotchety enough not to buy into all of the hoopla.
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