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  • beprepared4infinityandbeyond beprepared4infinityandbeyond Oct 24, 2008 6:01 AM Flag

    The CNBC Blame Game...

    Yesterday CNBC joined in on the blame game by trying to help point fingers at who’s responsible for current market turmoil. What they forgot to do is look in the mirror! Last month, as congress was busy trying to figure out how to bring liquidity back to the market the CNBC staff went into their most aggressive style of reporting; a fast past talk that is normally reserved for 911 types of events. They used the power of the press to convince everyone that without immediate passage of the bailout plan that we would see a massive drop in the markets. Their fast paced talk about doom and gloom along with many interviews with experts who were clearly short on the market help to add fear to an already tenuous environment. Even after the bailout was passed CNBC continued with its fast paced over analysis of each tick in the market; adding each day to the fear. As the market started to drop hundreds of points each day and thousands of points over the last few weeks the CNBC celebrity reporters started telling Americans that the days of buy and hold were over and that we should all start pulling money out (the sky is falling). The mass exodus from mutual funds and hedge funds increased with each and every call by CNBC to do so and stocks began to sell at extremely deep discounts in order to meet the demand.

    Each day viewers of CNBC listen to short term traders and celebrity spokes persons who believe that they can analyze every move in the market and explain to viewers what’s happening. Some of the CNBC celebrities have told viewers that they can no long buy and hold stocks… Interesting advice as some of the greatest investors of our lifetime are busy buying and some of the CNBC guests have gone 100% back into the market.

    IMHO, CNBC should stop the fear mongering and start doing their part to help rebuild confidence. Let’s stop the blame game and start pointing fingers at some of the things that are going right in America! CNBC should take a short hiatus from their minute by minute over analysis of every market tick (or government action) and begin a week long focus on American companies; companies that will help to make a brighter future for many Americans, companies that will bring us new forms of clean energy, improvements in recycling, efficient autos, energy efficient products, cures for cancer, cures for HIV, clean coal, nuclear power, earthquake proof housing, new water infrastructure, new power infrastructure, new sources of natural gas, water conservation, desalination, coal to liquid, etc. etc.

    CNBC could and should do their part to reduce the fear and start the money flowing back into mutual funds and the market. If they don’t then Americans should hold them accountable (CNBC is owned by General Electric). If CNBC continues to add substantially to the fear, if CNBC continues to tell investors to get out (even as Buffett and others are buying), if CNBC does nothing to help reduce the fear then Americans should stop using General Electric products and let CNBC employees feel the same pain that many of us feel.

    If you agree with any of this then please send a letter to CNBC and ask them to take a break from the fear and start focusing on the future of this great country.

    Peace,

    BePrepared
    The Call: thecall@cnbc.com
    Closing Bell: closingbell@cnbc.com
    Power Lunch: powerlunch@cnbc.com
    Squawk on the street: squawkonthestreet@cnbc.com
    Larry Kudlow: kudlow@cnbc.com
    Carmen Wong Ulrich: Carmen@CNBC.com
    Mad Money: madmoney@cnbc.com
    Fast Money: http://www.cnbc.com/id/22408221/
    Squawk Box: http://www.cnbc.com/id/22737253/
    Street Signs: http://www.cnbc.com/id/22898571/

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    • Could not agree with you more. CNBC is a major contributor of public fear and anxiety. I really like read flashing news. If the market drops like this, GE will be single digit before the end of the year. Congratulations, CNBC. Job well done.

    • Gammaarray, the CNBC team doesn’t need to keep playing the game. They could help turn this around by taking a break from preaching fear and uncertainty and by focusing on the strength of America’s businesses. We have a lot of great companies and they are building a lot of cool stuff that will drive markets into the next decade and beyond. Rather than spend every minute trying to over analyze every move in the market CNBC could help build confidence by focusing on American technologies and letting investors see their long term potential.

      • 1 Reply to blow_out_year
      • something_not_right_here something_not_right_here Oct 24, 2008 4:27 PM Flag

        Let's talk frankly for a second here. The whole premise of capitulation is to clean out the little guy/gal. When they finally bail out, it is reasoned the markets have capitulated and are ready to move higher (even though the little guy/gal are broke).

        The notion to its seedling is manufactured and contrived, but more especially so when CNBC plays the capitulation ad windbagem when it was thought capitulation was already to have occurred days ago.

        CNBC is in business to serve the big-money interests in the markets. Whether they will admit it or not, whether they can look at themselves in the mirror or not (they can, you have to have shallow ethics to be a pawn host on this show), whether people are oblivious to the obvious, it remains the most sacred truism before us.

        P.S. the other day an analyst talked about investing 401k's into the market, despite the market carnage of today. not one CNBC personality questioned it. 'Nuff said.

    • If "you" dont agree with the Blame Game.. it doesnt mean that all people would follow your view.. why should they.. there has been enormous impact on people lives and this the junction that people get to decide.. not later.. There is no suspension of people opinion. Short traders may have taken advantage of the stuff but also they will take the risk.. and the market can flip on a dime.. the enormous valatility will take both longs and shorts out..

      Regards.

    • Good post. Contacting CNBC is a good first step, however, we have all seen how allowing the banks to police or regulate themselves worked out. The same analogy can be drawn for CNBC doing so. We need more. We need this station overhauled by regulators.

      • 1 Reply to cnbsucks79
      • CNBC still crying about capitulation

        Actually lack of capitulation

        Forget all the people pulling money from funds for the last several weeks

        They want hell on earth before they will support the market

        Forget all the investors that are telling CNBC they're now all in

        They want stocks to sell off in mass quantity

        General Electric won't come to the support of the market because CNBC is selling ads by selling fear

        Forget all the retirement accounts they've help blow away

        Let the fires burn, right?

        GO CNBC GO

        And you know where I'd like to see you go!

    • Your errand is laudable, but why should GE/CNBC bite the hands which feed it, in terms of advertisers? There is an old adage popular in the days of the 'ink-stained wretches' at the local dailies: If it bleeds, it leads. Sensationalism equals viewer interest, which attracts advertisers like flies to dung. In the age of electronic media, things have not changed that much.

      • 1 Reply to kapitanleutnant
      • beprepared4infinityandbeyond beprepared4infinityandbeyond Oct 24, 2008 12:41 PM Flag

        Re: “Your errand is laudable, but why should GE/CNBC bite the hands which feed it, in terms of advertisers?”

        You are right, CNBC probably isn’t going to change unless viewers make then change. Many of their viewers can be found on the internet (and some even on Yahoo) right after they mention companies in their shows (this especially true during Mad/Fast Money shows). If the Internet community starts to discuss CNBC’s part in creating this market crash, and if CNBC viewers start turn away from them, then they may eventually take notice and do the right thing.

        Sending an email to each of CNBC’s talk show hosts couldn’t hurt.
        Switching from CNBC to FOX or Bloomberg is also a good idea.

        CNBC could gain a lot of goodwill (and possibly a lot of advertising dollars) by doing their part to restore faith in America’s market. Unfortunately, the all mighty dollar controls their actions so they’ll probably keep fanning the fires… On the other hand, we can get a message to GE by walking away from their products and turning away from their channels until CNBC starts acting in a responsible way.

        Hopefully next week will be a better week.

        We all need a break,

        BePrepared

    • Good job. I'm sending an e-mail now

      • 3 Replies to fortunetruck
      • I sent an email too

      • beprepared4infinityandbeyond beprepared4infinityandbeyond Oct 24, 2008 12:00 PM Flag

        Thank you for sending the email!
        Now all we need is a few thousand more...

        CNBC has way too much power because everyone’s looking for advice right now and they are in the spot light. Over analyzing market moves and pulling in a balance of short and long advisors does nothing to restore confidence. Celebrity spokes persons telling viewers to cash out does nothing to restore confidence.

        CNBC needs to take a pause and come back with hundreds of short segments covering America’s strengths and showing businesses that are helping to build a better brighter future (GE is one of them). No amount of fed or government action will restore confidence. No amount of banking or housing bailouts will restore confidence. CNBC could easily do they part to help restore investor confidence by spotlighting the enormous potential hidden in American businesses.

        Hopefully lots of investors and CNBC viewers will ask CNBC to do their part in saving this market.

        CNBC may have the power to affect the market, but the online community has the power to affect CNBC and eventually they will have to start listening.

        Thank you again for sending your letter,

        BePrepared

        P.S. For those who didn’t see the CNBC email addresses at the end of my first post… Here they are again:
        The Call: thecall@cnbc.com
        Closing Bell: closingbell@cnbc.com
        Power Lunch: powerlunch@cnbc.com
        Squawk on the street: squawkonthestreet@cnbc.com
        Larry Kudlow: kudlow@cnbc.com
        Carmen Wong Ulrich: Carmen@CNBC.com
        Mad Money: madmoney@cnbc.com
        Fast Money: http://www.cnbc.com/id/22408221/
        Squawk Box: http://www.cnbc.com/id/22737253/
        Street Signs: http://www.cnbc.com/id/22898571/

      • We dont need OBAMA, we have CNBC

    • Two words: Class Action

    • I keep telling you to call your cable company and demand the Fox Business Channel. They will continue to act irresponsibly until we have an alternative to these "tow the line" liberal deep thinkers!

      • 1 Reply to retiredinva
      • I blame it on Cramer; of course, there’s plenty of blame to go around.

        Last year Cramer started telling viewers to… Walk away from their homes
        Oh ya, he suggested that they just run and leave their homes
        I’m sure bankers all over the country love Cramer, NOT!

        Last month Cramer started telling viewers to move a significant part of their retirement into cash. He also began preaching that there’s no such thing a buy and hold anymore.

        As viewers ran for the exits their shift of funds from mutual funds to money market accounts added downward pressure to the market. Of course, Cramer knew what he was doing which is why he asked for the FDIC to increase their insurance coverage. Cramer added fuel to the fire and then kept piling it on.

        Has anyone noticed that CNBC now has a very strong warning that they push just before Cramer performs on CNBC (usually once or twice in the morning and during his show in the afternoon)?

        The disclaimer says that Cramer’s views are his own and that CNBC shouldn’t be held accountable.

        Of course, CNBC should be held accountable!
        They are the ones fueling the financial fires that are putting my parents and my grandparents back into the job market. CNBC’s irresponsible coverage of this crisis has turned it into a roaring bonfire and they are therefore they are a major part of the problem.

    • Don't watch these jerks, Bloomberg gives more info, less hype.

      • 2 Replies to cpabkr
      • Bloomberg isn’t playing the rating game and unfortunately they don’t reach as many American viewers. CNBC is free to most digital cable subscribers so they have a very large audience and they play to it. They know Americans are suffering and that many are turning to CNBC for advice. If you are a CNBC viewer then surely you’ve noticed that the number of commercial breaks is increasing and the range of advertisers is growing. Every time the market panics CNBC gets more ad dollars so why wouldn’t they want to fuel the fires? Shameful!

      • More watch CNBC because it is free to many cable subscribers or included in their digital packages

        Sending an email and showing your disappointment in their part of this downfall is a good idea

        They helped build the fear that is sending this market down

    • Thanks! I hope and pray they would drop dead and that would be great because of the turmoil they have caused in our lives. I says congress should quickly ban them so we can all liveth in peace of mind and go on with our lives. I really hope and pray they all drop dead.

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