More on CNBC...
Question, how can a news station, such as CNBC, not report anything about the logistics of the market? This morning the OPRA system, the system that connects the option exchanges, handles order routing and small details like that, completely went down. Every option exchange declared a fast market, aka a free for all. In a fast market quotes are no longer good, there are unusual market conditions which cause delays in executions. It was pretty big deal. As an investor watching a news channel I would think your average investor would want to know that their orders were being delayed and that the quotes they were looking at were no good. That might change the way I trade. CNBC did not mention 1 word regarding this, just like last Friday when the AMEX had system issues and closed early. Clearly the brass at CNBC has decided that they are an entertainment channel and not a news channel and that their scheduled stories and pre-arranged guests are not worthy to bump to report on real news in the markets. Idiotic.
Side note, if you have not seen No Country for Old Men go see it.
3 Comments:
Saw No Country for Old Men, should make that a seperate discussion item (I thought it was great but want your thoughts on the ending.)
Anyway, back to the CNBC stuff, maybe there is a conspiracy afoot? Market as a whole in a state of unrest (i.e. housing crash, the word "Recession" being bantied about) and the folks at CNBC being told not 'deliver' any more bad news that would signal issues in the system itself? Not sure who would be telling them that (maybe Dick Cheney?) but just a theory.
January 28, 2008 at 3:23 PM
Haven't seen the flick, but heard from everyone that it's amazing (didn't the Coen brothers go to Blake???). It's on the Netflix "saved" list, so at worst, I'll see it in a few months.
This CNBC schtick reminds me of what the National Association of REaltors is pulling right now. Apparently, they are spending $40mm in advertising to tell people "Now is the time to buy a house." Really? Even though 8 Gajillion ARMs get re-adjusted next year? I'm all for "buying the dips", but I just don't think this dip has bottomed out yet. These are the same people who predicted the worst had passed back in August. Granted, they are in the business of moving houses, but CNBC is NOT in the business of selling stocks, so you'd think they'd try to be objective (rather than cover this up for fear of mass panic).
January 28, 2008 at 5:09 PM
Haven't seen the MSNBC thing; somewhat doubt the blatant conspiracy, but certainly buy into a general mega-corporate media disincentive to do anything that may hurt stock prices, including show bad market news generally.
Mostly, though, I think it's that we're all afraid to death to just come right out and declare a bear market, like it's evidence of a grave moral failure on the part of the country. Why are we so terrorized by this? Two theories: 1. Bush. His 24/7 happy talk and equating good economic times with patriotic fervor has pervaded our culture so much we can't actually bring ourselves to admist bad economic news. 2. For the Baby Boomer's who've had 50% of their retirement savings (in home equity) disappear in the last 6 months, an extended selloff right before they sell their stock holdings and flip to annuities, etc., is about the worst damed thing in the entire world right now.
bg, just 'cause they're Jewish and have a career in the arts doesn't automatically mean they went to Blake, you stereotyper. Probably did, though.
Haven't seen NCfOM yet, planned to a few weeks ago but now probably waiting for DVD.
Speaking of separate discussion items, can we put out some thoughts on last night's "Wire?" Mine, without spoiling too much - Daaaaayum! Didn't see that coming (so soon).
January 28, 2008 at 7:52 PM
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