Monday, March 9, 2009

CAN YOU REALLY TRUST CABLE NEWS AND COMMENTARY?

I was getting sick of cable "so-called" news channels and other "cable chatter" crap that seemed to be aimed at "putting down" the President and his policies. I was also incensed by their reckless and irresponsible commentary on the economy.
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I truly felt their comments helped to create an atmosphere of pessimism and thus affected Wall Street's performance. In effect manipulating the market. Anyway, I emailed the SEC and FINRA last Friday (slightly after midnight). Here is what I said:
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"I'm extremely upset by what I'm hearing on CNBC and from the people who appear on CNBC and other cable channels.

The DOW, NASDAQ, etc. are driven by confidence in the market. If you have irresponsible people calling the President of the US a Communist, telling people that the President is destroying the wealth in this country and directing people to buy certain stocks, and/or where to buy these stocks, isn't that manipulating the market? Do these people have a license to do what they're doing? Isn't what they're doing against the law? If not, why not?

Look, if a securities rep wants to sell me something, he has to meet me face to face, ask about my assets and liabilities, short and long range goals, and find out what kind of risk (market, inflation, etc.) I'm willing to take. This person is bound by securities laws. Those laws are in place to protect the consumer.

Well, right now, I'm not being protected ... you're allowing Jim Cramer and others and media conglomerates to control/manipulate the markets. They are not meeting face to face with anyone, asking pertinent financial questions and ascertaining risk ... they are causing uncertainty and panic. This is irresponsible and criminal.

Right now, in this moment ... the American people need you to set boundaries with these people, etc. "

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I also emailed MSNBC "Morning Joe" around 8am that Friday morning letting them know I had emailed the SEC. I'm shocked, but right after that, their tone changed and Jim Cramer did a complete about face that evening. Good for them.
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Today, however, Joe Scarborough decided to strike out at Nancy Pelosi and Harry Reid and then made some stupid remark about Congress spending a trillion dollars a day. Following the "Morning Joe" program they said some people didn't like Michelle Obama's sleeveless dresses. Oh please ... give me a break. Then they bring on Warren Buffet who says the President needs to be clearer about his message and focus just on the economy. MSNBC then talks about how the markets were concerned because they didn't know if the President was going to nationalize the banks.
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First, we know that media had a lot to do with pessimism on Wall Street. Second, what this is about is a bunch of rich folks who own large blocks of shares in various large banks who are concerned about the price of their shares.
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Let's see ... could those people be stakeholders and the management of cable channels and perhaps Warren Buffet (he loves insurance companies - bet he wasn't crazy about AIG) and his cronies. Clearly Mr. Buffet is not perfect given some of the wrong moves and decisions he's made with his own company. Does Buffet care about the rest of us or just his company; and does he want Obama to take the blame for this economy and Berkshire's recent performance rather than assign it [where it belongs] to Wall Street/big banks/investment firms and himself?
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[From: "I Blame Warren Buffet" By Rick Aristotle Munarriz
"However, he's also not perfect. As an investor, Buffett is coming off his worst performance -- in absolute terms -- during his 44 years at the helm of Berkshire Hathaway. Sure, he beat the market, but only because he bled less.
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He owns up to his mistakes. In discussing his unfortunate decision to buy into ConocoPhillips (NYSE: COP) when he did, Buffett concedes that "the terrible timing of my purchase has cost Berkshire several billion dollars" in his latest annual shareholder letter.
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It's more than that, though. Berkshire Hathaway's book value fell by 9.6% in 2008. There are 14 stocks in which Berkshire Hathaway has stakes worth at least $500 million, but positions that make up less than 20% of the respective companies. Half of those closed out the year worth less than the amount of money that Buffett has put in."]
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People can we see what's happening here ... cable is striking back because finally someone is calling for them to be accountable for what they say and how they need to be more responsible in their reporting? Warren Buffet has now become cable's "mouth-piece"; and they are playing his words over and over again.
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I think you will see in the weeks ahead that cable media will try to pit Republicans against Democrats and vice versa; and will try to destroy the Democrats plans to make this a Nation that cares about the Middle Class. We've now achieved "class warfare".
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They'll also be trotting out more mouth-pieces to lay blame at President Obama's feet, never realizing (or perhaps not caring) that they are manipulating the market.
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People let your Democratic leaders know you support them; and don't allow a bunch of rich media conglomerates deflect attention away from them by trying to create "congressional warfare", as well as "class warfare".
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We voted for Democrats because we knew they defended the working class and the poor (the majority of Americans). Focus people!
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Let's face it ... ratings drive these huge conglomerates and ugly news reporting is a ratings booster. Beware of all deliverers of news and shy away from right-wing commentary ... please.
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Kudos to "Morning Joe" for having William Cohan on to talk about his book "House of Cards A Tale of Hubris and Wretched Excess on Wall Street"
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1 comment:

Elaine said...

**********You absolutely must read this:
"Why the U.S. Has Launched a New Financial World War -- and How the Rest of the World Will Fight Back"

http://www.alternet.org/story/148481/why_the_u.s._has_launched_a_new_financial_world_war_--_and_how_the_rest_of_the_world_will_fight_back_