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Marianne Paskowski



CNBC Tells Us Where Our Money Went

September 18, 2008 9:39 AM

Maria Bartiromo

CNBC's Maria Bartiromo

Count me among the hordes of viewers who are glued to cable net CNBC this week as we watch our 401K and IRA funds dissolve before our eyes.

With this week’s broad-based selloff in the stock market, the financial news net by contrast has seen its viewer base soar, getting its best ratings since September 2001.

CNBC reporters have done a great job of de-mystifying what went wrong with their well informed coverage of credit default swaps and naked shorts, two factors that led to this week’s collapse of the market.

CNBC’s Dylan Rattigan, in particular, has been asking some hard hitting questions and advising investors how they can protect themselves moving forward. Also CNBC’s Maria Bartiromo, who always starts her after the final bell show with the question, “Do you know where your money is?” is doing overtime, anchoring extra shows during prime time

CNBC has become the new safe haven. Heck, even Jon Stewart is watching. Are you?

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Comments (23)

Yes, CNBC has done a great job this week.

Now, let's dig deeper and remember that the Administration and their very busy co-horts across the region inside the Beltway have done a wonderful, coordinated job of deregulating everything so that their money-power grabbing accomplices could run-a-muck and take everything not nailed down.

That Lehman got so big, AIG so powerful and the Market overall running out of control is all measured back to dropping checks and balances.

The US Treasury can not print enough cotton-paper greenbacks to cover this mess, nor should they.

The car companies want $'s? Tell them to go back to Detroit and build a better widget, or go under.

Our US Deficit, our Market, our financial future has to go back to some reality.

The whole philosophy as put forward over the last sixty years by the Harvard Business School has bankrupt us, while a choice few have stuffed their pockets.

As Mrs. Ridsick used to scream out her Living Room window on the old Sgt. Bilko Show, "WAKE UP AMERICA!"
Peter Bright

Marianne Paskowski:

Peter,

You're spot us, look at the uptick rules that were suspended last summer. Talk about checks and balances, naked calls were always illegal, but never enforced, until this very day.

Personally, I think the head of the SEC should have his head handed to him. But Bush says he's doing a fine job and that the fundamentals of this country are just fine.

So much from the frat boy. Thanks for your post,
m

Cliff:

The bald guy and the hot chick always get our attention on these financial shows - Daily Show Reference.

Get all your money in gold now! Lock it in the basement or bury it in the backyard may be the way to keep the money safe. This is just thebeginning. Watch that Bank of America, they will be asking for a bailout too in a month or so - they have been trying to get real big so they get bailed.

The big saying of the day is the USA Privatizes profits and socializes losses. The plutocracy is in charge and unless the great population really educates themselves how they are being used and manipulated this will continue even more.

I am wondering if there should be a limitation on how large a company can get. As they say, the bigger they are the harder they fall - and take us with them or fall on us.

Marianne Paskowski:

Cliff,
Check out CNBC right now and enjoy the rally, awash with possible news about regulating this mess. I hope you're wrong, but with the GOP who knows. Think Maria B has an interview today with Bill Clinton about what he thinks needs to be done.

And as to gold it peaked yesterday, and just turned red today.

Thanks for the post, m

Andy S.:

"CNBC has become the new safe haven. Heck, even Jon Stewart is watching. Are you?"

No, because their coverage is a day late and a dollar short. Before the bubble burst, they and the other business news outlets were just as caught up in the madness as those they were supposed to be covering. Now that everyone can see just how badly misled we've all been, they're scrambling to go back and sort out how it all happened, to gain some retroactive credibility. It's not working, in my view.

Marianne Paskowski:

Hi Andy,

I agree that CNBC, as recently as two years ago, was pretty lame. But with the introduction of "Fast Money," now a little over a year old, the net has notched up its coverage significantly.

Yes, the net has plenty of flaws.I wish they'd drop the infomercials on the weekend and provide some forward leaning coverage instead of what often is rear view mirror.

And whoever edits Cramer should be fired. Sometimes in the edit of new and old, something the average Joe can see, one day he's 62 years old and the next day he's 64. Have no idea how old he is, but it's sloppy.

Thanks for your post Andy. There's always Blomberg, and the new Fox biz channel.

BTW, I hate the redesign of the new online WSJ. Hard to find marketing and media stories.

Whew, I'm sounding like Cramer, sorry, m

Cruiser:

Yo,Blondie --

I know where my money is. Gone. I know where it went. My broker and banker loaned it out for worthless collateral, which everyone tried to unload on the next guy before the sheriff rode into town. Not much of a sheriff, though. George W. and the rest of the "pro business" political establishment got theirs (ridiculously high CEO bonuses, etc.) while leaving the rest of us holding the empty bag. At least if the Democrats had looted the middle class, they'd have felt a little bit ashamed. These GOP incompetents want four more years? At least give the other team the chance to screw up.

Cruisin not bruisin

Marianne Paskowski:

Cruiser,

Maria B just did a good job interviewing Prez Clinton, who really mapped out what went wrong, of course not under his watch. Bring back the Dems!

And as to you knowing where you're money is you don't, it's all just paper until you ring the register, back up the truck and throw your profits in cash for your next shopping spree, if there is one in sight.


Always good to hear from you, m

Andrea:

Cliff, your post rang the bell for me. Thanks for the enlightenment and quotable assessment.

As for Clinton’s thoughts on the problem… Clinton is not the golden child. He did his share of deregulation damage. It is ironic that Bush has actually done more for independent artists under his administration, while Clinton killed radio by allowing corporations to own as many stations as they wanted.

Marianne Paskowski:

Welcome back Andrea,
The irony of your post is not lost on me. However as we speak, the Fed, SEC and Congress are now or about to go into session re-regulating a market screaming for it. Nice to know the government works after 4 p.m.

About time, and being in an election year, how could the GOP possibly let this happen? Cliff was right there, they didn't give a flying wallenda.

And don't blame Clinton for what happened with consolidation in radio, point the finger squarely at the radio monopoly, Mel Karmazan at the forefront, who lobbied heavily to get what they wanted, and created, in turn, the most bland medium out there today.

Mel later bailed traditional radio after consolidating it and went to satellite radio, and fought the NAB for years about merging the two satellite services. services. Mel won again, and he is the villain of radio, not the savior.

Thanks for your post,
M

Having read the recent posts on radio, I can not not add a post.

I have a long history with CBS, in network television in Los Angeles. I was never staff, but was well compensated with an ever increasing amount of responsibility in the Entertainment, News and Sports divisions for more than twenty years.

Having disclaimed my past, I can say without hesitation, that what has happened with the deregulation of radio, CBS O&O stations as a major example, is a travesty.

It is coming back to haunt us...radio is a very viable, important part of our freedom of the press and our freedom of expression in a community.

The local identity, the local involvement has taken a back seat and the communities are the worse for it.

This homogenized, pasteurized, multiple owned reality from market to market across our country has added to some degree to our apathetic tendancies.

How can anyone even consider "free enterprise" in the radio spectrum when one entity controls six or seven broadcast frequencies in one market?

Have we lost our minds?

Assignment to all: Re-read ANIMAL FARM.
Peter Bright

Marianne Paskowski:

Peter,
Mel Karmazan, single-handedly brought down traditional radio with his consolidation plans of aquisitions and duopoly rules in his favor.

Mel got what he wanted, leverage and scale. And it failed. Radio became homogonized.

So what did he do after he quit or got fired?

Well he continued to ride radio, and ride with a new saddle, this time consolidation in satellite radio services.

The NAB fought him hard, but Karmazon won, he's the consolidator, and won again. He knows radio, but apparently doesn't care about it. He's worse than a naked short trader.

He ruined radio and we all know it, so let's not suck up to him here, OK?

m

Marianne Paskowski:

Peter,
Mel Karmazan, single-handedly brought down traditional radio with his consolidation plans and acquisitions, with duopoly rules in his favor.

Mel got what he wanted, leverage and scale. And it failed. Radio became hommogonized.

So what did he do after he quit or got fired?

Well he continued to ride radio, and ride with a new saddle, this time consolidation in two satellite radio services.

The NAB fought him hard, but Karmazon won, he's the consolidator, and won again. He knows radio, but apparently doesn't care about it. He's worse than a naked short trader.

He ruined radio and we all know it, so let's not suck up to him here, OK?

m

Inspector:

Give CNN some credit for trying to provide more coverage of the financial mess, but CNBC does indeed win the Cable TV prize for coverage of the crisis. (I admit I don't watch Fox News, where Sean Hannity is probably telling viewers that Bush is fully on top of things, and probably is showing Bush's brief and uninformative public appearance today 5 times each hour.)

But CNBC only gets to the people who by and large know enough about the economy to watch that net in the first place. All those clueless voters, who don't watch CNBC but hear McCain's lies remain egregiously deceived.

Inspector

Marianne Paskowski:

Oh Inspector,
You are so spot on. Had a phone call earlier from one of my neighbors, a Hannity, Fox fan, who had no idea what she was talking about, regarding this week's dramatic events.


She loves Fox News and can't even find CNBC on cable.CNBC's owner, NBCU, should do a better promotional job on its many networks to hype CNBC.
m

Marianne, I am not now, nor have I ever been a Mel Karmazan fan.

Reread my words...

All good thoughts,
Peter Bright

Marianne Paskowski:

Peter,
Somehow we all got off message after Andrea pointed out that under Clinton the radio business changed.

Meanwhile, I read today, oddly enough the CBS honcho Les Moonves is putting 50 radio stations up for sale.

M

You bet old Les is doing that...radio ratings and profits are down and if he can show a profit, even if from selling off precious frequencies, it will be reflected in his bonus...

Some day the CBS Board will wake up and throw his tush where it belongs...in LA, the middle of Beverly Boulevard...in NYC, the middle of 57Th Street.
Peter Bright

Marianne Paskowski:

Peter,
Agree. At this juncture it's probably easier to fix Wall Street that the radio industry.
m

Chi-town Mike:

"Heck, even Jon Stewart is watching. Are you?" - Personally I think many people are counting on Jon Stewart to watch CNBC. Earlier today I was pondering where our economy was today versus 10 years ago and then 15 years ago. It's shocking and frustrating to hear that we still haven't bottomed out yet. Americans need an outlet, and Jon Stewart is doing a great job recycling the news and still finding a way to get us to laugh, especially when he tore up Hannity's interview with Sarah Palin amongst other things. Jon is truly at the top of his game lately...

Marianne Paskowski:

Amen, love the guy, smart as a whip and funny, too. Maybe Paulsen should call him for some answers to this economic mess.

Shaun:

Would be great to talk to Marianne about the state of TV on my radio show...

Marianne Paskowski:

Shaun,
Would love to, I have some strong opinions about what's wrong with both broadcast and cable TV.
And there's plenty!

m

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