Picking up Nickels

Tuesday, September 30, 2008

Wow, even the CNBC anchors are angry about the financial crisis

Hmm, maybe the news media isn't so objective after all. ;) I was watching CNBC last night and was surprised at the vocal (and sometimes angry) position that normally reserved anchor Mark Haines has taken on the current financial crisis.

During a segment with Hovnanian Enterprises CEO Ara Hovnanian last night, Haines was dripping sarcasm when Hovnanian suggested that the government should step in and help stabilize house prices (see video):

Gee, a man who runs a house building company thinks Uncle Sam should help stabilize house prices.


Not long after, Haines went on the offensive against Trend Macrolytics CIO Don Luskin, a GOP cheerleader (and McCain campaign advisor) who can typically be counted on for the kind of smug and condescending sound bites that make television producers drool. Once Luskin started taking shots at some of the provisions that Democrats wanted to add to the $700 billion rescue plan, Haines lost it (see video):

you are arguing against a straw man! That's number one. Now number two, number two, didn't the market just render its verdict on no bill?


As an investor, I am angry about the greed and stupidity that got us into this mess. I'm also angry that our elected officials are using this crisis as a platform for their foolish partisan politics. I guess that I can understand the anger that Haines must be feeling, but I was surprised to see it displayed on the air. Perhaps the stress of the long hours that CNBC employees are working these days and watching their General Electric (GE) stock options tumble are making them as anxious as the rest of us?


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