Does irresponsible television coverage contribute to financial collapse?
No wonder Wall Street had such a fall during the week of October 6 to 10, 2008. One only had to listen to short-sighted and sensationalism of the markets falling by journalists from CNBC.
During Friday October 10, 2008, CNBCs coverage of the market on their program “Squawk on the Street” a listener could be excused for thinking that commentator Mark Haines was relishing the fact that billions were being wiped off the market. Erin Burnett cannot meet the requirements of providing viewers with any in-depth analysis of current events and merely added to the melee of the day.
On this particular day, one of the panel raised the pertinent and relevant observation that the press were “beating up and talking down” the markets and that they [the press] should take a time out and let the markets settle. His comments were seized upon by Mark Haines who pillared him by saying “our job is to report what is happening”. An interesting debate may have ensued but was cut short by a much needed, zippy cross feed to the graphic logo department.
Haines is right. The reporters job is to present the current events, devoid of their own personal prejudices and in a factual and accurate manner. However, this does not make for riveting TV so many common words and gleeful expressions by these “reporters” include “Panic!”, “xyz plummets”, “frenzy”, “dive” and many others.
If financial reporters were doing their jobs instead of trying to sensationalise events into soundbites then perhaps markets might have a chance.
Tags: CNBC, Erin Burnett, financial press, Mark Haines, presenters, Squawk on the Street, stocks, television, tv, Wall Street