Tuesday, 10 February 2009

Another Demonstration of Media Idiocy

Came across this story from Talking Points Memo. It is emblematic of the cluelessness of mainstream media. Read the quote below and then watch the video.

TPM Reader JC sent me to this interview with Nouriel Roubini and Nassim Taleb on CNBC. Here's what JC wrote: "In this clip, Nouriel Roubini and Nassim Taleb are still being treated as a circus sideshow by CNBC... They're predicting the end of finance, and offering the only clear path out of this mess that I've seen offered (with the knowledge to back it up), and CNBC keeps asking them for stock tips. It's ludicrous. Wall Street media -- CNBC at least -- doesn't realize how bad this is yet. They're stuck in a bubble where they think everything will go back to normal in a few months...."

He hits it spot on. These two guys are talking about a deep structural crisis in the world economy. And these CNBC yahoos can't stop asking for stock tips. Really surreal.

I'm watching it again now. This is a seminal piece of video. You have to see it. I'm not sure I've seen anything that captures -- albeit unintentionally -- the vast disconnect over what is happening today in the US economy.

Predicting Crisis: Dr. Doom & the Black Swan
Predicting Crisis: Dr. Doom & the Black Swan

Not much actually gets me angry but I believe if I saw Dennis Kneale in person I would smash his face into a bloody pulp and Michelle Carusso Cabrerra would only avoid the same fate because she is a woman but she would get a stern talking to.


Deano said...

We've been having a laugh at that interview here at work, its so bad its funny - especially the part about 'siring' children. Those two men should command some serious respect yet it is like they are being interviewed by a panel of halfpissed teens. Yet another good case of amateur hour on CNBC.
Also - are you on Twitter or have plans to join with a link to your blog (a la Paul Kedrosky's setup)?

The Fundamental Analyst said...

eano, it was absolutely farcical, of all the idiots they parade on CNBC these two are actually worth listening to but instead these media hacks can't comprehend what they are saying.

What is twitter? Is it one of those social networking shites? I mean sites?

deano said...

no its not one of those wanky myspace/facebook things, instead they call it a microblog as you can only post 140 letters. you add people to your list who's messages you want to read. eg i have Roubini in my list so he was posting messages throughout his World Economic Forum in Davos, some inane, others worth reading. the twitter.com site is cumbersome so i downloaded an app called tweetdeck which organises all the messages, and for eg whenever someone like kedrosky, who is a very active user, posts a message it pops up in a little window in the corner of the screen. i thought twitter was shithouse at first but now i can see the potential - particularly with tweetdeck or another similar app. basically its realtime info from a list of sources you feel like hearing from.

The Fundamental Analyst said...

Thanks for the info Deano, I went to the Twitter site and watched the demo video. After about 10 seconds I had the feeling that I'd like to do physical harm to someone, so I don't think I'll twittering anytime soon.

deano said...

haha fair enough