Friday, August 24, 2007

What is CNBC's Problem?

Just once I long to tune in a not have them tell me how bad things just might get.

We have had quarter after quarter, year after year of growth in both economic performance, corporate profits and jobs and if you watch CNBC, there is a recession knocking on our doorstep any day now. The odd thing is it has been knocking since last year and despite that we just keep chugging along. I could see this if we were at 1% or lower GDP growth but we are at 3% plus! Expectations, which have been essentially met to date do not call for anything close to a recession anytime soon. Why are you so convinced it is going to happen? Is it the "bad news sells" theory?

Stop telling me how bad it can get please. How about a neat little switch and tell me had good things can get now that the credit crisis you were so sure would sink us all last week didn't. We all did not lose our homes and the was no massive run on the banks. It wasn't 1929 all over. Of course you can always fall back on old faithful, housing. But here is the thing, housing is only 4% of GDP, it just will not (and to date had not) matter as much as you want us to think.

Oh, but you are saying today, what about all those housing related job cuts? Sure is makes for a good tale except when you consider employment keeps rising and the job cuts have been happening for 6 months now. Somebody is hiring them. You seem to forget that we could not get enough of these guys when housing was booming so now that it has slowed down, demand for them seems to equal the supply. Problem? Can anyone find me a carpenter or plumber who cannot find work? Me either.

So what is next week's catastrophe in waiting? China? Iran? Oil? Another hurricane? What, what is going to end our world next week? Just because you got caught up in the euphoria at the turn of the century and bought into the "new paradigm" that said earnings are really not that important, let's not crap on everything now "just in case" things do turn south you can say "we told you so". Your negativity has proven wrong for the better part if 4 years now, let's get past it.

Tonight you can watch "Against the Tide: The Battle for New Orleans" or "American Greed". You won't see "American Ingenuity" or "American Successes" anywhere on the network...

The more this goes on the more I wish for Murdoch to get things rolling with his network. Please Ruppert? Please...? Yes I am begging..

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