AC 360 a dud

March 3, 2009

I just watched Anderson Cooper 360 where for twenty minutes the discussion was whether the continuing market slide was an indication that Obama’s handling and policies were duds.

Not once did they mention that in just the last week we’ve had 2 more bank bailouts, the largest quarterly loss in history, ‘worse than expected’ home sales numbers, several dividend cuts, more mass layoffs, worst ever car sales, Warren Buffet having his worse year in 44 years career, and his declaration that “the economy will be in shambles throughout 2009”.

Each of these can easily knock the market a couple points.  If anything I’m amazed we’ve had some days with minimal losses.

No no no, according to the three guests (including a WSJ editor) the market was passing judgment on poor leadership, coming tax increases and a stimulus package that is really only “one-third stimulus”.

Perhaps they’re just regurgitating the CNBC take, with no real analysis of their own.  Or maybe the fight with ‘special interests’ is now full on.

I wonder what these guests will say when the market makes any gains:  The market loves higher capital gains taxes!!  Yeah right.

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3 Responses to “AC 360 a dud”

  1. Matty Says:

    Really shoddy and biased reporting from AC360, very disappointing. I agree with your observations.

  2. stoo Says:

    I haven’t seen Fox Business News, so can’t comment on their quality, but CNBC is really the one with quality analysis (whether or not their conclusions offend your political biases). Even the die-hard trickle-downers like Kudlow often have interesting points to make. In the avalanche of news coming down lately nobody knows what exactly makes the market move the way it does. However, the market is the best leading economic indicator there is and right now it is predicting a much worse 2nd half of 2009 than Obama’s budget. For him to be dismissive of this is either foolish (which I don’t think he is) or dishonest.

  3. maristi Says:

    I do like CNBC, and usually find them informative.

    However at the moment I do think THEIR political persuasions are being reflected, specifically backlash against all kinds of additional taxation from Obama.

    The market is definitely a leading indicator, but explaining why it moves one way or another a given day is not an exact science.

    To presume to do just that, and then present only one of ten relevant factors is grossly misleading and borders on negligence.


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