The market is being too closely watched. It can’t/won’t do anything good while it is so closely covered.
In addition to being too closely watched, it is broken. It is not any one person’s fault. I would like to blame the ‘Asshat’s at CNBC, The Bankers, The greedy CEO’s, but we bought the shares of the investment banks when they went public and that truly was the beginning of the end for the markets. The old ‘whitey’s running private banks would never have taken on the risk that the public versions did. It is as simple as that.
What PISSES me off as an older cynic is why we can’t stop the bleeding where it could be stopped. You clean things up at major points of distribution – major points of noise. We have started wars around the world to stop major points of drug, terrorist and weapon distribution, yet we allow CNBC to survive and thrive serving financial terrorism, right in New York. The loudest, most broken funnel of noise and misinformation is CNBC. I quit CNBC finally, but it’s obvious that both smart and dumb people continue to watch for a variety of reasons.
Financial Entertainment has long been proven NOT to be good for the general public. The few win at the hands of the many. There are just a few news sources that can move markets and unfortunately CNBC is one of them. With that kind of responsibility, should come close scrutiny. Instead, the network has gotten a free ride from regulation.
It is an EASY FIX you would think.
I guarantee if we shut the network down for just a week, the markets would perform better. Our collective mood and productivity would increase. Would it kill Obama to try something this radical. Is it even radical?
I am for shutting the markets down Tuesdays and Thursdays as well. Cooler trading and investing heads would always prevail. Jobs would be lost, but who the fuck cares about brokers and bankers and the investor relation departments of corporations after what we have been through. The productivity would increase for the nation as a whole within 6 months. Back to building and away from managing and massaging numbers.
As I have gotten older, I have surely gotten more cycnical for sure, but I know I am right.
While we have been on Global Warming Alert from Al Gore, the earth was actually torched from within. NObody was on Corporate Destruction alert.
NObody is still on Corporate Destruction alert even now.
‘Too Big Too Fail’ is over. It is unsaveable. That trend died. CNBC fits in that category. Yes GE is on the ropes, but CNBC is a cancer in this country. In the last two days the talking TWIT’s of CNBC have singlehandedly moved financial stocks over 20 percent on absolutely no concrete news. Not one stock, but an INDEX.
That is too much power and we should be ashamed that a problem so easy to fix is left to continue rotting our system.
My small contribution is to help move ASSHAT to the number one slot on Google Search as it relates to financial media. Maybe someone important will notice.