CNBC misses Great Depression II... then blames Obama

Jon Stewart laid bare CNBC’s incompetent “coverage” (i.e., non-coverage) of the financial crisis: how CNBC repeatedly told viewers — in reverse-Chicken Little style — that the sky was done falling and poised to rebound. Its advice was dead wrong.

But CNBC’s greatest failure was failing to analyze the economy. Isn’t economic analysis the #1 mission of a financial news network? CNBC completely missed the boat on the greatest financial news event since the 1930s because it was too busy sucking up to CEOs and Wall Street banks.

Reflecting on this, I just realized the greatest irony of CNBC’s recent repeated attacks on President Obama. Many on CNBC have bashed Obama for “causing” the stock market to crash. This from the same “financial journalists” who failed — for a year-and-a-half — to grasp the magnitude or the causes of the deepest market plunge in 75 years!

CNBC failed to identify or analyze the root problems (which should have been pretty obvious to a network of financial journalists), and then they poured their bile on a man who had nothing to do with causing the problem! I’m the first to say I’m disappointed with President Obama’s inadequate response and dithering. But anyone who blames Obama for problems caused by almost everyone except Obama is either insane or lying to score cheap self-serving political points.

P.S. I certainly don’t want to suggest everyone at CNBC is an incompetent shill for Big Business. I recently blogged gushingly about David Faber’s excellent “House of Cards,” which explained — albeit a few years too late — the systemic problems that created America’s housing bubble and its inevitable bursting. But CNBC reportedly laid off the writer/producer of “House of Cards” just before it aired!

I know the producer of this documentary, James Jacoby, who spent a year of his life tracking people down around the world to interview to try to bring the details of the housing crisis to light.

Most ironic of all — he lost his job right before this doc is going to air. He’s just been laid off from CNBC.

Which makes me wonder: Was he punished for telling the truth?

Posted by James on Friday, March 06, 2009