Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

August 5, 2009


Daniel Gross, Slate - Tyler Durden at Zero Hedge has posted data showing that CNBC's audience fell 28 percent between July 2008 and July 2009. . . Is the decline a consequence of the network's rightward, anti-Obama tilt? Has the public, angered by the failure of the gurus and stock pickers featured on CNBC's airwaves to foresee the traumatic events of last fall, turned the dial? Or is CNBC a casualty of the return to something like normalcy in the economy and the markets?

In this past year, we've witnessed the most fundamental failure of capitalism since the Great Depression and important new deals between Washington and Wall Street. But while many anchors and reporters play it straight down the middle, CNBC has embraced a surprisingly politicized view of these developments. Many of the network's most prominent personalities are quite far to the right. . . As the stock market fell in January and February, a reaction to the sharp plunge in the global economy and failure of the world's credit system, CNBC hosts and analysts warned of an Obama bear market. A parade of guests touted the virtues of supply-side economics, the inevitable failure of any stimulus that involves government spending, and the bizarre notion that we shouldn't regulate the bankers who blew up the world. They trumpeted the historical falsehood that the New Deal prolonged the Great Depression. And who can forget Rick Santelli's bile-filled anti-bailout rant in mid-February? I recall sitting on the set when one anchor argued that we should never have had the Securities and Exchange Commission in the first place. The consensus on CNBC seemed to be that President Obama was half Joseph Stalin, half Jimmy Carter. . .


Blogger m said...

This is a failure of fascism. I know its not particularly PC to use the term fascism, but Godwin's law was itself a propaganda ploy.

August 5, 2009 6:04 PM  
Anonymous Mairead said...

Godwin's law was itself a propaganda ploy

And consistently "misunderstood" by people trying to de-legitimise references to fascism.

August 6, 2009 5:51 AM  

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