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Growing Divide Between Mainstream Media & Financial Blogs

28 October 2009 No Comment

As the popularity of popular financial blogs such as ZeroHedge and Mish’s Economic Trend Analysis grows, it also becomes more clear that the message continues to grow in its difference when compared to mainstream media such as CNBC.

Throughout the last year or two, especially in the midst of the rally of 2009, CNBC has been little more than a cheerleader for U.S. economic policy, market fundamentals and more (save Rick Santelli perhaps).  I talked recently about the reaction on CNBC to Caterpillar’s earnings and the difference in the actual numbers.  It’s really amazing how CNBC really is almost a market cheerleader.

For the most part, CNBC is a big supporter of government intervention in the economy, destroying the dollar for “economic prosperity” and larger deficits and spending to “fight” against deflation.  Turn off your TV, read some of the blogs that I linked to above and start to make your own judgements on what the right course is.

Also, Peter Schiff has been on CNBC’s show Fast Money a few times recently, and it’s always interesting to hear the Fast Money crew snicker and make sarcastic comments following the interview because of Schiff’s “radical economic views”.  oh no, Schiff is a guy who actually believes in a fundamentally sound economy!  What an idiot!

As the traditional media outlets continue to suffer (Newspapers, broadcast networks), maybe they will eventually realize that there are people who don’t buy the official policy of our government and people are getting increasingly frustrated with this crap.  For example, GMAC today is getting bailed out for the third time.  I’m not watching CNBC since I’m at work, but I imagine they are saying how this will help Americans buy cars!  Why would that be bad!

I hope more and more people continue to wake up and read the accurate economic analysis of some fantastic blogs on the internet even if their message is drastically different than what is being said on television.

There was a great segment on Fox News’ O’Reilly Factor last night with John Stossel, a libertarian and the latest member of the Fox News network, regarding health care.  Honestly, this is just another reason why Fox News kills the other cable networks in ratings.  If I owned Fox News, I’d pray that the competition continues to ignore economic reality and the views of many many Americans.

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