Why Doesn't CNBC Have More Faith in the Market?

More

Ezra Klein says read Moe Tkacik's big takedown of CNBC, so I read it. And it's worth it. I'm not sure the piece has a tight theory for why the network is so profoundly annoying to watch, but it's full of grating television anecdotes. And some of that makes me wonder if CNBC -- tedious cheerleader for the stock market -- need to have a little more faith in it.


Mo writes:

On CNBC, information is still an "asset," and CNBC would not be unloading all these assets on you if they were not, to use the network's most cherished term, "actionable." CNBC would not be waking up at 5 a.m. to check the Nikkei and taking calls on four separate cell phones at every commercial break and elbowing its way through the trading pit to catch the 5 p.m. shuttle to Washington if it had any doubts as to the sincerity of your intention to take action.

CNBC can't really believe this, can it? Information you hear on CNBC should not be the basis for making an investment, any more than information you read in the Wall Street Journal or BusinessWeek should be the basis for an investment. Yes, the efficient markets theorem has fallen on hard times. But if you think that CNBC really loves the market -- if it really thinks market prices are accurate reflections of publicly available information -- then don't bother investing with any information from CNBC. 

Jump to comments
Presented by

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.
Get Today's Top Stories in Your Inbox (preview)

Adventures in Legal Weed

Colorado is now well into its first year as the first state to legalize recreational marijuana. How's it going? James Hamblin visits Aspen.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Adventures in Legal Weed

Colorado is now well into its first year as the first state to legalize recreational marijuana. How's it going? James Hamblin visits Aspen.

Video

What Makes a Story Great?

What makes a story great? The storytellers behind House of CardsThis American LifeThe Moth, and more reflect on the creative process.

Video

Tracing Sriracha's Origin to Thailand

Ever wonder how the wildly popular hot sauce got its name? It all started in Si Racha.

Video

Where Confiscated Wildlife Ends Up

A government facility outside of Denver houses more than a million products of the illegal wildlife trade, from tigers and bears to bald eagles.

Video

Is Wine Healthy?

James Hamblin prepares to impress his date with knowledge about the health benefits of wine.

Video

The World's Largest Balloon Festival

Nine days, more than 700 balloons, and a whole lot of hot air

Writers

Up
Down

More in Politics

Just In