Gabriel Winant watches a full day of CNBC:
CNBC's audience is not a demographic cross section of America. If it was a cross section, the network wouldn't make any money; CNBC attracts advertisers not with the size of its audience but with its maleness and its affluence. The network gets about a quarter million viewers a day, a tiny fraction of the U.S. population, but those viewers have a median household net worth of more than $1.2 million. Still, the financial pundits flatter viewers into thinking, as Rick Santelli put it during his famous trading floor rant, that they are "a pretty good statistical cross-section of America." For these guys, investors are America. Jim Cramer asked at one point, of the Obama administration, "Who do they think owns stocks?" As if the obvious answer is, "Everybody!" Obama, Cramer complained, "seemed proud that he ignored the [market] averages, as if they're some sort of distraction, and not a precursor of the economy."
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