NBC Has An Erin Burnett Problem

Not exactly news that she serves as an apologist for Wall Street:

  • Robert

    I agree with Erin. The percentage of CEO’s getting ‘bonuses’ in America is near zero. The ‘bonuses’ for the failed investment houses etc. are obviously outrageous and should be stopped if they took TARP money. The fact is that most of the money paid out was due to incentive clauses because people took reduced salaries with the option to make more if the company did well. Its also a fact that if they don’t get paid the bonuses that New York City is screwed big time on tax revenues. This is what happens, though, when you go begging to the government to save your rear end.

  • Robert

    This anti-corporate, anti-catitalist, anti-Wall St. idea is being pushed by the wackjobs at the Huffinton Post btw.

    http://tinyurl.com/d89vgn

  • Michael Covel

    I am no whack job, but if you take TARP, you are open to critique. Also, the point was that Erin was a cheerleader, which I agree with. She is not an objective reporter.

    Now if the left goes to far, I will be the first one to speak up. Personally, I would like to see mass socialism since so many people want it. Let them have it, and let them learn the consequences.

  • Michael Covel

    So has NYC become another car manufacturer? Too big to fail? I see no soft landings ahead, so maybe we should all embrace a crash landing and start over.

  • Robert

    Yea I agree CNBC in general are cheerleaders. They know if they ask tough questions they won’t get interviews…as if that is useful for individual investors. They also get hammered by investors when they are “mean” to the CEO of their company. If they were skeptical of all information, and asked tough questions, they could be useful.

  • Andrew

    Michael who the hell is an objective reporter?? They all are biast and MOST support democrats. 90% of all journalist are democrats…… Also, Michael you should maybe ease up on bashing wall street, we need ALL these players in the market and stupid buy and hold people so we can make money trend following. Dont you agree??

  • Michael Covel

    Andrew, of course they need to be here, they are fun! I guess if I do my job too well people will complain! I do slam media in my film. In terms of politics, I am no fan of either party and I have friends on both sides. For me, and maybe this is my affection for Rand’s clear thinking, I call it like I see it. For example, Bush just left office resembling nothing like a free market capitalist. Maybe Obama will go even more socialist than Bush, but I am not about to cut the Republican party a break as they are all politics too. To me the right place to be in the political debate today is Libertarian.

  • http://michaelcovel.com Michael Covel

    In my film I interviewed 6 reporters/pundits. All 6 were not all Democrats or all Republicans, but I found all 6 of them clear minded and well stated. Now there are also plenty of examples of media doing just the opposite in my film.

  • Andrew

    MC, I would have to agree, Libertarian or “objectivist” is the right place to be. Unfortunately We normally can vote for only 1 candidate in the election either democrat or republican. I prefer the republican in most elections….unless Ron Paul is running haha then I vote for him!

  • George

    I was laughing so hard when I saw the video! I had trouble controlling myself. The reasoning that she uses to justify what Wall Street is doing is so flawed and unjustified by proper evidence that she should be fired from her position and forced to go back to school to understand the basics of how proper arguments should be made.

    She basically said that if the company overall lost 10 billion and one person made 1 billion that the one person that made money for the company deserves to get paid! The reasoning to this is so flawed. If bonuses are paid out of company profits then how can one person get paid a bonus if there is not enough money for the company to pay it with?

    I just do not understanding what is happening anymore! First, there was this whole GM corporate welfare thing and now this. I find it funny that if a normal person on main street needed help due to an injury at work or slightly more money in pension payments to maintain their homes or for health care if they could not afford it there would nothing or very little for them, but for these stupid corporate thieves there is always money. Why?

    To conclude, I think that the words of Gordon Gecko in the movie Wall Street are appropriate here. I do not remember exactly how it was phrased but he went on to say that American’s philosophy of business has changed from Darwin’s survival of the fittest idea to the survival of the un-fittest. He concluded that they either get it right or get eliminated. That is what should happen here.

    Most Americans think that socialism is evil but this type of behavior is no better.

  • Doug

    CNBC is the ESPN of the financial world, or the Entertainment Tonight. They exist to package bits of news (financial for CNBC, and sports for ESPN and Hollywood for ET) in an entertaining, tease-filled method (“Next, find out why parakeets may be the hot new money maker for Google, right after this message”) that is designed to create and hold viewership and sell advertising. Half of them don’t even have a financial or economics education (the old timers, Haynes, Herrera, Pisani) and the half that do are simply bright, mostly attractive female announcers who wouldn’t know how to buy a bond or sell a future. They prove this with their constant gaffes (“Well, the folks at home can’t buy the bonds you’re talking about, so what can they do?” said one airhead, to which the guest responded, “Why can’t they?”).

    The show is not really about financial expertise, any more than ESPN will teach you how to hit a curveball or shoot the three pointer, or ET will show you the howto of method acting. It’s simply financial Info-tainment, whose only purpose is to monitor the occasional FOMC day.

  • Doug

    Sorry, I should have said:

    It’s simply financial Info-tainment, whose only possible value for us is to monitor the occasional FOMC day.

  • Mitch

    The reasoning in that clip is idiotic. I honestly thought she was smarter… or maybe I just wanted her to be. ;-)

    In my humble opinion – the banks are getting what they deserve. Had they shown some respect for risk, they wouldn’t in the welfare line. Last time I checked, they don’t hand out bonuses to people on welfare. This kind of pressure should motivate them to get their sh_t together and pay back the money.

    Ayn Rand is rolling over in her grave. Rewarding incompetence make me puke.

    M

  • Doug L

    This is a question I often ask: Why doe anyone watch CNBC or Bloomberg or FOX? They broadcast nothing but noise. Watch prices, that is all you need.
    As far as politics, learn to function in spite of politics not because of politics. Getting caught up in arguing about republicans, libertarians, demacrats, liberals, conservatives is like trying to run with your pants around your ankles. You’re going nowhere fast.


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