Word: cnbc
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...eating out as much," he says. "We're cutting back on holidays." Even so, he has decided not to pull his two children out of their international schools, and he still frequents the American Club sports bar, where the TV screens hanging from the ceiling blare more CNBC financial news than football or tennis. Most evenings, the crowd of bankers and businessmen groan and gulp their drinks as they watch markets plummet...
...ranting side, it has increasingly pinned the state of the economy on the two-month-old Administration, with Cramer offering recommendations to "Obama-proof your portfolio," a phrase that now comes up regularly on CNBC's air. (In response, The Daily Show aired a clip reel of the network's bad calls during the bubble, suggesting viewers might prefer to CNBC-proof their portfolios...
...CNBC's reaction is colored by its stressed-out day trader's focus on the short term. When ordinary people think about the economy, they think about jobs, college, retirement. Sure, the stock market affects them in the long run - but so do job security and the threat of getting wiped out by health-care bills. When CNBC considers the economy, it means Wall Street's numbers that day, that hour, that minute. CNBC may pay lip service to the long term, but it has the time horizon of a fruit...
This means that CNBC looks at everything, particularly politics, in terms of how it will affect "the Market." The commentators on CNBC murmur about the Market as if it were the Island on Lost: a mystic force that must be placated, lest it become angry and punish us. "The Market doesn't like ..." "What the Market wants...
...between MSNBC and CNBC - NBC News were trying to own the liberal and conservative voices of cable news. But CNBC's is a much different strain of conservatism from Sarah Palin's or Bill O'Reilly's: it is urban, club room and Mammon-oriented rather than small town, VFW hall and God-oriented. It's an ideology not exclusively beholden to party (Cramer voted for Obama), but it's an ideology nonetheless...