Jon Stewart last night said it best (see video below). But today the stock market tanked during yet another session. And NBC Universal parent company General Electric’s share price is not just continuing to fall, but the company that once boasted a half trillion dollar market cap is now at risk of falling out of the S&P Top 20’s biggest companies. The result is that Jeff Immelt has his spokesmen all over his CNBC talking up GE stock and the company’s overall health. This is one of those times when the GE boss can relish the strategic value of owning a financial cable channel to get the message out. But too bad this bozo doesn’t realize his CNBC is working against GE’s corporate interests as it erodes investor confidence by badmouthing any Democratic plan to fix the economy. (continues below video)
The same anchors who rarely diss a Wall Street greedmeister or criticize Dubya’s wrong-headed policy now shout down any guest who dares to defend the Obama stimulus package or won’t proclaim it “socialism” for the free market. I’m talking specifically about one-time cocaine addict Larry Kudlow, and CEO suck-up Maria Bartiromo, and screamin’ meemee Rick Santelli (who must be angling for his own show by demonstrating he’s as much of a nutcase as Jim Cramer), and the rest of that to-the-right of Attila The Hun clique: Joe Kernan and Mark Haines and Melissa Francis and Dennis Kneale and Michelle Caruso-Cabrera. (Only Dylan Ratigan has shown restraint, daring to disagree with his colleagues and beg them to give Obama’s plan a chance after just a few weeks.) Perhaps CNBC thinks it’s out-Foxing its cable competition by featuring twice as many Republican guests as Democratic since the Obama administration took power. But my advice to Immelt is to require his CNBC anchors to report the news objectively, reserve specific segments for opinion and then present both sides equally, and resist turning every discussion of the economic crisis into a political harangue.