Greatest television story of the year was, of course, the seemingly endless Presidential election. Hillary or Barack? Barack or Hillary? McCain comes back. Iowa, New Hampshire Michigan, Florida. The conventions, the balloons, more speeches, the debates, and polls. Tons of polls. Battleground states, Chuck Todd, Allen County, Indiana. It was the best serial television out there.
And then it was over. No, not on November 4th. That was just the formality. Sometime in late September, when banks were collapsing, the Dow was falling, and bailouts became the trend, it was over. And, as I would with any television serial that becomes predictable, I went to change the channel. But change it to what? I’d already sampled broadcast’s fall offerings and set the DVR accordingly. Cable was in a quiet period, with few premieres kicking in. Without CNN, MSNBC and Fox News, I was missing that comfort channel to go to in-between my standard viewing.
And then I came across CNBC. With the economy in turmoil, it seemed like a good place to check out. Low channel number, easy to find. A quick peek for the stock market numbers turned into a longer look, which eventually became appointment viewing. Mark Haines and Erin Burnett get me started for the day. Maria Bartiromo closes it out. Jim Cramer bulls his way into my home and Larry Kudlow takes me right up to prime time. My favorite is probably Rick Santelli out of Chicago. Always smiling, even when financial disaster looms.
Like learning a foreign language, following the parade of hosts and analysts in their rapid fire approach to disseminating financial news takes some time. I still confuse LIBOR with mythical Greek characters. (Turns out it’s the London InterBank Offered Rate. Who knew?) Mark to Market strikes me as a nursery rhyme, not an accounting method. But I have gotten better with the Dow Futures, short selling, and hedge funds. I love how everyone refers to the “the market”, as living entity. “The Market” doesn’t have any confidence in the reports coming out of Detroit. “The Market” is reacting to Obama’s pick for Treasury. “The Market” prefers commodities over technology this week.
So that’s the content, but what about the television? It’s a refreshing experience. There’s a consistency across the entire day that one rarely finds with a targeted network. The hosts change, the analysts rotate, different programs come and go throughout the day, but the tone and approach have a familiarity that breeds comfort and ultimately, loyalty. Most remarkable, there’s an informality in the execution that can be found everywhere. Erin Burnett always glancing off at the numbers as Mark Raines talks about the market open. The entire team from POWER LUNCH working on their laptops while commenting on the midday news. Maria Bartiromo, just wandering off to uncover an end of the day rush on a stock, leaving her colleague to carry the show for a few moments. I’ve never seen anything quite like it. And it works.
They know their audience well. The immediacy of the market and the intricate complexities of the economy demand a matching approach in the television reporting. The floor of the NYSE is organized chaos. If it gets a little hectic on the program as well, that’s OK. And yet, despite the informal appearance, the content is of the highest quality. The reporters are at the top of their game. The analysts connect the economic dots in ways I could have never imagined. Jim Cramer’s reservoir of knowledge on the most obscure stocks is frightening. Morning to night, the on-air talent exudes a calm confidence that leaves the viewer feeling pretty good about their time spent.
A focused brand, consistent programming execution, understanding the core audience, credibility. Characteristics that make a channel work. There are more than a few networks that need some help in those areas. Not this one. CNBC has it down.
For me, the proof comes at the closing bell on the floor of the NYSE. When Maria says, “It’s 4pm; do you know where your money is?” Now I do.
Great post.
I’ll just add my favorite show on CNBC: Suze Orman!
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Yes, but the real question is: did watching make you (literally) richer?
seriously, though, I’d be curious for your take on Fox Business. Do you get it?
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I do get Fox Business, but haven’t spent as much time with it. It’s all the way up at Ch 106, squeezed in between C-SPAN and Current TV. Don’t spend too much time channel surfing that end of the line-up. CNBC’s position at Ch 60 is better, next to the news networks. Put them side-by-side and maybe I’d be splitting my time across both. Shows the tangible value of channel positioning, but that’s a topic for a different column.
Like Neil Cavuto the few times I’ve seen him. Unfortunately, he goes right up against Maria Bartiromo. Sorry Neil.
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Greetings from another CNBC junkie. I have it on all day and well into the night. The best show is “Fast Money.” Kramer you can keep, his fundamentals are sound, but his stock picks are not.
I’ve been watching CNBC for two years, non-stop, and so does my broker in his office.
For someone who knew nothing about my money two years ago, I now do covered calls and puts with the big dogs, although I am not one.
And yeah, I’m averaging better than the usual Home Joe, as CNBC calls it addict viewers.
Loved your blog.
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Thanks for feedback Marianne. Hope you get the chance to visit the blog again.
Regarding FAST MONEY, I only left it out of the original blog because of space considerations. In fact, I’m watching it as I write this. Keeping with the network’s informal approach, it’s like hanging out with the gang after the game’s over, having a beer, debating all the nuances of what just happened. Sleeves rolled up, jackets off, mixing a bit of stocks, sports, and humor in one quick hour.
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After being a loyal CNN viewer for years, I find the truth these days to be somewhere in between all the different 24-hour cablers. But as you’ve pointed out, I find CNBC very useful in helping to see the picture from a different angle than a purely “news” perspective. Having come out of the banking/securities’ industry (as a Swaps & Derivatives attorney prior to becoming a filmmaker), I enjoy hearing “experts” talk about how Credit Default Swaps are to blame for the housing and credit crisis. Could have told you that back in ’93 when I scratched my head wondering how long the house of cards could stay intact. For an interesting perspective, check out the history of “Bucket” shops that were ultimately banned after The Great Depression and how swaps and derivatives were specifically exempted from those regulations. I think what most people don’t realize is how many people have made money from betting against the housing market. But to CNBC’s credit, they’ve been there all along. Great blog, all my best!
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Nice blog and entertaining reading but let’s be honest- you watch all day to see Erin Burnett.
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