CNBC Moves the Markets? (But Makes You Nervous?)
Several reports late yesterday and today attribute some of the reason for the markets recovery yesterday afternoon to a CNBC report by Charlie Gasparino.
The AP’s Joe Bel Bruno writes, “Shares of financial stocks initially plunged, then recovered as part of a dramatic afternoon reversal for most stock indexes after CNBC reported that Treasury Secretary Hank Paulson might back the creation of a new Resolution Trust Corp. to soak up bad loans and defaulted mortgages, their shares reversed course.”
Barron’s blog asks, “Was CNBC responsible?” They note it appears the report got things moving in the right directions, but they write, “The Wall Street Journal already made much the same assertion in its print edition this morning.”
On a separate issue, Columbia Journalism Review’s Ryan Chittum has a message for Jim Cramer and Erin Burnett — “Time to take a deep breath.”
First, Burnett suggested short sellers, “could be considered to be unpatriotic.” Cramer defended short sellers, but noted, “Obviously the financial terrorism thing to me has to be put on the table just because the regular short sellers are not doing this.”
Confused? Click continued to see the “terrorists” segment…
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Nadine Cheung
Editor, The Job Post
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