One of the advantages of working at home is that when I take a lunch break I can whip up a quick bite to eat in my own kitchen and then plunk myself down and read the paper or watch the news on TV. Today I took a late lunch around 1:40 and snapped on CNBC to see what was going on in the market and with the government bailout. What I saw was fascinating on multiple levels.
First, I saw the bailout vote appear to fail which caused the DJIA to plummet 300 points in about five minutes. It was nuts and it was something I’ve never seen before, but I was even more interested in watching and listening to the Wall Street pundits react.
What became apparent very quickly is that as smart as these people were about markets they were equally dense in the ways of Washington. They had no clue how Congressional votes worked. Luckily they had a reporter that could explain what it meant to leave the vote open and how it was possible for votes to change even after they’d been cast. That news caused the Dow to recover a couple of hundred points.
Then it got really good. They decided to listen to the House vote live and they came in just as a member of the House asked a parliamentary question and asked the Chair for guidance. Well I think that caused the commentators’ heads to spin off because when the vote was actually closed a few moments later and the House moved on to another bill they didn’t realize it. They had to wait for an explanation from the reporter and once they got it and relayed it to the audience at large and the Dow and other equity markets took an instant plunge.
I don’t expect people who normally don’t cover government to know every intricate detail or parliamentary procedure, but if I knew I was going to be covering one of the most important stories of the day as it affects my area of expertise I’d make sure I understood at least the fundamentals of how things proceed on the Hill. It’s pretty obvious that didn’t happen in this case.
I don’t want to be too critical of the financial pundits. Their day-to-day existence requires they be highly versed in finance, not in government. However, I do find it interesting that they were temporarily flummoxed by things they should have learned in high school civics class.
For what it’s worth I’ve found CNBC to be some of the best television news going these days. It’s not perfect by any stretch of the imagination, but it’s head and shoulders above the rest of the "news" channels. Watching CNN gives me nausea, MSNBC and Fox should drop any reference to news since they’re essentially televised versions of the Daily News, and the networks are pretty much DOA. I like public television for the overall news, but CNBC seems to be the best for business and finance.



You may recall that we adopted a puppy when we returned from our vacation in early August. Mia’s been an, uh, interesting addition to the family. If nothing else she’s annoyed the heck out of the elder statesman of the house, Arthur. They’re constantly
Actually she’s been quite the influence on him. For instance she’s taught him there’s no reason to accept confinement and now the two of them regularly collaborate to break out of various rooms, pens, etc. She’s also given him amnesia when it comes to manners. Before Mia’s arrival he never sniffed at things on the table, or jumped to get treats out of your hand. Now he’s acting like a reprobate and we’re having to remind him that we don’t have to put up with that mess. Thankfully you only have to tell him once. Mia, on the other hand, gets me to talking like I did 10 years ago when the kids were toddlers. “No, no, no, no…NO” and “Down, down, down, down…DOWN” and “Shhh, shhh, shhh, Shut Up!” are now the most often heard sentences in our house, and usually they’re followed by strangled curses like “Son of bi-gerching. What did you just do, dabberflabbit. You little shicker…aw, dadgummit I just stepped in this pile of -, OH MAN MY NEW SHOES! One of you kids better get this mutt outta here before I sell her for parts.”