Network Look at Markets: 'Armageddon' or 'Nearly 3 Percent' Drop
Whatâs happening to the stock market? One thing is certain â the network news shows have no idea.
The August 10 NBC âNightly Newsâ turned to âArmageddonâ soothsayer Jim Cramer. ABC âWorld News Tonight with Charles Gibsonâ warned of a recession. And, CBS âEvening News,â traditionally the most doom-and-gloom of the three, about the economy and employment, reminded us things arenât as bad as they have been in the past.
Rather than providing one of their more optimistic personalities like Larry Kudlow, âNightly Newsâ relied on CNBCâs Cramer for analysis. âAnn, first, I don't want to panic people myself,â Cramer said. âI will tell you that all this starts ground zero,
On August 6, Cramer had an embarrassing emotional meltdown on his CNBC show, âMad Money,â about the Federal Reserveâs reluctance to cut interest rates. But, once again, Cramer used his NBC âNightly Newsâ appearance as an opportunity to lobby the Fed.
âThe bonds are made up of hard-working Americans, their income â it should go to their homes but they canât afford it. The federal reserve needs to cut, the federal reserve needs to lower rates right now,â said Cramer âThat's really the only way out of our jam. They have indicated they have no desire to do that. They are way behind the curve. This is not about saving Wall Street or hedge funds Ann. It's about saving the American homeowner, who's in a lot of trouble.â
NBC followed up with a Josh Mankiewicz report about home foreclosure hardships. âThe lender did absolutely nothing for me,â said one
ABC âWorld News Tonight with Charles Gibsonâ offered a pretty gloomy report, warning of a recession, but also reminded viewers things arenât bad with a more long-tern view.
âThe bears are convinced that the housing situation, as well as the subprime woes will likely lead to a recession,â said Sam Stovall, an investment strategist for Standard & Poorâs to ABC âWorld News.â
Despite the doomsday analysis of a recession, âWorld Newsâ reminded their viewers the stock market is still up for 2007.
âAfter a day like today, it is hard to remember the Dow is actually up for the week Charlie and up six-and-half percent for the year,â said ABC correspondent John Berman.
For once, the CBS âEvening Newsâ had the most tempered approach covering the market drop by reminding viewers there have been much worse days.
âContinuing worries about the credit crisis sent the Dow down 387 points, or nearly 3 percent,â said CBS âEvening Newsâ anchor Katie Couric. âNow to put that in perspective, in the infamous market crash of October 19, 1987, the Dow stocks lost nearly 23 percent of their value.â