A cool financial blog, Zero Hedge, caught this exchange on CNBC this morning where Joe Kernen effusively praised advertiser Charles Schwab before they go into break.
Schwab had previously pulled their advertising from CNBC’s Porn Special this week. And Kernen obviously wants to get Schwab back. And so he laid it on thicker than thick:"Schwab is a fine, fine company and a fine individual” and “we are ready to just be sponsored on Squawk Box" AND “...I don't think you can have too much [of Schwab]."
Is this journalism??
Here's the full post from ZH's Tyler Durden--who does seem to be a real journalist! (Even if he did misspell "Kernan"; we all make honest mistakes--it's the dishonest or corrupt mistakes that we should really worry about, right, Joe?)
With the recent elimination of anything even remotely approaching journalistic rigor or analysis, and its substitution with endless propaganda and the pitching of "hope" as an investment conduit, many have been scratching their heads over the question of just how it is that CNBC is still on the air, let alone make money: after all selling hope is a very expensive process.
I provide the answer.
Below is an early segment from CNBC in which Joe Kernan provides his analysis of Schwab's just released results. As the video quality is pretty bad (yeah, I know, sorry) I will summarize how it works:
1. Intro - Kernan: Glowing review of Schwab's EPS "beat"
2. Kernan: "Schwab is a fine, fine company and a fine individual."
3. Kernan: "...and quite a sponsor for us."
4. Kernan: "...and we are ready to just be sponsored on Squawk Box."
5. Conclusion - Kernan: "...I don't think you can have too much [of Schwab]."
6. Cut to Charles Schwab Commercial.
So now you know.
