Wednesday, June 3, 2009
NBC Executives Wake Up
Last night I watched the NBC Special on the Obama White House. I have seen the White House from the street, but I have never been in the White House. It is always interesting to see what the White House looks like inside. The program was entertaining as it should be, but news programs should be more than entertaining and they are not much more than entertainment.
While Brian Williams and President Obama were in the car making a burger run down to the city, Williams asked Obama if he ever stops as he is switching channels and watches some of the cable news shows. Obama’s answer was “no”, he does not watch because there is nothing for him to learn from the same worn characters saying the same worn things. I agree, but it is all I have, so I watch it.
I have written about the fraud of the Credit Rating Agencies many times, and yet, not one of these TV news shows has discussed the role this fraud played in the financial crisis and the bond market meltdown. Why has there been no discussion of this vital piece of the puzzle? Is it that it is too difficult for people to understand a bond rating system that starts with triple-A? Or, is it more likely that a discussion of the role that the Credit Rating Agencies played in the mortgage-backed bond fraud is not sexy enough for the people that repeatedly appear on these news shows?
I hope the big shots at NBC watched the Obama White House Special last night and heard what the President said about their political news shows on MSNBC. How about putting on some new faces that know some new things to talk about? Have not we all heard enough from Pat Buchanan for the rest of our lives?
Discussing politics requires an understanding of the economic factors that drives the political debate. NBC, how about bringing on some people that know something about the Credit Rating Agencies, the mortgage-backed bond market? Is not it worth a gamble to shoot a little higher and try for a more knowable show that might even get the President’s ear?