Roger Nusbaum submits: Steve Massocca from Pacific Growth Equities was just on CNBC and said the right thing. The Dow and a high close (or not) doesn't matter. He said it is 30 stocks -- it's not the same 30 -- it does not matter.
Bingo.
The floor trader they interviewed ten minutes before the open also made fun of the network for how they handled yesterday's action.
If 3M Company (MMM) and Altria Group Inc. (MO) both have a bad day -- no record.
Joe Kernen made a quick comment in passing when the econ segment was wrapping up. He said we aren't cheerleading, what are we supposed to root for a hard landing? I guess why I wonder why a journalist would root for anything.
The thing I find most frustrating about the channel is the time wasted covering things that don't help anyone. The market caps of the two big American car companies adds up to $33 billion. Throw in DaimlerChrysler (DCX) and the entire industry (in the U.S.) adds up to $84 billion.
Perhaps market cap is not the best way to measure the impact of the group on the U.S. economy, but I don't think the auto industry is important enough to merit as much coverage as it gets.
When there is actual news they cover it, but I would like to see broader coverage of more things which they do have time and personnel to do.
Just an early morning rant. I need some coffee.
