Wednesday, June 3, 2009

Big Picture Conference Media Panel Notes

If anyone missed them and might have an interest, below are my tweets (zerohedge on tweeter) from Barry Ritholtz' Big Picture Conference - Capitalism After Crisis and Recession, specifically focusing on the media panel: "How did the media do? Did they miss the story until it was too late? What are we missing now?"

Panelists were Jessie Eisinger, Randall Forsyth of Barron's, Daniel Gross of Newsweek and Tom Keene of Bloomberg.

Mostly expected stuff, but some fun CNBC bashing.
Should there be institutions considered too big to talk their book on prime time? (pimco);
Topic: when will the us fund news? News are a loss leader everywhere. Why is the govt interested in underrepresenting the facts;
most businesses have cnbc on mute only for the free ticker and breaking news dan gross;
there will be few media winners. They will be based only on smarts tom keene;
Dylan ratigan refused to accept his role as an entertainer and was 'handled' - tom keene;
Jon stewart is the most relevant financial reporter on tv. Alas he has no financial sway dan gross;
Cnbc has a content AND a tone problem. "people asking questions are sometimes from another planet";
There is no newsworthy content on cable news;
Cable news has become an oxymoron. The rick santelli persona at cnbc is promoted by prodcrs. NBC tries to instigate fights. Just a spectacle;
Cnbc being discussed now. Let the beatings begin. Forsyth anihilating them first;
Asking the tough questions make near term enemies and many more long term fans;
The greatest freedom in media is to write whatever the fuck u want. Bloggers rejoice;
Bloggers fill a huge void due to their lack of compartmentalizing and editorial/political supervision.;
Wall street conflicted with objective media as they wanted to perpetuate the fallacy. They still do. Now politicians have taken over;
TK: the stuff financial media covers is insanely complicated. Bringing it to the general public is incredibly difficult;
Tom Keene from bberg: media was far ahead of a public that did not want to hear the message;
Forsyth: reporters love covering hedge fund rockstars. They become biased by relation.wall street exploits media's pandering;
Randall Forsyth: "I am a bond guru and even I missed it";
JE: media missed the financial derivative explosion. Nobody noticed the credit bubble. I think Soros would beg to differ;
Jesse eisinger: there were grave media failures. Media hypes every bubble...waiting for the cnbc mention;
Also sounds about 10x more engaging than listening to Greenspan or ackman...which shud be expected;
Dan gross of newsweek: media is not a downward force. Is an amplifier. Is pro cyclical. Provocative content is key (for advertising)
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