I have noticed an increasing presence of CNBC's Dylan Ratigan's pals, who co-star on his "Fast Money" program, doing short video pieces which are spliced into the daily business news coverage on the network.
Specifically, individuals from Ratigan's program make short videos advising viewers on how to "invest," although "trading" is really the more appropriate word.
The other day, I saw what I think may be the height of idiocy. Ratigan's colleague on his evening CNBC program, the bald guy, Jeff Macke, was featured in a clip about investment ideas.
Macke actually counseled people to consider investing in things with which they are familiar- like their Blackberry or Palm Pilot, cellphone, etc. In short, exhorting all CNBC's viewers to be their own Peter Lynch.
Macke conveniently skipped any notions of: risk, valuation, the rational expectations of other investors, etc. I found this to be truly scary, and rather irresponsible of CNBC.
For that matter, Ratigan's program's entire premise seems to be, 'trade, don't invest.' Yet nearly every one of the network's talking heads who were in attendance for their on-air wake, in honor of Lou Rukeyser's passing last year, solemnly intoned how important Lou's message of investing for long term gains was.
If you had any lingering doubts about CNBC's major role being entertainment, not news, I think the recent promotion of Ratigan's progam, and his panel, are all you need to see to be convinced.
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