This morning, one of CNBC's anchors (Liz Claman, I believe), promised that their floor reporter from the NYSE would have 'the scoop on all the hot trading buzz,' or some such verbiage, while waiting to speak with Diana Olick.
There's just one problem. The camera was panning over the mostly-empty trading floor at mid-morning. As has been reported for months now, the place is fast becoming a ghost town.
Many of the old floor-handled trades are migrating to the electronic Archipelago system.
Ooooops! Claman demonstrated her typical on-air headed confusion by forgetting the reality of what is happening to equity markets around the globe.
By insisting that the floor is a font of wisdom and knowledge for viewers, Claman once again provided evidence that most of CNBC's air time is spent entertaining viewers, not informing them.
This is why I pay attention to CNBC for just two things: actual 'news;' and the occasional interview with a well-known, respected and savvy pundit. Otherwise, it's just background noise.
Still, I wish these people would get their stories straight and at least be up to date on the changes in the exchanges they cover so meticulously. Is that too much to ask?
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