CNBC Cites Glenn Beck As A New Economic Indicator
CNBC Cites Glenn Beck As A New Economic Indicator
Last night, Fox News’ Glenn Beck spent a segment decrying the demise of the dollar — which he sees as imminent — and continually citing the threat of hyperinflation. Beck is so worried, in fact, that he advocated that the American people turn to gold as a sound investment against their government’s fiscal misdeeds.
Back in reality, the International Monetary Fund has actually warned that the United States “should have a second stimulus package ready just in case deflation becomes more evident,” while the percent change in the Consumer Price Index isn’t consistently above zero. But instead of relaying that information, CNBC’s Michelle Caruso-Cabrera — the same anchor who thinks tax havens prevent tyranny — took Beck’s tirade as the true indicator that the dollar’s six month slide in value is effectively over:
We’ve been talking about it ad nauseum here on CNBC, but, last night, Glenn Beck, the first eight minutes of his show — roll the tape — he spent decrying the demise of the dollar…Whenever we see any kind of economic trend permeate into the general media, doesn’t that almost tell you that it’s over?…Glenn Beck, contrary indicator!
Watch it:
On one hand, good for CNBC for calling out hyperinflation fearmongering. But is citing Glenn Beck really the best way to make that point? After all, Beck may have an ulterior motive for pumping inflation fears. A Color of Change-driven boycott has lost Beck’s show 80 advertisers, but one of the few sticking with him is Rosland Capital, a company that specializes in selling gold. And as Ryan Witt pointed out, Beck never notes his conflict of interest:
So Beck essentially scares his audience into believing that hyperinflation and economic collapse is a near sure thing and then advises them to buy gold to protect themselves. All along Beck never mentions that a gold-buying company happens to be one of his few remaining sponsors. Beck also never interviews other economists who believe that we are nowhere near the economic conditions necessary to see hyperinflation. Finally Beck also never informs his audience of the risks involved in buying gold. Gold has seen its price skyrocket with the economic troubles of the last few years and there is a real danger that the price of gold may actually decrease if the economy improves in the coming years. Quite simply if one buys gold high right now they may be forced to sell low later.
Witt added that “usually Glenn Beck’s show simply misinforms his audience on political grounds which is dangerous enough. Now however Beck is actually guiding his followers down a financial path that may cost them dearly.” Incidentally, Beck himself is a spokesman for Goldline International, another company that specializes in selling gold.
7 Responses to “CNBC Cites Glenn Beck As A New Economic Indicator”
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Not declaring conflicts is a uniquely American thing on the airwaves. Tom Daschle and Bob Dole failed to disclose their lobbying positions with Alston & Bird on Meet the Putz.
Gail Wilensky testified before the Senate Finance Committee on health reform. In her public testimony on CSPAN, Gail failed to note her ample holdings in for-profit health care companies.
Tom Scully gave a commercial for SHPS, a WCAS affiliate, on CSPAN.
Andy Card was on CNN the other night. He failed to mention his over $200,000 a year board position with Union Pacific.
Yet, opinion bloggers now have to disclose whether they got a free book to review.
October 7th, 2009 at 3:01 pmYes, Gold is at its height and people THAT HAVE GOLD TO SELL, want to sell as it has nowhere to go but down. Great financial plan, buy when its at its highest price in history, and sell when it drops like a gold brick! Brilliant I tells ya!
October 7th, 2009 at 3:35 pmUlterior motive. Not alterior.
(Sorry)
October 7th, 2009 at 4:28 pmSammy:
Thanks, good catch.
October 7th, 2009 at 4:42 pmBob Dole came out publicly for health care reform. Did he mention any of his for-profit health care clients, as lobbyist for Alston & Bird?
http://www.opensecrets.org/lobby/lobbyist.php?lname=Dole%2C+Bob&id=Y00000306101&year=2009
Was he advocating for any of Tom Scully’s clients, also an Alston & Bird lobbyist?
http://www.opensecrets.org/lobby/lobbyist.php?lname=Scully%2C+Thomas+A&id=U00000008701&year=2009
Opinion bloggers have to declare if they were given a book free to review. Tom Scully can give a commercial for WCAS affiliate SHPS on CSPAN and nothing happens. Scully is a private equity underwriter, General Partner with Welsh, Carson, Anderson, & Stowe, in addition to being a highly paid lobbyist. He serves on the board of many WCAS affiliates, including SHPS. Such a position usually provides compensation in the form of company shares.
October 8th, 2009 at 12:13 amMore lobbying clients of Alston & Bird.
http://www.opensecrets.org/lobby/firmsum.php?lname=Alston+%26+Bird&year=2009
Next time you hear Tom Daschle, Bob Dole or Tom Scully weigh in on health reform, listen for disclosure. It won’t happen.
October 8th, 2009 at 12:21 amI would strongly suggest checking out the Silver and Gold Exchange before selling gold or silver to ANYONE. I did a great deal of research, online and offline, and learned a lot about this business. I checked pawn shops, jewelers, “gold parties”, hotel “buying events as well as the online buyers, including the “as seen on tv” guys. I found that the Silver and Gold Exchange paid more than anyone else I could find. I liked the fact that they post the prices they pay per gram (beware of the places that quote in pennyweight/DWT) on a live price chart at http://SilverAndGoldExchange.com I also checked out their Better Business Bureau report and found they have never had a single complaint as opposed to HUNDREDS of complaints some other companies have! I recommend them 100%
October 8th, 2009 at 10:17 am