Way, way, way, way back before televisions were generally available in color, cable was a luxury reserved for hotels and the wealthy, and financial television was reserved to Louis Rukeyser and a weekly program on PBS and the “Nightly Business Report”, the idea of information beyond the 6:30 p.m. national newscast was considered absurd.
In fact when the 1987 Market Crash hit live on cable television, it was the quixotic moment which brought financial news out of the shadows and into the forefront.
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From that moment forward, long after the great Financial News Network (FNN) was absorbed in a merger with CNBC, financial news broadcasting became a mix of some financial analysis, some real news, and one **** of a lot self-promotion by various financial houses to promote the idea that everyone, even cab drivers, hairdressers, and homeless people just had to be in the stock market.
Then came LTCM in 1998.
Then came the 2000 tech crash.
Then came the 9/11/2001.
Then came the 2008 crash.
Parties - Shareholders - Slap - Wrist - News
And what happened? The parties guilty of bilking individual shareholders got a slap on the wrist. The financial news channels which accepted hundreds of millions of dollars from the financial promoters were never investigated nor prosecuted for potential fraud. And the truly guilty, the banksters and brokers, basically got away with armed robbery with a laugh, a smile, and a tacky commercial promotion in the 6 a.m. hour to urge you to buy a company’s stock or invest in something worse.
This brings my readers to the bit question and a terrifying answer which follows:
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