Readers of this blog know I think CNBC, the financial news network is a sham, a collection of right-wing apologists for Wall St. and an attack dog against labor unions.
It’s nice to have mainstream columnists getting on board.
Wall Street conservatives — well-represented on the financial cable shows and the Wall Street Journal’s editorial page — are arguing that the stock market is collapsing because Obama wants to institute a relatively modest set of tax increases on the wealthy, starting in 2011.
But these voices supported lower taxes on the rich when the economy was bad, when the economy was good and when the economy was so-so. They have no credibility.
Also, there weren’t too many progressive bloggers expressing disappointment in Obama’s address to Congress last month. I thought the president fell short in explaining our economic problems to the public. Mr. Dionne also seem to agree.
Obama and his speechwriters need to seek inspiration, again, from FDR’s fireside chats — and explain what’s happening to a petrified nation and world. His aides promise more of this, and they need to get moving.
CNBC is important because it speaks to an influential audience. We need to hold them accountable. And Obama needs to better explain his plans and how they will help.