Saturday, July 18, 2009

Wonder Where ABC gets its Business News?

We are all familiar with that media monster called ABC and its huge channel selections that includes sports (the many ESPN channels), kids programming (the Disney Channels), and many others. But I was curious where they got their business news and information. They obviously wouldn't go to CNBC, since it is a part of the GE family, which includes archrival, NBC. But they still have Bloomberg and a plethora of independent business media available. For some reason I was surprised to see Alexis Glick of Fox Business (part of a huge family of networks that overlap ABC in sports and family programming) on ABC's Good Morning America.

Alexis Glick, who has been a guest on my Price of Business show, is one of the most articulate and well versed people on business news and content. She did not disappoint on ABC's Good Morning America with a very thoughtful Goldman Sachs earnings preview. In her discussion she:

  • Reviewed the enormity of Goldman Sachs earnings and what it means to Wall Street and Main Street

  • How taxpayers should feel about this participant of the bailout enjoying this kind of earnings

  • What should taxpayers expect in the future when it comes to company bailouts

  • How Goldman Sachs early repayment of the TARP (it was one of the first companies) should matter

Glick is one of the more perceptive analysts in business news and I largely agree with her when it comes to the variety of feelings most Americans will experience when it comes to "Business after TARP" (sounds like a future article). I believe that it is imperative, however, for Members of Congress in both Houses and the American people to assess TARP and whether it was the best route to follow. This requires tough questions:

  • Why were we informed that TARP needed to be passed "now," but more than 90 percent won't reach its beneficiaries until 2010?
  • Why is the bulk of that money being released during the election year when we are experiencing near double digit unemployment now?
  • Was this a legitimate action for the government to take in light of the obvious Constitutional restrictions?
  • Since government jobs don't create profit, and profit is necessary for long term job growth, are not the government created jobs all temporary?

These questions and many more should be asked by the media on politicians daily. However, other than Fox and a few overtly conservative media outlets, it simply will not happen. That is probably the exact reason ABC called on Fox and the analysis of Alexis Glick. Not only is the network noted for being "fair and balanced," but it is also extremely thorough. Something we really need from the media today.

Kevin Price is Host of the Price of Business, the longest running show on AM 650 (M-F at 11 am) in Houston, Texas and on AOL Radio. His articles often appear in Chicago Sun Times, Reuters, USA Today, and other national media. Steve Moore of the Wall Street Journal calls Price the “best business talk show host in the country.” Find out why and visit his blog at www.BizPlusBlog.com and his show site at www.PriceofBusiness.com. You can also find Price on Strategy Room at FoxNews.com.

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