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CNBC Guest Trader Bullies Peter Schiff


Is the CNBC network guilty of bullying?

Christopher-LemieuxSMBullion.Directory precious metals analysis 29 October, 2014
By Christopher Lemieux

Senior FX and Commodities Analyst at FX Analytics


Previously, I touched upon the issue of bias in the financial media, specifically CNBC (here). In that piece, I pointed out how CNBC has a tendency to invite guests on who have an opposite viewpoint of their “buy the dip” mantra, and then attack them. It continues to happen.

Peter Schiff is well-known in the gold community, but he does not only promote gold but foreign stocks and other investments ex-US and dollar. He has done rather well, too. However, CNBC (and other networks) invite him on only to try and berate him. So, in this clip, Scott Nations attacked Schiff on why he never admits he is wrong. And, Schiff fights back. I am not here to take sides, but it is hard to look over how aggressive CNBC commentators become when a guest does not agree with their opinion. A market is made of two sides: a buyer, a seller.

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In 2007, Schiff said on CNBC:

Especially, if you try to consider that Ben Bernanke is likely to try and  come to the aid of a collapsing US economy and collapsing real estate market…

And, you can hear Diane Swonk (who like’s to get things wrong) butt in and say “that’s just  ridiculous… no he’s not.” $4 trillion in Fed balance sheet expansion later, I think we get an idea of who was right. Let’s look at Jim Cramer’s recent forecasts.

The clip of Cramer’s Mad Money program opens up with that ironic “my mission is simple: to make you money.” Several “irresistible” stocks were offered up as a “buy, buy, buy.” Unfortunately, the market saw a “sell, sell, sell.”

Since the recommendations of these irresistible temptations to hold until the end of the year, every stock since the September 2 call, except GPRO, is down double digits. GPRO is up, but down nearly 50 percent from its high. No one seems to want to peg Cramer as a pariah as they do Schiff.

Here are the stocks from 9/2 to current here.

Cramer, also, recommended GTAT prior to the iPhone 6 release as a speculative buy. Then, GTAT shares drop 98 percent following a bankruptcy filling just weeks after the recommendation. Nations didn’t attack Cramer for being wrong.

If one was to hold onto the iShares Gold Trust (GLD) during the time frame of Cramer’s calls, they would see a small three percent loss. (Cramer’s calls versus the GLD) I’m not here to take sides, but CNBC has a history of an inviting-to-attack agenda.

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1 Comment
  1. Yeah, John Stewart of all people picked apart Cramer and his reputation of being for the little guy better than pretty much any mainstream financial journalist ever did. A good article with links to the Stewart interview of Cramer are below.

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