Yesterday, the turmoil in financial and real estate markets inspired NBC to lead its newscast with CNBC's Carl Quintanilla. Today the same mixture was CBS' lead. Anthony Mason cited a survey that found that more than 15% of recent homebuyers "are now underwater--meaning their houses are now worth less than their mortgage." CNBC's Erin Burnett looked at the real estate numbers and found "the worst price decline we have ever seen." ABC's Betsy Stark diagnosed Wall Street's mood as "bizarre euphoria" arising from "a few cryptic words" from Vice Chairman Donald Kohn of the Federal Reserve Board: "In my view these uncertainties require flexible and pragmatic policy making." Stark translated this as "Fedspeak for more cuts in interest rates." As a consequence, the Dow Jones Industrial Average rose 331 points, following a 215 up day Tuesday and a 237 down day Monday. Mused CBS' Mason: "We keep seeing these triple digit moods swings."
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