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For the second day in a row, ABC's Betsy Stark and CBS' Anthony Mason filed on the response to the financial crisis of financiers, investors and speculators while NBC, normally the specialist on that beat courtesy of its CNBC link, left it alone. "Talk about whiplash," Stark exclaimed, as the Dow Jones Industrial Average rose 485 points following Monday's 777 point decline. Then she told us that LIBOR, not DJIA, was the indicator to look for: "The largely invisible credit markets were signaling something else." The interest rates bank charge each other overnight make the stock market "a side show." And CBS' Mason concluded with his "bottom line--the stock market is still highly volatile and Wall Street is still edgy because the credit markets are still frozen."
Instead of high finance, NBC got CNBC involved to offer a primer on personal finance. Erin Burnett gave us chapter and verse on federal insurance for our bank deposits. She concluded with patriotic praise for the legacy of the New Deal: "Hopefully that will make the whole country stronger when we realize how lucky it is that we have these rules and these strong institutions and a government that can actually step in at the right time and make a difference…Keep it in the bank!"
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