We sort of love CNBC, but for all the wrong reasons. The questionable production values (random staffers walking into frames, cheesy unscripted jokes, Chyron screw-ups, Maria Bartiromo glaring at people off-camera, etc.), Jim Cramer, and the need to have 30 different people asked where they think the price of oil is going on a daily basis keep us coming back. But we also like the way CNBC explains Wall Street to the little guy.** This morning, CNBC explains the open outcry system to… we’re not sure who.
We’ll be discussing [oil exploration] and we’ll be talking about how this whole place [Ed. Note: "this whole place" = The NYMEX] works. You see people in different jackets and colors, pins–this guy’s name is Goal–Hi, Goal! They give themselves funny names. They use hand signals…
All we can say is, when they invariably issue the NYMEX coloring book, we want one.
** whose IQ is apparently 20-30 points lower than the national average.
NYMEX already has a nice children’s book; it asks “why do they have to make all those funny hand gestures and yell?”