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.