A Trained Monkey Could Do Better
A Trained Monkey Could Do Better by Jim Rickards – Daily Reckoning
The first time I appeared on live financial television was August 15, 2007. It was a guest appearance on CNBC’s Squawk Box program at the early stages of the 2007-2008 financial crisis.
Of course, none of us knew at that time exactly how and when things would play out, but it was clear to me that a meltdown was coming; the same meltdown I had been warning the government and academics about since 2003.
I’ve done 1,000 live TV interviews since then, but that first one remains memorable. Carl Quintanilla conducted the interview with some participation from Becky Quick, both of whom could not have been more welcoming.
They and the studio crew made me feel right at home even though it was my first time in studio and my first time meeting them. Joe Kernan remained off-camera during my interview with his back turned reading the New York Post sports page, but that’s Joe. We had plenty of interaction in my many interviews over the years that followed.
When I was done, I was curious about how many guests CNBC interviewed over the course of a day. Being on live TV made me feel a bit special, but I wanted to know how special it was to be a guest. The answer was deflating and brought me right down to earth.
CNBC has about 120 guests on in a single day, day after day, year after year. Many of those guests are repeat performers, just as I became a repeat guest on CNBC during the course of the crisis. But, I was just one face in the midst of a thundering herd.
What were all of those guests doing with all of that airtime? Well, for the most part they were forecasting. They predicted stock prices, interest rates, economic growth, unemployment, commodity prices, exchange rates, you name it.
Financial TV is one big prediction engine and the audience seems to have an insatiable appetite for it. That’s natural. Humans and markets dislike uncertainty, and anyone who can shed some light on the future is bound to find an audience.