Coming to CNBC’s Defense

The AP’s David Bauder picks up on a story we wrote yesterday about a Website set up by a progressive PAC with the intent to Fix CNBC. Bauder talks with someone who says CNBC was responsible for his “salvation.”

Mark Stryker, former chief executive officer of an online brokerage firm bought out by the Charles Schwab Co., said he saw someone interviewed early last year on CNBC who was pessimistic about the economy. Stryker did some later research on what the man was saying and, as a result, made the fortuitous decision of selling nearly every stock he owned.

“When I look at it, CNBC was highly responsible for my salvation here,” he said.

His one complaint was that CNBC on its own doesn’t have enough depth in the information it presents.

> More: WaPo columnist Richard Cohen defends CNBC and Jim Cramer: “It does not take cable TV to make a bubble. CNBC played no role in the Tulip Bubble that peaked, as I recall, in 1637, or in the Great Depression of 1929-41. It is the zeitgeist that does this — the psychological version of inertia: the belief that what’s happening will continue to happen.”