Morning Show Consults Kids, Not Experts about Crisis
Kids say the darndest things, but does anyone want them giving out financial advice? Apparently the CBS “Early Show” did.
The Dow dropped 5,585 points since its high a year ago, banks have been afraid to lend and the government bought billions in toxic mortgage-backed securities. And CBS decided to find out what the children have to say about all of it on Oct. 10.
Weatherman Dave Price talked to fifth graders in
“What one thing does your mom waste money on?” Price asked one student.
“Mmm, smokes, I guess,” a fifth grade girl from
With sound financial commentary like that Price just dug deeper, asking, “How many Miley Cyrus tickets do you think you could buy with $700 billion?”
“Probably either ten or a hundred,” the same girl said.
“You know what? With math skills like that, you could be the next Treasury Secretary,” Price said.
At least “The Early Show” didn’t leave all the financial advice to children. The program did interview a Fox Business Network (FBN) host earlier in the broadcast.
Vice President of Business News for FBN and host of “Money for Breakfast,” Alexis Glick, showed Harry Smith that dating back to the Depression, price swings on the S&P 500 correct on average by 40 percent.
Glick explained that is “precisely where we are right now for the S&P 500 and the Dow … Nobody can call a bottom but we are very close to a place of capitulation.”
She also said that commercial banks are gaining assets because people are pulling money from their portfolios and putting it in their commercial bank accounts.