The Daily Wrap has wrapped

Back in January, Dial Global gave affiliates the 90 day warning that it was dropping the Wall Street Journal Daily Wrap with Michael Castner?

It’s gone. Nobody cares.

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30 Responses to The Daily Wrap has wrapped

  1. Nidster says:

    They dropped the Wall Street Journal Daily Wrap with Michael Castner? Yawn, who cares? The markets are a casino these days and rigged. HFT is a curse. Go here:

    • lasong says:

      Actually WSJ daily wrap was just not only about the stock market but also current events and politics. Michael Castner seemed just to left wing for the conservative stations he was on. Now my radio station fills his spot with boring news, traffic and weather that we can get on the other stations.

  2. CC1s121LrBGT says:

    The Wall Street Journal Report, on weekend TV for decades has been gone since January as well. About 10 years ago, CNBC formed a close long term relationaship with the Wall Street Journal and the excellent show switched from Wall Street Journal management to CNBC management so that the paper could focus on the paper and the tv could focus on the tv. From memory, it was a 10 year deal and it just ended.

    A few years after that, Rupert Murdock hired Roger Ailes and Neil Cuvuto from CNBC and they started the Fox Business News. A few years after that, Rupert Murdock bought the Wall Street Journal newspaper.

    Around that point, CNBC started rotating in more of their anchors for parts of the Wall Street Journal Report and reairing CNBC interviews that were live on CNBC air during the week.

    Last year, it became more of The Wall Street Journal Report WITH MARIA BARTOROMO with her name in flashed everywhere all the time and less mention of the Wall Street Journal.

    Since January, the “Wall Street Journal Report” is no more. Maria hosts the same show now but with the title, “On The Money with Maria Bartiromo”.

    BTW, before the Wall Street Journal deal with CNBC, the Wall Street Journal had an excellent hostess, Consuelo Mack. She went on to found an outstanding PBS program that I highly recommend for both novices and financial experts. Look for it on your PBS station or watch the podcast archives here for free. It is worth your time:

  3. Nidster says:

    No disrespect meant, but who cares? Yes, I know some people do care, but the evidence is conclusive, the markets are a crap shoot and rigged. HFT is a curse. The evidence is beyond compelling, it is the new normal…… Go here:

  4. Ed Gein says:

    If I can’t oogle at Nicole Petallides, I have pretty much zero interest in hearing the inside Wall Street scoop. Speaking of, I only see her occasionally on FOX Snooze and I’m wondering if any of you have an opinion on how much more stupid FOX & FRIENDS can get before they start drooling and running ads for video games.

    By the by my fellow information junkies, if you want TV news in the AM go for C-Span WASHINGTON JOURNAL. These days they have two very lovely and bright young ladies hosting several days during the week- Libby Casey and Greta Brawner. Nice eye candy to go with a dose of intelligent political discourse (unless they interview John Conyers).

  5. Ed Gein says:

    She’s nice looking alright. I cannot seem to watch anything Bloomberg these days considering little Napolean is the brand.

    • CC1s121LrBGT says:

      It is actually a good channel and the video streams for free… more than I can say for CNBC, Fox Business Channel, or The Blaze.

      I like to watch 6-8 AM ET because I learn a lot from Tom Keeene. It doesn’t hurt that Sara Eisen and Scarlet Fu are easy on the eyes too. 😉

    • Parrott says:

      I agree Ed. Hate the ‘Bloomerberg’ . If someone ever get’s by his NYPD body guards, (scare). I bet he will cry like a baby. Jackass.


  6. Art Stone says:

    So what do we think of Suze Orman?

      • Art Stone says:

        The story that links to has been removed.

        If it is true, I am shocked, I tell you.

        And a BA in social work is such good preparation for giving financial advice. I remember her on radio, I think filling in for Bob Brinker. When she declared that stocks with lower prices were a better buy because they were cheaper, that told me everything I needed to know

        • Nidster says:

          Hey, stocks with lower prices have far less downside risk. I mean if you bought at $5 a share instead of $100 a share then you’ll lose less money if they went to zero. Common sense.

          Where’s the sarc emoticon?????

          • Art Stone says:

            That’s why you buy penny stocks. If the price is $.01, it can’t go down,

            There is some guy advertising on radio hyping his secret method where it’s almost guaranteed that the price of the stock will go up. His “secret” is obviously the long held notion of buying stocks that announce a stock split. There is no logical reason a split makes the stock’s post split value go up. His “analysis” is going to show the pre announcement price and the post split prices. The flaw is you can’t buy that stock and reap the massive profits before the announcement. By the time you find out about the split, the price already reflects whatever the mob feels the effect will be. On top of that, you’re going to eat the commission and spread on buying and selling, not to mention the risk of a decline while you hold the stock

        • Art Stone says:

          Speaking of Bob Brinker, the few times I listened recently, it sounds like Lew Dickey of Cumulus kicked his ass. Brinker now only does 3 hours a week and still has the audacity to take weeks off for “vacation”. The weeks he would show up, it was clear he was watching football games while doing the show, not even listening to the caller’s questions.

          The reality is Bob is retired living with his critical mass. It’s time to let the next generation take charge or pull the plug. Maybe he has a deal like Harry Shearer where ABC -> Citadel -> Cumulus don’t pay him to do the show, so they don’t really care as long as he doesn’t actually give out any specific advice that will get them sued

          • CC1s121LrBGT says:

            Bob doesn’t have many stations nowadays. He is also slowing down and talks with a bit of a slur compared to before. I don’t think it has anything to do with alcohol but rather his health.

            He used to be a baseball announcer and said once that he had aspired to a career as a baseball player. Once a retired baseball player called him for financial advice and Bob talked with him for 20 minutes about baseball and was saying goodbye, thanks for the call when the caller interrupted with “may i ask my question now?” lol Bob was a million apologies.

          • Nidster says:

            During the Bear Stearns and Lehman Brothers days I listened in to see what he throught was going on – he obviously had very little understanding. Karl Denninger, at Market Ticker, understood and made some money off the Lehman Brothers slaughter. Basically, the NY Fed KNEW, had solid info Lehman Brothers was insolvent 2 months or so prior to going down. Little Timmy was Pres of the NY Fed and did nothing, except short Lehman’s stock.

            Listened to Brinker this past Sunday, 1st time in a long while, and agree with your take on his ‘show’.

  7. Art Stone says:

    I agree that. Some of you know I worked for NASDAQ doing software design. Bob got on this campaign that everything would be fixed if the SEC would just restore the short sale downtick rule (Michael Savage repeats the same mantra). That rule might have made sense in the 1960s when your orders were wired to the trader floor and handled by floor traders and specialists working with pieces of paper, but makes no sense where computers are trading with each other measured in several ms. Bob just yearns for the good old days when specialists made millions of dollars being the ultimate inside traders and sidestepping actually assuming any risk during a volatile market

    • CC1s121LrBGT says:

      The specialists still do make millions and step aside when there is real risk – these are the high frequency traders. The good news for them is that when they forget to step aside, (See May a few years back) the Nasdaq will reverse the trades.

      Whenever the going gets tough, the exchanges (NYSE much more than the NASDAQ) will stop trading due to “technical difficulties”.

      This week mainstreet won one against the HFT specialists. When someone on twitter used an AP account to tweet a bomb in the White House and the President was hurt. The computers read the tweet and sold the news before anyone could.

      I saw one trader on TV who saw that and called his friend in DC who has an office with a view of the White House. He asked his friend what he saw out the window and how bad it was. The friend said everything was quiet and normal, absolutely no activity. So when the stock prices stopped falling, he went in and bought low. Score one for the non”specialists”. 😉

      • Art Stone says:

        Yesterday, the CBOE lost the ability to trade the S&P 500 index for a few hours. People were in a panic, not because they wanted to trade it, but it is an important input to the trading models that drive the trading algorithms.

        • CC1s121LrBGT says:

          That is true. All these stock prices are tied together with rubber bands. When the ETF for the S&P 500 starts to stray from the prices of the underlying 500 stocks, high frequency traders will buy one and sell the other to narrow the gap. The world is full of index ETFs. 😉

    • CC1s121LrBGT says:

      Those specialists were amateurs with insider trading and sidestepping. Matt Taibbi’s latest in the Rolling Stone is another must read (I had shared his article from a few years back on the muni bond manipulations):

  8. HPaws says:

    Orman was hitting her zenith about when I opened my first store. I was sorry to disappoint the local Orman fan base: Everything is NOT negotiable. I do NOT barter on demand, I do NOT barter with others who do not publish price lists, I do NOT barter with professions that engage in phony bologna ‘billable hours’, and you may not divide my prices and timed offerings to creat your own ‘tasting menus’ of my products.

    I’m glad Orman is fading – there will be another one along, just wait.

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