The Fortune Tellers: Inside Wall Street's Game of Money, Media and Manipulation

by Howard Kurtz

From the author of the New York Times bestseller Spin Cycle comes this engrossing, entertaining exposé of how the media -- from television to newspapers to the Internet -- drive the financial markets today.
The booming economy and mass investing have produced an insatiable demand for financial news and given rise to a group of "fortune tellers" eager to scoop and spread the latest intelligence. In this riveting, unsettling book, Howard Kurtz introduces the powerful journalists, commentators, and analysts whose reports -- too often based on rumor, speculation, and misinformation -- have a real-time impact on the rise and fall of stocks and on the financial health of millions of investors.
Focusing on such well-known figures as cable TV's Ron Insana, Maria Bartiromo, and Lou Dobbs; Christopher Byron and other print reporters who specialize in exclusives; and superstar analysts Ralph Acampora and Henry Blodget, The Fortune Tellers is an incisive, often amusing, and sometimes terrifying report by a journalist well known for his sharp-eyed observations and behind-the-scenes access. In a time of head-spinning volatility, The Fortune Tellers is essential reading for all of us who gamble with our savings in today's overheated stock market.

Genres: Economics, Nonfiction, Business

352 pages, Paperback

First published September 1, 2000

Reviews

[Carol · Rating 4 out of 5]

It is hard to relive the mania of the stock market in the 80's and 90's without understanding that few had the kind of experience to evaluate the broader implications of the press and the 24 hour internet news cycle that allowed so much action based on rumor at best. My favorite quote: "Journalism serves as a vast echo chamber for rumors. This book focuses on the personalities who were noted for financial news in those decades.

[Grindy Stone · Rating 4 out of 5]

This book is much, much better than the reviews on this site suggest, to the point that I am skeptical some of the reviewers even read it before opening. The title is a little misleading - it is less about Wall Street on a macro scale and more about Jim Cramer, CNBC, CNNfn, and their roles in the late Nineties' tech bubble's growth and implosion. A nice trip down memory lane with lots of inside dope.

[Jenny · Rating 3 out of 5]

After approximately ONE MILLION YEARS I have finally finished reading this book! I read the first third over the period of like, a year and a half and then finished off the last two-thirds between yesterday and today. It's a fairly gripping read and does a great job conveying exactly how ludicrous the 24 hour business news cycle can be and considering journalist ethics with a very real meter of stock prices rising or dipping based on single reports. That being said, this book felt very distracting for much of it--namely that I could not even begin to keep straight the cast of so many anchors and CEOs or executives at each media company. I could get a sense of how big some of these personalities were but mostly this book felt like it tried to cram too much narrative and stories into poorly organized sections that were only vaguely chronological. Nonetheless, I'm glad I read this book as it gave me a better context for the late 1990s/early 2000s and some of the financial stuff that was going on with my parents.

[Lisa · Rating 3 out of 5]

I think the author did a fine job. Personally, I just am not excited enough about Wall Street to read this many pages about it and stay excited.

When I worked for a mutual fund company, I may have given this five stars because I liked to learn about the personalities I watched on TV. Yet today, I'm into other investment vehicles, so I grew tired of the stories since I'm not into the topic area.

If you're glued to CNN or CNBC, you'll probably love it.

[Margot · Rating 4 out of 5]

This was a terrific read for someone who doesn't know about the stock market. Lots of inside scoop about TV financial personalities and a sense of the enormous risks and roller coaster of the stock market "experts"

[Dave · Rating 4 out of 5]

The book to read on how the subject. The title sums it all up.

"The Fortune Tellers: Inside Wall Street's Game of Money, Media and Manipulation"

[Alissa Wilkinson · Rating 3 out of 5]

Illuminating narrative about the birth of financial journalism on the web and on TV networks such as CNBC. Dragged a bit in the middle, but very informative.

[Frederick Bingham · Rating 2 out of 5]

The story of media covering the financial industry. It tells all about rich and egotistical people. It's all corrupt and inbred. So what else is new? Yawn.

[Alberto Lopez · Rating 3 out of 5]

Interesting narrative mostly about the CNBC people but not one that I would recommend.