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Elon Musk Leaves Media Scratching Head

Elon Musk has lived his career on the edge, pushing toward what others cannot yet see. Still, many in the media are clearly not ready to jump into the Bitcoin car he is driving.

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It has been more than a week, and yet many in the mainstream media still don’t know what to make of it. 

The financial world was jarred awake recently by news that Elon Musk and Tesla had invested $1.5B into Bitcoin. Many talking heads remain confused. Many seem to be honestly sorting through the decision and its ramifications. Others are downright apoplectic. 

The news initially spiked Bitcoin’s price by more than 10% and Tesla’s by about 3%, yet most news talkers were initially dismissive of the move.

Will Musk prove again to be a visionary, courageously leading the way to a future most cannot yet see. Or will he rue the day, watching the 12-year-old cryptocurrency crater into irrelevancy? 

The initial invective aimed at the CEO of Tesla and SpaceX came across as somewhat unwarranted, especially while many more institutions, such as Greystone, Mastercard, PayPal, Twitter, BNY Mellon and Venmo, have made major moves toward, or investments in, Bitcoin in recent months.

Is this because Musk is disrupting the status quo and giving regular people more say in their financial futures? 

Is the news media circling the wagons to protect its elitist sense of control?

Or do they simply believe Musk is making a foolishly irrational decision?

Linette Lopez of Business Insider told CNN last week, “I think Elon Musk is more, as always and ever, a fan of Elon Musk, and Elon Musk has figured out that when Elon Musk tweets or does something in the market, the market quickly follows him.” Other reporters have noted that Musk only began talking up Bitcoin after Tesla made the investment.

Is Musk simply blazing the trail as Mavericks do from time to time?

“Maverick is a funny word for someone who paid 20 million dollars to the SEC for lying about whether or not they would take their company private,” Lopez added. “He did that in the summer of 2018 and he seemed to get away with it pretty much scot-free, he paid a parking ticket here in the United States. Maverick is probably not the right word. He’s not necessarily known for being honest.” 

Last week’s developments come after Musk himself had been rather dismissive of Bitcoin as recently as December, tweeting that it was “almost as bs as fiat money.” And in January he said, as the world’s wealthiest individual, he personally owned only a quarter of one Bitcoin.

Michael Saylor, the CEO of MicroStrategy, recently created headlines by investing his company’s reserve cash into Bitcoin. It was a shocking and courageous move, regardless of the long-term results. Two weeks ago, Saylor hosted nearly 7000 companies at his recent corporate conference. For two days, the host unveiled its corporate playbook on how, and why, he invested his corporate treasury into Bitcoin. The way Saylor sees it, the real risk is in keeping your cash in the dollar, which is losing value at an increasingly fast pace. It is widely believed that Musk and Saylor have connected, perhaps to discuss the topic.

It is possible Musk has taken this corporate approach to heart? In the announcement, he also said Tesla will pursue eventually taking automobile purchase payments in BitCoin. 

“I still have trouble understanding, how exactly….if I wanted to buy a Tesla with Bitcoin, like how is that gonna work,” asked Yahoo Finance host Julie Hyman. “How is it a viable currency when the value fluctuates so much? How are you going to do the transfer? I have a hard time wrapping my head around, just concretely how that’s going to work right now.”

“If you’re a company and you’re going to accept payment in crypto, you better only do it because you are ready for the volatility and you are trusting that eventually the value is going to go up,” said Dan Robert of Yahoo Finance. “Otherwise, right, it’s very simple. Why would a company take something that tomorrow could be worth a lot less money. But clearly, if you’re Elon Musk, if you’re Jack Dorsey, if you’re Dan Schulman, you believe in the future of this stuff.”

Regardless of what the future holds, some think the move will leave investors holding on for the rocky ride.

“I think they should wonder why he’s not investing it in Tesla,” Lopez added, pointing to the company’s upcoming factory expansion. 

If other CEOs see Musk as a crypto trailblazer, countless more could follow the path he, Saylor and others have created. Apple has been mentioned, among others. And so far, the market has reacted with an increase in the overall value of Bitcoin to almost $48,000 per coin.

“I think this is really driven by Elon Musk saying, you know what, regular currency’s no good anymore because everybody’s printing it and this is the more valid storehold,” said CNBC’s Jim Cramer. “Musk is driving so much of this market it’s fascinating.” 

Elon Musk has lived his career on the edge, pushing toward what others cannot yet see. Still, many in the media are clearly not ready to jump into the Bitcoin car he is driving. 

The move took guts, and time will tell if the media is correct in its reservations.

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More Than 11 Million Watched Queen Elizabeth Funeral Coverage

For the 6:00 AM to noon Eastern period, Fox News was, by far, tops on cable with 1.97 million total viewers including 298,000 within the key 25-54 demographic. CNN’s morning ratings received a hefty boost from its normal levels, averaging 1.52 million viewers.

Douglas Pucci

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The state funeral for Queen Elizabeth II was the top news story for the week ending Sep. 25. Like her coronation back in 1952, the event for Britain’s highest-ranking monarch was it’s first in the modern era since the dawn of television.

According to Nielsen Media Research, 11.4 million Americans tuned in on the morning of Sep. 19 across the thirteen outlets televising the funeral. That figure is slightly above the combined audiences for the main morning news programs on broadcast and cable.

For the 6:00 AM to noon Eastern period, Fox News was, by far, tops on cable with 1.97 million total viewers including 298,000 within the key 25-54 demographic. CNN’s morning ratings received a hefty boost from its normal levels, averaging 1.52 million viewers and a mere 4,000 shy of FNC’s 25-54 demo. MSNBC (991,000 total, 106,000 adults 25-54 from 6 a.m. to 1 p.m.) also drew above-average numbers in the morning.

At the peak of coverage, within the 11:00 AM-Noon ET hour (4-5 p.m. in London) for the funeral service, it was CNN on top within the key 25-54 demo (404,000; +51,000 from FNC) but FNC led in overall viewership (2.4 million; +326,000 from CNN). MSNBC trailed with 1.1 million viewers and 115,000 adults 25-54.

On the broadcast networks, NBC edged out ABC by 3 percent — each of them drew around 3 million total viewers in that 11 a.m. hour. (Note: these figures mimic what they normally do for Today and Good Morning America per day). 

Newsmax drew 192,000 viewers and NewsNation posted 32,000 — again, on-par with their respective morning ratings.

Of course, these amounts pale in comparison to the TV audiences in the Queen’s homeland of the United Kingdom. According to its data service BARB (Broadcasters Audience Research Board), an average of at least 27 million people had watched, of which the vast majority (approximately 70 percent) tuned in to BBC1’s coverage. At its peak, it generated a 95 share, meaning 95 percent of all televisions turned on within the UK territories had the funeral on their screens.

Cable news averages for September 19-25, 2022:

Total Day (Sep. 19-25 @ 6 a.m.-5:59 a.m.)

  • Fox News Channel: 1.440 million viewers; 206,000 adults 25-54
  • MSNBC: 0.844 million viewers; 82,000 adults 25-54
  • CNN: 0.603 million viewers; 116,000 adults 25-54
  • HLN: 0.163 million viewers; 50,000 adults 25-54
  • The Weather Channel: 0.155 million viewers; 33,000 adults 25-54
  • CNBC: 0.121 million viewers; 33,000 adults 25-54
  • Newsmax: 0.121 million viewers; 13,000 adults 25-54
  • Fox Business Network: 0.115 million viewers; 14,000 adults 25-54

Prime Time (Sep. 19-24 @ 8-11 p.m.; Sep. 25 @ 7-11 p.m.)

  • Fox News Channel: 2.155 million viewers; 281,000 adults 25-54
  • MSNBC: 1.251 million viewers; 110,000 adults 25-54
  • CNN: 0.674 million viewers; 132,000 adults 25-54
  • Newsmax: 0.188 million viewers; 20,000 adults 25-54
  • The Weather Channel: 0.178 million viewers; 38,000 adults 25-54
  • HLN: 0.167 million viewers; 46,000 adults 25-54
  • CNBC: 0.158 million viewers; 56,000 adults 25-54
  • NewsNation: 0.046 million viewers; 8,000 adults 25-54
  • Fox Business Network: 0.043 million viewers; 6,000 adults 25-54

Top 10 most-watched cable news programs (and the top programs of other outlets with their respective associated ranks) in total viewers:

1. The Five (FOXNC, Tue. 9/20/2022 5:00 PM, 60 min.) 3.678 million viewers

2. The Five (FOXNC, Mon. 9/19/2022 5:00 PM, 60 min.) 3.582 million viewers

3. The Five (FOXNC, Wed. 9/21/2022 5:00 PM, 60 min.) 3.348 million viewers

4. Hannity (FOXNC, Wed. 9/21/2022 9:00 PM, 60 min.) 3.226 million viewers

5. Tucker Carlson Tonight (FOXNC, Tue. 9/20/2022 8:00 PM, 60 min.) 3.208 million viewers

6. The Five (FOXNC, Thu. 9/22/2022 5:00 PM, 60 min.) 3.150 million viewers

7. Tucker Carlson Tonight (FOXNC, Wed. 9/21/2022 8:00 PM, 60 min.) 3.076 million viewers

8. Tucker Carlson Tonight (FOXNC, Thu. 9/22/2022 8:00 PM, 60 min.) 3.001 million viewers

9. Jesse Watters Primetime (FOXNC, Tue. 9/20/2022 7:00 PM, 60 min.) 2.918 million viewers

10. The Five (FOXNC, Fri. 9/23/2022 5:00 PM, 60 min.) 2.906 million viewers

35. State Funeral Queen E II “Committal Service St Georges Chapel” (CNN, Mon. 9/19/2022 11:00 AM, 60 min.) 2.074 million viewers

29. Last Word with Lawrence O’Donnell (MSNBC, Wed. 9/21/2022 10:00 PM, 60 min.) 2.276 million viewers

188. Real Time With Bill Maher “Episode 613” (HBO, Fri. 9/23/2022 10:00 PM, 57 min.) 0.879 million viewers

332. Last Week Tonight (HBO, Sun. 9/25/2022 11:21 PM, 32 min.) 0.523 million viewers

337. Weekend Recharge (TWC, Sun. 9/25/2022 11:00 AM, 60 min.) 0.516 million viewers

395. Kudlow (FBN, Wed. 9/21/2022 4:00 PM, 60 min.) 0.398 million viewers

397. The Daily Show (CMDY, Tue. 9/20/2022 11:00 PM, 33 min.) 0.395 million viewers

439. Forensic Files “Jean Pool” (HLN, Tue. 9/20/2022 12:00 AM, 30 min.) 0.325 million viewers

517. Closing Bell (CNBC, Wed. 9/21/2022 3:00 PM, 60 min.) 0.260 million viewers

750. Newsnation Prime (NWSN, Sat. 9/24/2022 7:00 PM, 60 min.) 0.158 million viewers

Top 10 cable news programs (and the top  programs of other outlets with their respective associated ranks) among adults 25-54:

1. The Five (FOXNC, Tue. 9/20/2022 5:00 PM, 60 min.) 0.490 million adults 25-54

2. Hannity (FOXNC, Wed. 9/21/2022 9:00 PM, 60 min.) 0.476 million adults 25-54

3. Tucker Carlson Tonight (FOXNC, Tue. 9/20/2022 8:00 PM, 60 min.) 0.468 million adults 25-54

4. The Five (FOXNC, Wed. 9/21/2022 5:00 PM, 60 min.) 0.467 million adults 25-54

5. Tucker Carlson Tonight (FOXNC, Wed. 9/21/2022 8:00 PM, 60 min.) 0.457 million adults 25-54

6. Tucker Carlson Tonight (FOXNC, Thu. 9/22/2022 8:00 PM, 60 min.) 0.440 million adults 25-54

7. The Five (FOXNC, Thu. 9/22/2022 5:00 PM, 60 min.) 0.408 million adults 25-54

8. State Funeral Queen E II “Committal Service St Georges Chapel” (CNN, Mon. 9/19/2022 11:00 AM, 60 min.) 0.404 million adults 25-54

9. The Five (FOXNC, Mon. 9/19/2022 5:00 PM, 60 min.) 0.388 million adults 25-54

10. Jesse Watters Primetime (FOXNC, Wed. 9/21/2022 7:00 PM, 60 min.) 0.387 million adults 25-54

76. All In with Chris Hayes (MSNBC, Wed. 9/21/2022 8:00 PM, 60 min.) 0.226 million adults 25-54

109. Last Week Tonight (HBO, Sun. 9/25/2022 11:21 PM, 32 min.) 0.187 million adults 25-54

168. The Daily Show (CMDY, Tue. 9/20/2022 11:00 PM, 33 min.) 0.143 million adults 25-54

173. Forensic Files “Traffic Violations” (HLN, Tue. 9/20/2022 12:30 AM, 30 min.) 0.139 million adults 25-54

182. Real Time With Bill Maher “Episode 613” (HBO, Fri. 9/23/2022 10:00 PM, 57 min.) 0.136 million adults 25-54

225. Weekend Recharge (TWC, Sun. 9/25/2022 11:00 AM, 60 min.) 0.121 million adults 25-54

317. Shark Tank “Shark Tank 1020” (CNBC, Tue. 9/20/2022 9:00 PM, 60 min.) 0.096 million adults 25-54

534. Kudlow (FBN, Wed. 9/21/2022 4:00 PM, 60 min.) 0.058 million adults 25-54

912. Newsnation Prime (NWSN, Sat. 9/24/2022 7:00 PM, 60 min.) 0.022 million adults 25-54

Source: Live+Same Day data, Nielsen Media Research

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Dave Ramsey Never Wanted To ‘Do Radio’

That is the legacy, to date, of The Ramsey Show and Ramsey Solutions, which has helped people get out of debt and become financially independent for 30 years.

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You can touch a lot of lives in the course of the day if your goal when waking up is to help and serve as many people as possible. And you can help, counsel, motivate and love untold numbers of people when you build a team to share that aim, and you do so for nearly 11,000 days. That is the legacy, to date, of The Ramsey Show and Ramsey Solutions, founded by Dave Ramsey, which has helped people get out of debt and become financially independent for 30 years.

Last week, the show released a bonus episode on YouTube and podcast, with the current team of Ramsey personalities reminiscing with their leader, Dave Ramsey, on the evolution of the program, and its mission, over the last three decades.

The show began 30 years ago when Dave Ramsey made a guest appearance on a friend’s real estate program on a local Nashville radio station. The host of the show quit shortly thereafter, and Ramsey was asked if he wanted to take over the time slot.

“I’m not doing radio,” Ramsey said at the time. “Radio people don’t get paid nothing. They’re like bankers – big egos and titles and no money. I need money. I am broke, my kids are hungry. I am not doing this.” Ramsey had just gone through bankruptcy, after watching his personal real estate empire crumble, leaving his family in financially dire straits. He had emerged with the goal of helping others avoid the pitfalls and pain he had brought on himself.

Eventually, Ramsey agreed to host the radio show a couple of days a week as a way to promote his self-published book, Financial Peace, which he was promoting and selling out of the trunk of his car. Ramsey said the awful Money Game program was “hillbilly, red-neck radio.” In time, Ramsey took over the program on his own and re-branded it The Dave Ramsey Show, based largely on the example laid out by other top radio stars, such as Rush Limbaugh and Dr. Laura Schlessinger.  

“We shifted everything to Dave Ramsey, branding off the single person brand. And then everything drove through that brand,” Ramsey recalls. “That focus is what helped us move everything. Events, books, website started working. It was in the early days of the web.”

About fifteen years ago, the brand began to look toward the future, branching out to include multiple personalities and building an eventual succession plan.

“In my mid-40’s I said this thing’s not going to outlive me if we don’t decide how we’re going to carry the message in the next generation,” Ramsey said. “As we started thinking about that we said well, we don’t really say anything that’s unique. Lots of people have said, live on less than you make, get on a budget. You know, lots of articles that were boring, written by boring financial people.

“The only thing that’s unique is that we actually love the people. We actually care about people, and we actually help them. We’ve got compassion for them and we’re sassy and smart-aleck and funny and tell stories and entertain and convince them in the midst of that to go through their transformation. So we realized at that point that the business, the whole thing we built, would just die with me if we didn’t have other people that could do the same thing.”

Enter new personalities, such as those who appeared with Ramsey on the special 30th Anniversary episode – his daughter, Rachel Cruze, Ken Coleman, Dr. John Delony, George Kamal and Kristina Ellis. 

When listeners visit the Ramsey Solutions headquarters in Franklin, Tennessee, they are greeted like friends, with Janelle graciously checking them in and offering them a cookie and cup of coffee.  Over three decades, the radio program – like the brand itself – has become much more than a radio show about money.

“I would say it’s a place that people call in with their questions about their life, and it’s more heavily geared towards money. But yeah, it’s just a couple people sitting in a radio studio, friends, and taking people’s calls.” Cruze said.

“We’re kind of diving into whatever mess is going on in life and going, here’s how we can help,” Kamel interjected.

The program has evolved into areas such as relationships, boundaries, career growth, mental health, college planning and small business building.

“The pressure for someone to call in live on the air and talk to somebody, that’s a terrifying proposition for a lot of people, so there’s that,” said Coleman, who focuses heavily on his role as a career coach. “And then they’re dealing with something where they go, I feel like I need a breakthrough. And so, regardless of the topic, like Rachel said, it’s just a real person with a real struggle who needs real help.”

In addition to the flagship Ramsey Show, many of the personalities now also host individual podcasts, which focus on their specific areas of expertise. And during this special anniversary episode, the hosts recalled some of the more memorable calls they’ve taken on the air. From the hilarious to the emotional, Ramsey and his co-hosts have tackled it all on the air over the years. 

The man planning to get out of debt. 

The war vet dealing with PTSD. 

The college student searching for Biblical principles for handling money.

The millionaire developing a plan to become incredibly generous.

The main considering installing a pay phone in his home.

The brother forming a business partnership with his sibling.

The frightened mother cowering in a back room, hiding from her angry and violent spouse.

“I remember the first couple of calls I took on my podcast, and it came out organically. My first response to their question was, why are you calling me? That’s a huge thing. Why haven’t you called your friends or your pastor or your family members?” Dr. Delony recalled. “And to a person every response was, dude I got nobody. Like, you’re the only person to call. And so if you’d have asked me right when I was starting, what is the role of the show, how do I explain it? I would have said it’s a show people call about life.

“Now I think my answer would be different. It’s – We’ll Be There. When you’ve got nobody, we’ll be honest with you. And we’ll tell you what we think. We think we’re pretty smart. We think we know what we’re talking about, but we’ll be honest with you.”

In many respects, the Ramsey Show has become a place where callers can talk about subjects they may not even feel comfortable discussing with their own friends and family. After all, money conversations can be sensitive.

“I also think it’s just like a safe space. These topics we talk about, sometimes there’s a stigma around them. People feel shame and they feel intimidated to talk to their friends and family. It’s like this is a spot where we’re comfortable with this,” Ellis said. “You can bring us your ugly stuff. You can bring us the things that you don’t want to mention to anyone else and we’ll work through it.”

It’s a long way from the “awful, hillbilly program” on local Nashville radio. But through constant growth and evolution of the program and the organization, the company has helped countless people around the country and around the world. And judging by the trajectory, this group plans to help a whole lot more over the coming decades.

“The thing is when you tell people the truth about how to get a job, or the truth about, here’s how you do this relationship, or the truth about what you got to do with your money, they hear it even if they don’t like it,” Ramsey summed up. “Truth has a way of getting to you. And they know you love them. And we love them. We care about them.”

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The Two Americas and the One Thing

Red – blue. Liberal – conservative. Republican – Democrat. No matter how you say it, the divisions run deep. More than ever, it seems there are two Americas.

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Doctor Martin Luther King Jr. used the phrase “two Americas” in a 1967 speech. North Carolina Senator Johnathon Edwards made two Americas the theme of his 2004 run for president.

Not since the Civil War has America been as divided as today.

Red – blue. Liberal – conservative. Republican – Democrat. No matter how you say it, the divisions run deep. More than ever, it seems there are two Americas.

Can the two Americas agree on anything? 

As I’ve come to understand that gender is fluid, America is “systemically racist,” and not all lives matter – and people can get fired for saying they do – it is hard to imagine ANYTHING on which the two Americas agree.

Fortunately, I receive a weekly email from Edison Research. One of which set me straight. There is at least ONE THING that the two Americas have in common. And it’s a podcast.

Data from Edison Research’s Podcast Metrics is fascinating. Before revealing what the two Americas have in common, let’s examine the differences in Republican and Democrat podcast listening habits.

Self-identified Democrats are more likely to listen to podcasts monthly than those who say they are Republicans by 41% to 36%. Intuitively, this finding makes sense as we dig deeper into the results. Republicans are probably listening to more Talk Radio, though the data provided doesn’t explicitly state this.

Edison Research notes, “when it comes to podcasts about politics, Edison Podcast Metrics shows wildly different listening patterns depending on which party one prefers.”

Eight of the top 20 podcasts among Republicans are political. Democrats, on the other hand, place only three podcasts that are political or deal with political topics in their top 20.

Republican podcast listening is more focused on politics, while Democrats have a wider range of podcast interests that make up their top 20 podcasts. Make of that what you will. Further, several of the leading podcasts among Republicans are available on the radio. This finding suggests a few possibilities: 

  • Republican listeners are giving up time spent listening to the radio for podcasts and whatever financial implications that means
  • They can’t get enough of their favorite conservative talk hosts, listening to their shows over again
  • They are listening to other programming that is not available in their market or when they are not able to listen (possibly even because they are listening to another show)

In the last two cases, the podcast is effectively a DVR.

Edison Research created the graphic below, which shows the overall rank of political podcasts or ones that touch on political topics separated by self-identified Democrats and Republicans. 

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Here we see the ONE THING that Democrats and Republicans have in common: “The Joe Rogan Experience” is the most listened to podcast regardless of major party affiliation.

What makes Joe Rogan bridge red and blue America is beyond the scope of the research. Therefore, we can only speculate why Rogan appeals to podcast listeners who belong to both political parties. Responses from long-time, regular Joe Rogan listeners, are welcome and appreciated.

Marshall McLuhan famously said, “the medium is the message.” Once in a generation, a broadcaster becomes bigger than the medium. Howard Stern did for over a decade. Football broadcasts earn this stature every week. Has Rogan achieved that status, or does he still fall short of this description even with the ability to cross the aisle? If Rogan has reached that level, he is the first podcaster to do so. 

Edison Research co-founder and president Larry Rosin shared additional insights telling me, “Rogan’s reach is 50% higher among Republicans, but he still leads with Democrats. That’s how far ahead of the field he is.” However, Rogan doesn’t lead across the board. He isn’t first among women. Rogan does win virtually every male demo, including 55+.

The Edison Research email also breaks down the data to reveal which show (among the larger ones) has the highest proportion of its audience that is Republican: “The Michael Knowles Show” (from the Daily Wire). The show with the highest Democrat composition is “Lovett or Leave it” (from Crooked Media). 

I’ve never met or communicated with Joe Rogan. I don’t know his goals and ambitions, but America is looking for a leader who crosses partisan lines. If Rogan doesn’t care to lead and avoids stepping into a partisan mess, he could help the country. At the very least, he could develop an even larger mass audience.

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