Some people complain about "The Media," in the singular, as if it's The Borg taking directions from one mysterious and anonymous force. But they'd struggle to explain the current fiscal cliff debate, which has revealed two very distinct and very opposed financial "media."

If you watched various shows on Fox Business, CNBC, and even MSNBC, you could come away with the impression that the "fiscal cliff" is ready to destroy us, and if Congress doesn't come to a solution by Christmas, the financial consequences will be cataclysmic enough to make the Mayans' prediction look quaint.



Yet, if you surround yourself with economic blogs and online commentary (and certain TV shows) you can come away with an opposite impression: That the fiscal cliff is not a cliff, but a slope; not a cataclysm, but a manageable problem; and that it won't destroy the dollar or push up interest rates, but rather strengthen the dollar, do nothing to interest rates, and possibly have very little effect at all, even if it extends into January, if we resolve it responsibly.

But try telling that to CNBC, which launched its own advocacy movement, "Rise Above," to bill the fiscal cliff as "the most important issue of this time." Some CNBC hosts have relentlessly lobbied Washington to reach a solution -- particularly one that avoids raising taxes, as host Joe Kernens said -- in fear that the markets will crater if we go into 2013 without a deal, with the economy following swiftly behind.