CNBC's Schacknow: M&A, CME -- and a Little ESP


We Knew That
They call it “news” because it’s the plural of “new.” (That fact actually turned up as a question in the original version of Trivial Pursuit.) Having said that, I love it when a piece of news comes out and I can say, “Yeah, we already knew that.”

That happens once or twice a day at minimum, but it seems like the “already knew that” stories were flowing fast and furious today.

At 8:50 a.m. ET, the Chicago Mercantile Exchange was out with news of an improved offer for the Chicago Board of Trade -- something we reported two hours earlier, when our partners at The Wall Street Journal came out with the details.

At 10:50 a.m. ET, we heard from J.P. Morgan Chase and New York Gov. Eliot Spitzer, who told of a deal that would locate the investment bank at the World Trade Center site and keep it from moving out of town. That, too, was a story that had already been on the air, thanks to reports in the Journal the prior evening.

At 11:15 a.m. ET, we reported the news of a new president at Federal Reserve Bank of Boston -- important both because it’s a new member for the Federal Reserve board, and because the Boston Fed president is a voting member of the FOMC for 2007. But we already knew that, because senior economics reporter Steve Liesman was plugged in and got me the information before the fact.

Yes, there’s quite a bit of news that still comes as a surprise -- nosy as we are, we can’t know everything in advance. But there’s something comforting in seeing at least a few stories that we already knew. It gives us a sense of control -- a completely unfounded one, of course, since we know all you-know-what can break loose at any moment. And usually does.