They get the winks and nods which are as common across Wall Street as it is in any other business. As much can be told by tone and action as by direct statement. In most cases, the institutional investors are 20-25 steps ahead of mom and dad. CNBC gave the illusion of being inside the markets. Which was just that, an illusion.
Most journalists have zero special training in finance.
Few hold MBA's or experience either as a trader on the floor or having passed the Series 7 exams which gives you your broker's license. They talk to people. Take Maria Bartiromo. Lou Dobbs wouldn't put her on camera, which is no shock, because CNN is dominated by sleek, TV friendly Southerners who wear too much makeup, Maria's New York friendly looks were not seen as an asset. She moved to CNBC as a producer and then got on camera at a place far more friendly to a New York sensibility.