Some members of the media know some things, but most are not worth their weight in salt. Much of the media is simply noise – a by product of the 24/7 news cycle. They can make mountains out of mole hills simply because they need something to fill their broadcast time. They can also overlook the truly important in favor of the shocking and sensational. Don’t confuse professional pundits with professional investors, or businessmen.
The one caveat to this is if you are engaging in trading. If you’re a stock trader, then knowing what the talking heads are saying about your stock or sector of interest is important. However, don’t be surprised when the spin fails to meet reality and you find yourself left holding the bag when sentiment turns the other way for seemingly no reason.
If you’re a long term investor, be a passive listener. Pay attention to big picture events that affect the long term time frame, and the general economic landscape.
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Not confusing them is a good point. The people you see on TV are often just journalists/reporters and have no specific expertise on the subject. Their goal is to sell a TV show.