Thursday, March 5, 2009

CNBC's "Bad Behavior"

Watching CNBC over the past few years has been a grueling process. The all powerful financial network has at every conceivable turn done its best to protect the interests of rapacious free market capitalism and the economic ruin it has caused. As responsible economists warned of the dangers ahead, those wishing to escape reality, could always turn to CNBC to watch a host of pundits declare that all was fine, as an endless parade of financial spokesmen from AIG to Bear Stearns were afforded airtime to keep up their bluff. Without a hint of humility, CNBC has now decided to donate its time to scoffing at any form of progressive economic agenda--from greater regulation to health care reform. One of their latest gems was on Feb. 19, when CNBC reporter Rick Santelli launched into a raving attack on the Obama administration's mortgage recovery plan for foreclosed homeowners. Santelli accused President Obama of "promoting bad behavior," and led Wall St types behind him in a booing chorus. Mind you, this is the same Wall St that has been demanding trillion dollar bailouts from taxpayers, the ultimate reward for the ultimate "bad behavior." When Jon Stewart's The Daily Show invited Santelli he first agreed, then suddenly backed out last Friday--as if sensing the trap.

Not one to let those who put themselves up for public mockery off so easily, Jon Stewart decided to not only take on Santelli, but pull back the curtain on CNBC's history of spectacularly ill-informed predictions as well as their abetting role as an apologist mouthpiece for irresponsible financial giants.

The San Francisco Chronicle called it a "beatdown." Huffington post termed it an "evisceration." I just like to call it, just desserts that have been long overdue.


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