CNBC: Is this the bottoming trend?
This little slice of CNBC life is a telling window: It's not surprising that Wall Street would love Tim's plan on toxic assets because bankers are getting bailed out again. I'm not an economist, Duncan's much smarter than I on this, and I don't know how it can work, but as the market went up last week, I didn't hear these free marketers praise Obama for the increase. I only heard that it was "his" bear market, even though Bush created it. Fox News and Santelli's pundit brothers couldn't bash President Obama enough. And didn't they all cry when the House taxed the heck out of AIG and bailout babies? They said the market was going to stay on the sidelines because of fear that they would be put in front of Congress next. I guess that didn't happen. What wankers.
CNBC's Maria goes over the new toxic bank asset plan, and John Harwood says this:
Harwood: The plan is getting some flack from the left from those who want the banks to be nationalized, but a 500 point movement in positive territory on the DOW certainly undercuts the criticism on the right. It's a shot in the arm for Treasury Secretary Geithner and also for President Obama who has reason to hope today that the economy and his administration may be on a modest roll of good news.
Yes, Harwood -- we're all rubes because we want to nationalize some banks, but Harwood is hoping President Obama shuts the door on the House taxing the bailout bonuses. (Some Republicans want that also.)
I'm no stock picker, but I have watched over the years these same people go nuts when the market goes up like this, although back in the mid- to late '90s, I can't remember the market going up or down by 500 points at a time almost every week. This is a new occurrence since the economy went into the crapper. I know enough to understand that one great day of trading, while looks good, is not the end all. If that were the case we'd all be rich, rich, RICH!
And all those free marketers that said Obama's mere presence caused the DOW to drop to almost 6000 will have to eat crow for a few days.
Media Matters has a new project called "Financial Media Matters:
I weep too for the AIG bonus babies..weep, weep, weep.
UPDATE: Read Leftist Cranks if you want to see more gasbaggery by the pundit class calling Paul Krugman a left wing crank.
I still to this day do not understand why people are looking at the DOW to gauge economic strength and success, just like I do not understand why we still use GDP and GNP. Numbers only go so far.
One last thing, why is CNBC still allowed to broadcast their BS? Do they need to be schooled again by Stewart?
Ya CNBC will continue broadcasting because their women are still hot...same thing as Faux New.
If your reporting sucks...try sex appeal.
The Faux News and CNBC business plan: more T & A means better ratings! I'm waiting for when the female correspondents start wearing swimsuits and lingerie to report the news. It's coming.
Do you remember the Daily Show segment about sex appeal on the news channels
It was called News I'd Like To F***
It was a brilliant segment about news networks using sex appeal to attract viewers.
http://www.comedycentral.com/videos/index.jht...
It just keeps getting worse...That's why I like Olbermann and Maddow. They want people to watch them for their reporting and opinions.
If it is, you'll see every Republiturd running for cover! The LAST thing they want to see is for things to improve and this president succeed. Every Republican is a sick misanthrope.
The corporate cheerleaders in financial media need to be watched. Kudos to the liberal blogs that keep an eye on their shenanigans.
Politics is for the present, but an equation is for eternity. Albert Einstein
john you make some great points. i've been listening/watching cNBC/bloomberg the last few months more so, the last few weeks. they have been on obama for everything TARP/TALF/taxes/market. the last week or so, the market has had nice gains. rarely recognized on cnbc but other media sources have had interviews that suggest that obama and his team are making good moves. the problem is some moves are more beneficial to some. some groups/investors NOT potentially benefiting are very vocal as are (r) lawmakers that would rather see obama fail. this financial crisis and economic crisis is FAR from over and/or the "bottom" may NOT be recognized for some time. unemployment will continue to be a big problem. it could continue to be 9-10% through 2011. this has been a good market for trading......check out wells fargo over the last couple months. it's been nice.
The reason the CNBC Klan was so upset with Jon Stewart and Mr. Gibbs for their dressing down Rick Santelli and Jim Cramer is that the truth hurts. These wingnuts are in bed with the enemy. They are cheerleaders for the thugs who have been robbing the public coffers empty. Screw them. They are not worthy of watching.
Paul Krugman, he says that the plan "fills me with a sense of despair."
Ooooh! Statements like these benefit no-one. Oooooh-Gloom and doom-You have no idea so quit making it up mmkay?
Ha Ha
Well, at least there’s a chance, with the Republicans in the White house there was no hope.
Let’s wait and see.
Paul-I know why don`t you use your magic 8 ball and ask it???
To use the ball, it must be held with the window initially facing down. ... Better not tell you now: ● Cannot predict now: ● Concentrate and ask again
Ha ha
http://av.vet.ksu.edu/flash/8ball/
LuLu
I'm surprised that C&L has ignored this link.
http://www.rollingstone.com/politics/story/26...
Heather included that link in this C&L post yesterday:
Rachel Maddow Show: Deregulation for Dummies
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
a pretty good read. actually a couple good laughs in the article.
What's next? The Felching of the Empire? Dirty trombones in the Marine Band?
Michael Steele needs to show his peeps the Urban Dictionary, and have them use it before they start blasting out their new clever phrases.
me-oww!
...and if so, why? They have sand bagged info to their listeners, and they haven't been able to prepare anyone for what has happened at all. How do they have ANY credibility? I certainly find what they have to say about as helpful as listening to darth and his rationale for fighting terrorism as though we should be "thankful" to him and his ass backwards thinking.
These people are babbling idiots with no more knowledge than what I or you have on anything that is happening in the financial markets.
A nation of morons being led by morons. Holy shit!
all say "big pump before a bottom to 4000 later this year".
some sheep are going to get sheared or at minimum a butch haircut late this week or early next.
In an interview on the Today show on November 12, 2007, Meredith Viera asks Maria Bartiromo point blank whether the economy is heading into a recession. Bartiromo's response is that the economy is NOT headed into a recession.
See the video clip here: http://www.youtube.com/watch?v=zPFLWo1WsPE
How can someone like Maria Bartiromo be so incredibly wrong and still get to keep her job? Is it any wonder why CNBC has a severe credibility problem?
then it's not good. I'm convinced of that.
Wannabe home-owners taking out loans beyond their means talked into those by mortgage companies:
STUPID LOSERS WHO SHOULD'VE KNOWN BETTER. THEY'RE ON THEIR OWN.
Mortgage companies who APPROVED said beyond-their-means-loans, and now find themselves underwater because of defaults and bancrupties:
OH MY GOD WE'RE TOO BIG TO FAIL. THE FED BETTER HELP US OR ELSE....!!!
Or else fucking what??? You deserve to go under. Don't you DARE blame the mortgages on hardworking people. They're not the economic and financial experts. YOU ARE. YOU ARE.
Or at least, YOU WERE. YOU NEED TO GO. WITHOUT ANY BONUSES. JUST LEAVE AND HAVE COMPETENTAND ETHICAL PEOPLE TAKE OVER.
I was vilified here throughout the election when I warned that Obama was a free trading corporatist and that he was surrounding himself with Fed flunkies and Wall Street "veterans" like Rubin, Geithner, Summers and Chcago Schoolers like Goolsbee and Furman.
Well the chickens are on the way to the roost. Hold on to your tighty whities!
Read Krugman (http://www.nytimes.com/2009/03/23/opinion/23k...) to get a sense of the idiocy of this "Plan".
God help us.
"I can't keep doing this on my own with these...people."
...was that wasn't really ever a bottom until people GAVE UP trying to predict whether or not it was a bottom.
That's an excellent observation, thanks for sharing that. I think you're absolutely right.
They are still "predicting" so proceed with caution.
Obama's talk about listening to and representing main street and the people instead of Wall street and the lobbyists was just that , talk and appears to be absolute horse shit . I had high hopes but I am not wearing blinders . This is the mother of frauds and rip offs , they are rescuing their Wall street , banker and big money investor darlings at our peril , in other words it's the same old shit and we are screwed .The financial dilemma cannot be fixed from the top down but God forbid the whores in DC do the right and the rational thing . Oh and by the way , Bush , Cheney and company , if there was any worry you can relax now , you have Obama protecting your sorry criminal asses .
I can't believe how they all jump for joy when we get these crazy spikes.
This is the Market having a heart attack - V-Fib, slow heart rate, A-Fib.
Before this whole crash started, 6 of the top 10 all time percentage spikes in the Stock Market happened...during the Great Depression.
"but as the market went up last week, I didn't hear these free marketers praise Obama for the increase."
Of course you didn't hear this, John. Didn't you see Dana Perino saying that the market is going up because of something, we know not what, Bush did last year? Statistics always "lag," according to Ms. Perino.
The only thing that's "lagging" is Ms. Perino's analytical ability.
why am I having a hard time shaking the suspicion that when it comes to the toxic assets the the "private investors" will find a way to rig the system so that Uncle Sam and the public absorb all of the losses and none of the profits?
So how much do we need to pay to get people who WOULD HAVE seen this crash coming? By the inference of the CEO's we need very smart people who are very expensive to run this very complicated financial system. Well we paid a lot and we got into this mess. Was it that we did not pay enough? Or perhaps just maybe we equated salary with smarts? Just askin'.
http://www.nytimes.com/2009/03/25/opinion/25d...
The vast majority of those getting retention bonuses at AIG had nothing to do with the problems. Those people aren't getting punished.
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