March 9, 2009

I write a lot about the FOX stock shows as well as the CNBC network because they are completely unbalanced while they scream at anything that tries to regulate Wall Street. And they need to have their wingnut welfare tax breaks too.

D-day has a great post up that discussed the abuses that are being documented against CNBC and Jim Cramer in particular:

Obviously, Wall Street rage is aimed at getting the biggest banks paid off and the shareholders made whole so that only taxpayers will bear the burden of the collapse. There may be a very good reason, however, for outlets like CNBC, in particular Jim Cramer, to claim that Obama is responsible for the fall of the market. It deflects the blame from themselves. The story of Deep Capture is epic and needs to be read in full by the investigators who followed it for years to really understand. But TocqueDeville at Daily Kos does a pretty decent summarizing job.

This rabbit hole involves the thugs surrounding Jim Cramer and some of the top financial "journalists" from the New York Times, WSJ, Fortune magazine and BusinessWeek, top hedge funds, the Mafia, and the DTCC. It also includes "blackmail, smear campaigns, espionage, fraud, harassment, extortion, bribery, rumor-mongering, sabotage, off-shore money laundering, political cronyism, frivolous lawsuits, witness tampering, biased financial research, false identities, bogus credit ratings, bribery, libelous blogs, bad science, forgery, wiretapping, counterfeiting, collusion, lying, cheating, threats and theft."

And if that wasn't fun enough, it may be the underlying story of what collapsed the entire, global banking system or at least served as the catalyst for the collapse.

We're talking about financial journalists using the power of their megaphone to trash a stock, or even tout it at the last minute, and then, through naked short-selling, earn millions while destroying public companies. And Jim Cramer is perhaps the greatest offender.

There needs to be an investigation into the use of the media outlets for ill-gotten gain. Kind of like Bernie Madoffs for Cable TV.

Every stock show I watch just attacks President Obama's economic plans mercilessly as if he caused the international crisis the world faces, while they themselves were willing players in the entire charade. Jon Stewart hit a nerve when he exposed them on his show, which probably took all of a week to put together. And their response to him was just as ridiculous as the "news" they peddle.

Erin Burnett was so bad on Real Time Friday night that Bill Maher called one of her answers "bullshit."

Digby saw it too.

I just saw Erin Burnett on Bill Maher and I honestly think Britney Spears could do as well. She said that nobody on the left and nobody on the right wants nationalization. And then she said,"At the end, the taxpayers will probably get a check and it will be used to save social security."

Isn't it in the best interest of America that these networks, with their stranglehold on broadcast information, become regulated? Not in an overwhelming way, but in a way that forces them to present hard news, objective information, about the very subjects they cover?

These networks are the information pipeline to the people. It's how we get the data we need on what our money is doing. And when the people running those pipelines are permitted to lie, distort, slant, and finally manipulate that data for the purposes of getting rich -- and to hell with how it affects the global economy -- then it's time to make some changes.

TocqueDeville of DKos writes a great post called:Jim Cramer Uses CNBC to Manipulate Stocks that d-day cites and it's well worth a read.


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