CNBC was virtually unwatchable today. In fact, to be honest, CNBC has pretty much been unwatchable since Dylan Rattigan left.
I find myself gravitating more and more towards Bloomberg TV. The constant pumping on CNBC is absolutely disgusting. They really should be ashamed of themselves. Anyone that thinks this is actually financial news is kidding themselves. CNBC followers will also find themselves with an empty 401k if they continue to follow their advice.
Rattigan at least gave the network some credibility when he started to question the fraud that went on earlier this decade. I find the it interesting that Dylan was let go right around the same time he started to explain the CDS sham. This story became his cattle call pretty much daily the last few weeks he was there before being let go.
Coincidence? Hmmm.... I know about the fight that he had with his key producer and blah blah blah. I don't buy it personally. You don't fire your superstar no matter how much of a pain in the behind he is. Stars get special treatment. Dylan was far and above the biggest stud on CNBC. Ask CBS how easy Letterman is to work with.
My guess here is Dylan was told to muzzle the fraud talk. Tensions probably then began to build and climaxed when Dylan blew his top during a commercial break. We will never know the truth because Dylan is too much of a class act to say anything so I guess its a mute point. Perhaps Dylan had a moral issue with lying to the public on a daily basis? I would imagine it would be difficult to lie all day for a living to the American people.
This to me is just another sign that this whole sham is about to come crashing down. The Fannie/Freddie CFO sucide was another good example of this. It must be depressing running the financial housing numbers everyday and realizing that there is no way the economy can recover from what the pigmen did on Wall St.
Anyway, getting back to my point, I just don't understand how CNBC can ignore the moves in the credit markets. All they do all day is roll out fund manager after fund manger and ask them their opinions on the recent bounce.
Gee what a shocker....Just about all of them say the market is buy. WTF do you expect them to say? They are invested in the markets!! They have to be on any bounce because they cannot afford to have lackluster performance versus their peers. If the market moves 25% and you do not participate you lose as a fund because you know your peers all did.
This is especially the case in this market. People are moving their money at the drop of a hat because they all saw a ghost when the market collapsed last year. No one trusts their broker anymore.
Since everyone is "all in", the PUMPJOB only gets louder as the market moves higher.
The market has now moved almost 30% in 8 weeks and yet these smucks continue to say its a buy. What do you think these assclowns would be saying if the market had sold off 30%? Let me answer that for them: NOW IS THE TIME TO BUY! WE ARE WAY OVERSOLD HERE! VALUATIONS ARE CHEAP!
Ummm guys? Perhaps we are overbought here after a 30% move?
I don't put much credence into the move up today. Europe was off and the volume was ridiculously light. We saw a manipulated buying binge at the close to get the S&P over 875. Now the bulls can claim that they broke resistance as we sit here at the close at 877.
That's hardly a confirmed break in my view. We have the delayed stress test results next Thursday. How can these results be anything but bad since they were delayed? You know if they were good the news would have leaked by now. The financials were flat to down most of the day.
Bonds continued to sell off. This is the real story of the markets this week folks! If I was the producer for CNBC and I wanted to run a legitimate financial news network I would spend 4 hours or so a day in the credit markets right now. I would put a studio in Chicago with a cute talking head like Erin Burnett and have her sit right beside Rick Santelli. You could set it up Sqauwk Box style and let it rip.
Obama continues to think he can spend at will. The bond market is firmly beginning to tell him to slow the hell down. If he doesn't stop he is going to be spanked like a naughty kid by the credit markets. Bill Clinton leared his lesson the hard way. 5% yields are right around the corner if this Ponzi spending continues.
Folks, let me repeat: There is no f'cking way that we will sell $2.5 trillion in treasuries this year without major pain. There is ZERO chance folks. The fund managers and other cheerleaders are ignoring this gigantic red flag and CNBC is letting them get away with it.
I am off this weekend so I won't be around until Sunday. Its my favorite day of the year: DERBY DAY! Most exciting two minutes in sports.
Have a great weekend and here's a taste of what I mean: