CNBC needs to be shutdown. Period. This network is completely out of control as they desperately attempt to pump the market and cater to the oligarchs on Wall St.
There were two instances today where this network blatantly misrepresented the facts. Larry Kudlow was guilty of the first act today as he somehow attempted to defend Ken Lewis and Bank of America after the bank refused to tell shareholders about its plans of acquiring Merrill Lynch.
Bank of America's stock price has fallen as much as 79% since Ken Lewis made this "brilliant" acquisition. Mighty Merrill lost $20 billion in the 4th quarter when Bank of America acquired it at a whopping $29 a share.
This incident occurred during an interview with Rep. Dennis Kucinich who was absolutely flabbergasted at what was coming out of Kudlow's mouth. Take a look:
Unbelievable isn't it? Rep. Kucinich couldn't believe what Larry was saying. Kudlow's defense was BofA did tell shareholders in Jan about the plans to acquire Merrill. The problem is this was months after the acquisition was agreed upon. Larry then said he "thought" BofA had warned shareholders of the acquisition before January. There is no evidence to support this and Rep. Kucinich called him on it.
His reaction to Kudlow's theory was "Come on. Whats with the media? Your making this up!". He continued by firing a second shot at the network by asking "You've got to be kidding me! How can you even have a show about this?"
Great question Dennis. Its become clear that this network has a bigtime bullish agenda. There is nothing "newsworthy" about this network.
The second incident occurred when the network reported that bearish economist Noriel Roubini had declared that the recession was over and the worst was behind us.
Roubini angrily denied that he ever said this on his blog tonight:
"“It has been widely reported today that I have stated that the recession will be over “this year” and that I have “improved” my economic outlook. Despite those reports - however – my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context.
“I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19months into that recession. If, as I predicted, the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year’s end.
“Indeed, last year I argued that this will be a long and deep and protracted U-shaped recession that would last 24 months. Meanwhile, the consensus argued that this would be a short and shallow V-shaped 8 months long recession (like those in 1990-91 and 2001). That debate is over today as we are in the 19th month of a severe recession; so the V is out the window and we are in a deep U-shaped recession. If that recession were to be over by year end – as I have consistently predicted – it would have lasted 24 months and thus been three times longer than the previous two and five times deeper – in terms of cumulative GDP contraction – than the previous two. So, there is nothing new in my remarks today about the recession being over at the end of this year."
CNBC needs to be taken off the air if they continue to call themselves a news network. If they want to come out and admit that they are an entertainment network then they can have at it. However, they must use the same fat disclaimer that they slap on Jim Cramer's show and then air it repeatedly throughout the day.
The reason I say this is because the people watching this cesspool actually believe what they are being told because they think its a news network. Americans are raised to trust the news. Millions use this network for financial advice.
Millions more will plan their retirements based upon what the "green shoot" bulltards tell them hour after hour day after day on this channel.
Making matter worse is the fact that CNBC has blatantly lambasted any bearish commentator that comes on the network. Most of the time their appearances are cut short. The talking heads are famous for mocking them and trying to make them look irrelevant.
You would think the bears would have at least as much airtime as the bulls on a financial news network considereing the fact that they been right the last few years.
I'm sorry folks but this isn't how the news is reported. "Fair and balanced" are two words that CNBC has never heard of.
If the market blows up again(which is highly likely) CNBC will once again be guilty of destroying millions of people who listen to their "market pumping" advice and invest accordingly. they need to realize that they have a serious responsibility to look at both sides of the market and to keep the facts accurate if they want to call themselves a news network.
CNBC, its time to clean up your act. You crossed the line twice big time today and I for one am very sick and tired of it.