CNBC and the Stockholm Syndrome for Speculators and Greed

[babylonsister]

CNBC and the Stockholm Syndrome for Speculators and Greed
by Brent Budowsky | March 14, 2009



Jon Stewart rakes CNBC over the coals. Jim Cramer, in full costume with his sleeves rolled up, finally surrenders. Those who attacked the president with the fall of the Dow are tongue-tied in a week the Dow has risen. Banks suddenly realize they had two profitable months while the CNBC "free market" defenders are on the defensive as the abuses they failed to report for years are revealed, Jon Stewart is on the march, Jim Cramer is apologizing for his sins and Americans want Bernie Madoff put in a zoo.

Yes, Madoff, the ultimate example of the culture of market corruption that emerges from the temple of greed that so many at CNBC worship at, should be put in a cage, placed in a zoo. Moms and dads can tell their kids: Here are the monkeys, here are the snakes, here are the Madoffs who embody the greed of the Gilded Age that is now coming to an end. Perhaps in his gilded cage, taken from zoo to zoo around the nation, Madoff can watch CNBC, too. If some of these "free market" impersonators had their way, the Madoffs of the world would never be caught, which is indeed what happened during the Bush years of the SEC.

There is a common denominator, which is the decline of the profession of journalism, the rise of news as entertainment, and the Stockholm Syndrome of media, in which far too much of the press become prisoners of those they cover, creating insider clubs from which the vast majority of Americans are excluded. Let’s start with CNBC, the homepage for wealthy speculators, hedge funds, big-time pumpers and dumpers, undisclosed short-sellers who bet against America, and the homepage for small-time day traders, many of whom, inevitably, fail.

Let’s be clear about a few things. First, there are some good people at CNBC, though the chaff overwhelms the wheat and the result is bad for America and corrupting of capitalism. Second, while I argue we have the worst generation of wealthy people since 1929, there are many good wealthy people. Show me a wealthy American who gives venture capital for new energy; show me a rich person who dreams of building a truly great newspaper and invests in it; show me a millionaire who supports homeless veterans, and God bless them all.

Jon Stewart is now the most important financial journalist in America because he speaks a simple truth, and has the audience to advance that simple truth, which is this: CNBC is the voice of speculation, the homepage of market insiderism, the advocate or enabler of what most Americans would call corruption.


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http://www.smirkingchimp.com/thread/20745

[babylonsister]

1. What the heck? Why is this not worthy of comment? Ha! I may

never get an answer.

[sense]

2. I think it's great and agree completely

You said a mouthful!

[zeemike]

3. probably because we all know it is true.

And could only just say yep.