CNBC better take a Chill Pill! They are causing a Stock Market Crash!

[FrenchieCat]

They can blame President Barack Obama's 40 days all they want, but if you ask me,
they are causing much more damage than anything the President has yet to do or even say.

Thus far, they have panned the Stimulus bill, which is the law of the land,
each and every day....while giving Bush a pass by not daring to even speak his name.

They are blaming President Obama when he says something about the economy,
and they are blaming President Obama when he doesn't.

Personally, since it is easy to point fingers,
I'll be blaming the recent Stock Market down-slide on
Corporate Wall Street financial commentators like Rick the Ranter Santelli!
They are the ones that pulled the wool over investors eyes,
day after day after day, for the last 8 years.
In fact, Santelli words and behavior is emblematic of those who doth protest too much!




Cause he ain't who he thinks we think he is!




CNBC employs the fucking nuts, and they are Dangerous!
They can kiss my Tea drinking ass and they need to know that we know,
that like MSNBC, they are owned and operated by General Electric,
who is losing its ass in the Stock Market!

CNBC needs to know that they will not Hoodwink the American people!
(hoodwink is Obama code for duped; not squared)

[mediaman007]

1. Can you imagine professional investors even considering the adavice

they could get from CNBC? If they acted on CNBC's advice, they would be on the street.

[FrenchieCat]

2. Which is where CNBC and Little Ricky the Ranter need to find themselves!

Cause the shit they have been pulling is downright Treasonous!

[Telly Savalas]

26. But the point is that the talking heads on CNBC have the financial sophistication

of a typical third grader. If the institutional investors that drive the market are using a third tier cable network as an economic oracle, then we're already doomed regardless of what the mouthbreathers on CNBC actually say.

[Numba6]

3. SEC should investigate Santelli & Kudrow market manipulation -- what are their short positions?

[TeamJordan23]

7. Well Santelli is a derivatives trader; you can imagine he is making money on the fall. nm

[Captain Hilts]

4. That's what they want. To undermine the country and the president because it's good for ratings. nt

[FrenchieCat]

8. I realize that they don't give a fuck about much else.....

but it is starting to have an effect,
that is bad not only for the country,
but for the world.

We need some laws on the books on straight out lying
via broadband, that produces the same results as
yelling "Fire" in a crowded room.

[cwcwmack]

5. nonsense...

the Stock Market is basically a giant Ponzi scheme. Things with no intrinsic value assigned a dollar value. IPO's with no chance of generating profits make millions... it's all a scam and it's nonsense that the economy relies on the proceeds from the scam.

Here's what's happened, listen closely.

Obama is elected.

The rats on Wall and Broad know their time is near.

The rats jump ship, take their cheese back to their dark holes.

Everyone suffers because the cheese is in everyone's 401k's and mutual funds.

So... YES President Obama is driving down the DJIA...

and that's a GOOD thing.

It is the end of the PONZI scheme and an end to the greed and crimes.

The DJIA was never "worth" 14,179...




Like President Obama says... it's gonna hurt for a while and may hurt worse tomorrow. But when the abcessed rot is cleaned out, we'll all be healthier for it.

[NorCalDem]

10. well said! n/t

[FrenchieCat]

14. Well I agree with you!

[cwcwmack]

20. thank you FrenchieCat...

as a longtime lurker I enjoy your commentary.

In addition we all must realize that a publicly traded company is worth NO MORE than the sum of it's capital, future potential and it's dividends.

Please explain how 313 million shares $326/share of stock are representative of the companies professed 32 Billion Dollars in assets...?????? (GOOG)

Scam. It's gambling for people who don't like Vegas.

Enough already. Stock value must be based on the size of the dividend checks. Period.

[bdamomma]

16. oh whew baby those are fighting words.

this comment is great.

"Like President Obama says... it's gonna hurt for a while and may hurt worse tomorrow. But when the abcessed rot is cleaned out, we'll all be healthier for it".



President Obama is surgically removing the cancer, that has infected this country for such a long time.

[katusha]

19. welcome to DU!!

thanks for jumping right in there. i think you will like it here

:hi:

[DeschutesRiver]

27. Dh and I were just saying the same thing this evening

No, the DJIA was never worth 14,00.

Most houses were never really worth the staggering heights they reached in price.

Many of the breathtaking salaries people in some industries were making for doing nothing other than running companies into the ground were not reality based.

Bloated prices for cars made by companies that lack serious quality control and that were tone deaf to demands for innovation were fantasy based as well.

The 401k scheme was a ponzi of a different kind - people were encouraged with the promise of not having to eat catfood in their old age, to hold investments they didn't understand in 401ks that for the most part don't offer any safe haven investments because the big boys needed places to stick bad assets. The big boy needed money to operate their high risk, high reward to them only schemes which was provided by those pension funds.

There are lots of others, too depressing to list them all here. The entire "economy" as we've come to know it is a scam and has reached the point where it is no longer sustainable.

Yep, it will hurt all around. Nope, there has never been any way know to mankind in the past during similar ponzi/scam busts to avoid the obvious outcome. They weren't based on real things in the first place; once critical mass is reached, they have no where go but poof.

All I want is a controlled crash landing, which I believe is where Obama is heading, rather than a full on stall and fatal spin into the hard earth. Either way, the crash part is inevitable.

[indepat]

6. CNBC (GE) has fucked America, but looking at the slide in price of its stock,

GE has fucked itself royally and it couldn't have happened to a sweller bunch of fellas. Proud to have kicked to the greatest page. :P

Edited to add kick.

[NorCalDem]

9. ..

"CNBC needs to know that they will not Hoodwink the American people!"


don't you mean bamboozled? :D :D

[FrenchieCat]

11. No, cause you have to have read Malcom X, to get that word.

They might as well get hoods and lynch us all....
cause that is what they are doing to both the President,
and the Stock Market!

[DJ13]

12. They are a bunch of **bleeping** idiots

Whine and whine about the wealthy paying more in taxes, and as they do the markets fall further and further.

So if they finally get their way those same wealthy people wont have any money left after the market collapses to be paying the higher taxes they were whining about.

[bdamomma]

13. Wall Street has had it their way for too long, now when someone

decides to cut them off they are all whining like babies, hey Wall Street meet Main Street!!!

[Life Long Dem]

15. Obama only has about 8$ trillion more to spend!!!

:bounce: Since no one knows what to do... my guess is as good as anyone's!

[cwcwmack]

17. 8 trillion sounds good...

use the $$ wisely... nationalize these companies instead of bailing them out... they WILL be profitable someday and the US people deserve the dividend checks.

[BrightKnight]

18. The endless parade a doom and gloom pundits is not helpful.

Market value has a lot to do with confidence.

[monmouth]

21. I'd bet POTUS got the term "hoodwinked" from his grandfather. Mine used to

use that terminology all the time and my brother and I used to howl. Brother was going to buy his first car and Pop-Pop told him to be careful and not get "hoodwinked."....Still brings a smile to my face....

[Jennicut]

22. Frenchie, CNBC is made up of a bunch of sleazy right wingers

They have no credibility and the message they send is idiotic. Who cares what Wall St. investors think, are they not part of the problem? The market was way too high for way too long. Unfortunately now all the little people have to suffer for their mistakes. And yet they complain about Obama. Really, they can go f*ck off for all I care.

[FrenchieCat]

24. Too sad that not more people understand this......

they really a as blatant as FOX.

Is it a question of General Electric gifting us with MSNBC during primetime (only),
and CNBC balancing it out with all day anti-Obama rant? Guess they figured it would go
unnoticed?

[slipslidingaway]

23. What a diversion from the real culprits...

Gibbs, Olbermann and Cenk all either said or implied, in the case of Gibbs, that Santelli was in favor of the other bailouts, but anyone who has watched him on a regular basis knows this was not true.

This story would have fallen off the radar if Gibbs had not mentioned him by name in the press conference, but it was a great diversion from the real culprits who dealt in the OTC derivatives and the regulators and people in Congress who turned a blind eye to what was happening.


Rick Santelli: I Want to Set the Record Straight

http://www.cnbc.com//id/29471026

"First of all let me be clear that I have NO affiliation or association with any of the websites or related tea party movements that have popped up as a result of my comments on February 19th, or to the best of my knowledge any of the people who organized the websites or movements. By the way of background, I am not and never have been a stockbroker. Not that there is anything wrong with being a stockbroker. The home I have lived in for 20 years is a 2,500-square foot ranch. Not that there is anything wrong with owning a larger, grander house. I am currently an on air editor with CNBC. Prior to my 10 years in this capacity I was a member in good standing on both the Chicago Futures Exchanges. My career in the futures industry spanned 20 years.

Anyone who has watched my thousands of appearances on CNBC is well acquainted with my aggressive and impassioned style. Over the next several days CNBC.com will put up some of my other passionate broadcasts of the past...Since joining CNBC in 1999 I have not traded the markets in any capacity.


Just for the record I have NOT been in favor of any of the bailouts not in the Bush administration nor the Obama administration. Not for the banks, the insurance companies, or the homeowners that purchased homes they can no longer afford. I have consistently questioned the notion that hard working Americans that have played by the rules should be on the hook for others ill fated financial behavior. This is very easily proven....the record is in the video archives of CNBC for any media outlet interested in representing the facts...


...Trillions of dollars of debt are being created without a commensurate amount of debate by all involved. And the idea that future generations unable to voice an opinion or vote may be saddled with mountains of debt through no fault of their own, is an issue too large to shirk from.

If one doesn't agree with my opinions....I can respect that. It is very American to disagree. It is very UN-American to belittle or ignore the FACTS, freedom of the press, freedom of speech, or the voices of millions of Americans that demand better answers, more transparency, deeper accountability, and the simple idea that our elected officials represent all Americans. All Americans should be treated fairly and equitably as our government puts forth solutions. Mr. Gibbs, the President's Press Secretary, said I did not read the Presidents Mortgage Plan; for the record, I did read the plan and listened to it live as President Obama was presenting it. Anyone who knows me or views CNBC regularly is keenly aware of the fact that I am exceedingly thorough in my homework..."

[MercutioATC]

25. No, market fundamentals are doing that...

...combined with the very real fear that the bailout won't work.

[slipslidingaway]

28. Rick Santelli - This is all for Harry in the Hamptons

A few weeks after the original $700 billion bailout was approved.

October 28, 2008
http://www.youtube.com/watch?v=3fNN_nOFs2Y

[EmilyAnne]

29. Frenchie Cat, I just want to say that I truly enjoy all of your posts! I signed up on DU during

the primaries after years of lurking just to K&R one of your posts. I still look forward to reading them.

[FrenchieCat]

31. That is very nice! Thank you for that compliment....as I do appreciate it!

[Tatiana]

30. What do you expect from people who, like Limbaugh, want our President to FAIL.

They are creating a hostile environment regarding the economy to discourage the government from nationalizing the zombie banks.

[shaniqua6392]

32. They are all a bunch of "chicken littles".

Most of this crisis is a confidence issue and they are doing nothing to promote confidence in the markets. I have been thinking the same thing about CNBC that you mentioned in your post. Their tone has changed since last November right after Obama was elected and it has become progressively worse.

[MercutioATC]

36. Are you serious?????

"Most of this crisis is a confidence issue"??? That's like telling a terminal cancer patient "You just feel sick because you don 't have a positive attitude."

The only things keeping this crisis from becoming a complete economic collapse are the trillions of dollars the governments of the world are throwing at it, the big players occasionally talking things up so they can make some money, and the uninformed people who actually listen to them.

There is serious rot at the core of the world's financial systems. There is no good news on the horizon.

This is going to be painful and it will not be over quickly.

[shaniqua6392]

39. There are still a lot of people out there with money.

They are just not willing to spend it out of fear. I was not referring to stock purchasing, per se. The minute the market hits bottom and starts to rise again, these people will feel more comfortable/confident to begin spending.

[Are_grits_groceries]

33. Jim Cramer needs to be put on a valium IV.

Srsly. He sounds so panicked that I want to go outside and look for the asteroid of doom in the sky. That level of hysteria doesn't help anybody.
AND he makes no sense.

[pampango]

34. CNBC was a cheerleader when the DOW was going up and they are a cheerleader (in reverse)

when it is going down. The only consistency is that it is a cheerleader (for either endless prosperity or doom and gloom). There must be no ratings advantage to presenting a "balanced" view of the business and investment news.

[onenote]

35. what I don't get is why everyone thinks things are supposed to be getting better immediately

when the President himself has consistently warned us that things still are going to get worse before they get better?

The President -- realistically -- has tried to lower expectations. But some of his supposed friends (including some here) just don't seem to want to get the message.

[zulchzulu]

37. How to keep CNBC happy: deliver barrels full of rescue money until the end of time

I think we can make them happy by just giving them ALL the money.

Fuck the people.

We're talking about bankers, billionaires and sloths who had no problem being greedy and getting a free ride during the Bush years.

These are The Haves and The Have Mores!

Just like the spineless Republicans who apologize immediately after daring to take on The DittoPig, we should just give Wall Street all the money. All of it! Now!

Then CNBC will like us. Aw fucking shucks...

[Peacetrain]

38. Frenchie you may have struck closer to the cord of truth than many are willing to acknowledge

and the "speculators" on TV are vested in having their points of view be validated and Obamas and ours basically fail.. The markets were way overinflated.. they were trading bundled mortgages and promoting those like candy.

I am actually feeling pretty positive about the future now, where as a year ago I was scared to death, because, I think we all knew what was about to burst..

But now that it has, and we are dealing with "real" numbers not hidden ones, with our military expenditures which were never in our budgets.. etc.. then we can start the climb out.


But I think they are vested in failure on CNBC.. they want to paint their failures on to someone else