Thursday, March 05, 2009

Called Ugly By Frogs

Beneficiaries of billions in bailouts should not be wagging fingers and whining about irresponsible behavior by people who believed in financial consultants, especially if you are a financial consultant. I speak of course about Rick Santelli, or Sick Rantelli as he should be called, after his rant on CNBC recently. His wild-eyed financial wizard l'il buddy Jim Cramer is even worse.

Both confuse vehemence with competence in the hopes no one requests a margin call. As a homeowner and the proud owner of a 201(k), I, like many Americans have skin in this fight. No matter how loud you screech and catterwaul about "irresponsible homeowners", lenders who make loans that cannot be repaid are guilty of bad risk management.

Where is your ire for the AIG executives, Citigroup conspirators and Lehman Brothers swells who brought us this financial disaster? CNBC is without merit as anything close to wise in these financial times, or any other. As a complete failure, you are not overmatched by AIG, Citi, or even Lehman Brothers. CNBC is the "Fox News" for least informed viewers. If your main complaint is irresponsible people making bad decisions, perhaps they were just taking advice from CNBC.

It is as though CNBC is unaware we now have recording devices.

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