THE DAY CNBC LOST ALL CREDIBILITY ~
...yesterday (Mon July 15th), CNBC lost an important opportunity to add much needed credibility into an otherwise uncredible market environment.
Initially we were treated with Bob Pissani reporting from the floor of the NYSE post closing and commenting on the historic magnitude of the "surprising" late day reversal etc.
Then Sue Herera & Ron Insana had the opportunity to question the "integrity" of the rally, or even to dare mouth the words "PPT, or ESF" and failed. They failed to address reality and add credibility to their reporting; in their questioning/reporting of this rally.
You could almost sense that Ron Insana "wanted" to dare say the unmentionable... to mouth the words - Plunge Protection Team & Exchange Stabilization Fund...and question the credibility of the 2:30 pm reversal, but, he failed.
Sadly, the reporters, the anchors, their guest pundits and all of the viewers - ALL knew what happened... but, yet; no one dared speak the truth...
I guess Jack Nicholson had it right with his famous line in - "A Few Good Men" :
YOU CAN'T HANDLE THE TRUTH ~
I guess that is now CNBC's unofficial motto as well ?
- that we can't handle the truth...and/or they don't have the guts, or the journalistic integrity to deliver it.
CNBC at times has championed the individual investor. They've certainly had individual anchors and reporters speak out courageously against Enron, WCOM etc... but, where were they yesterday on the "Emporer has no clothes" intra-day reversal rally ?
Why didn't they mention the un-mentionable ?
Why didn't they directly question and pressure the media pundits whom they marched out upon the screen to cheerlead Ma & Pa Kettle into keeping their 401K, or Mutual Funds in a little longer - about the lack of credibility of yestedays rally ?
Why didn't they question the pundits on the ESF & PPT ?
Why didn't they question the blatant manipulation that we've seen at key crisis points during this meltdown time and time again ?
Why is this subject - so unmentionable ?
Why don't they intellligently bring it all out into the open... discuss the pro's and con's... review the role of the PPT & ESF in the LTCM Bailout etc ?
This morning in their pre-market "Wake Up Call"...our little buddy from Canada Pat Bolland dared mention some European Reports citing their lack of belief in the credibility of yesterdays rally in refernce to the European Market selloff... he even mentioned the PPT - although in a dismissive manner.
It's a sad day indeed - when you have to go to Europe to gain an honest market perspective.
CNBC - WHY the lack of guts, the lack of credibility, the lack of journalistic integrity to call a spade a spade and to call yesterdays rally what it obviously was to the rest of the world; not to mention what it obviously was to all of your reporters, anchors, guests and viewers as well ?
WHY ? |
