Today, what was supposed to be a 'sure thing' unraveled. The $700 billion bail-out bill failed to clear the House. The market predictably went down, trying to convince the public that action is needed immediately. Having the luxury of being able to work from home today, I watched the developments on that epitome of business news on TV, CNBC.
So much misinformation, lies, and grossly unethical reporting goes on in the name of 'business news...'
- The anchors and reporters keep insisting that this is a great buying opportunity. Hey Maria and the gang, if it is such a great buying opportunity why is the market going down? Oh, by the way, why aren't you or Bill Gates or Warren Buffet buying up all the bargains?
- The money in the bailout is not going to fat cats but is going to 'ease' liquidity. These idiots do not want to say that liquidity is NOT the problem, but that the lenders have become highly risk averse. The bailout bill is exactly that- bailout for the financial institutions.
- The anchors keep encouraging people to BUY, without saying that the current problems are caused by the casino culture they helped create. Playing games with people's retirement money and hard-earned pay is highly unethical.
- Neither the anchors nor the guests want to address the root cause of the problem. They do not want to discuss why the government should buy assets which no one else wants.
- An argument made is that 'this is a great buying opportunity for the Government.' If it is such a great opportunity, why isn't GE and other institutions beating to the door to buy these toxic assets?
“Is this the United States Congress or the Board of Directors of Goldman Sachs?” Rep. Dennis Kucinich Rejects $700 Billion Bailout
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