Another Poignant Economic Guest Post By Chuck Bergman

To Whom: Jon Stewart has apparently been unable to make CNBC see what you have become....shills for anyone looking to make a quick buck. I understand that you have 17 live hours to fill, but everyday you place before the public snake-oil salespeople in perfect suits and ties. Fortunately most people no longer take your station, your hosts, or many of your guests seriously.

One of today's 'experts' was someone, working somewhere, who clearly was a short player in the financials. The discussion by him and with one of your hosts was about which major would be torn apart and when, and he guaranteed that by market close all the financials would be lower. I'm assuming he got his mid-day swoon enough to make a nice day trade, but where is CNBC's responsibility in letting this joker broadcast his personal desires under the guise of analysis? At least have the decency to have him right back on after the close to face up to his errors.

But you did that for a period of time....had a guest on and replayed some of their earlier speculations. I'm assuming that stopped because your guest list shrank rapidly...17 hoursto fill is 17 hours after all. I'll be watching the opinionated FOX....at least they're honest about their stance.

A Response to 'Innovation vs. "New Economy"'

I received some interesting feedback to the last post titled, "Innovation vs. "New Economy."  One comment provided an interesting historical perspective on the staggering economy, and situations we've faced before.

Thanks to guest poster "Chuck" for allowing me to use his comment as a post:

We seem in the US to go from point A to point Z, find ourselves in economic trouble, and then wonder how we got there. what happened to points F or J.....at Z already? Well, it takes time and more than a few individuals from a few different administrations. 

We have economic crashes every few years always precipitated by an economic 'event' dreamed up by some Wall Street brainiacs. And they can dream up these schemes because Wall Street lobbyists have managed to tear down yet another system safeguard by sending some Congressman's daughter to Harvard or some such perk.

The last vestiges of the regulatory patches to the famous market crash of 1929 were eliminated in the past 15 years....that's a few adminstrations. The Community Redevelopment Agency was mandated in the late 1990's to help lower income folk get homes. The sub-prime Wall Street geniuses of the early 2000's finished that job....and all of us.

The REAL devil in all of this latest upset remains the hoaried Standard & Poor's rating service. As old as Wall Street itself, S&P was supposed to be the last defender of the good and true. Absolutely everything that has happened in the mortgage mess could have happened without it being a world-wide phenomenom. Mortgages could have gone under, mortgage companies could have failed, people that invested in those investments could have lost a bit. And it would have been localized as this business and investment area had always been.

What spread the infection world-wide was good old S&P being convinced, for $15 million a pop, was that this garbage was worthy of a AA rating, almost up there with good old US Treasury paper. So for every billion dollar mortgage-bond package rated, they got $15 million and their rating allowed the packages to be sold world-wide.

And that's why the Italians and French and everyone else are suffering from lousy mortgages in Arizona and Texas....

And that's why