I spend much time bashing the mainstream media (MSM). In general, they spend more time obfuscating the truth than reporting it. It’s truly a pleasure to highlight those who break that mold. Originally, I had thought of CNBC’s Dylan Ratigan as an above average reporter. He interviewed pundits objectively, soliciting their opinions rather than promoting his own. That’s what a good journalist does. I also got the very mistaken impression that he really didn’t understand what was going on.
All that changed when Ratigan was made host of the post-market show “Fast Money” (which I sometimes think should be called Half-fast Money). He is an excellent moderator of ego-centric personalities, making the show fast-paced, diverse, humorous and interesting. What has been most surprising to me, however, is his ability to editorialize. His rants against the causes and fixes of the financial crisis are nothing short of brilliant. Yesterday, he made another succinct, articulate point about unfettered free markets:
- …and I would leave business alone if I didn’t give bank CEO’s the opportunity at Goldman Sachs and Morgan Stanley …making 40% of their revenue selling credit default swaps, which is tantamount to insurance fraud. They take the money and stick the taxpayer with the bill. So you want to be left alone? Stop doing insurance fraud and stop asking for taxpayer money.
How did a smart guy like this end up working for GE? No matter. Dylan will have no trouble finding work when GE goes to zero.