Mark McHugh

Who’s the Fuckin’ Conspiracy Theorist Now?

In Open Thread on Wednesday, June 24, 2009 at 11:54 pm

Wowee!

You could actually smell the urine eminating from the CNBC set today when California representative Darrell Issa accussed the Federal Reserve of a “coverup” regarding it’s roll in last fall’s Merrill/BoA merger.

Jack-hole Steve Liesman asked, “Do you mean an illegal cover-up?”issaCaptureDetective Erin noticed that this was an attack on Bernanke’s credibility.

The Federal Reserve has a pretty simple mission statement, the two primary objectives are price stability and maximum employment (there’s nothing about saving us from the boogeyman).   So pull up a chart of ANYTHING from 2002 (when Ben became a fed govenor) until now and tell me with a straight face that we have price stability.  ANYTHING AT ALL!!!!!!   Keep in mind, Bernanke has combined these monumentally unstable prices with a pace of job losses not seen since the 1930’s.  By any reasonable measure, Bernanke is the kind of walking, talking  joke that only happens once every hundred years or so.  By the way, I’m hereby offering a $100 reward for the clip of him telling school children that today’s situation “is nothing like the great depression”  (seems to have disappeared….).

I’m sorry, you were saying about credibility, Erin?

lots more…….

Apparently, the folks at CNBC are under the impression that Bernanke has done a magnifient job.  He slayed the boogeyman, and you only lost half of your life savings, and most of your granchildren’s earnings, America.  You ungrateful twits.

Look, there’s only one reason CNBC loves Bernanke.  The hopelessly insolvent General Electric (parent of CNBC), will displace Madoff as the greatest Ponzi scheme ever (half a Trillion!!!!), when the Fed stops being “innovative” and does it’s job.  So far, so good, as this video questioning the auditor general of the Federal Reserve illustrates:

We couldn’t be more freaking doomed if Osama bin Laden was in charge of auditing the Fed.

As long as the Status quo is maintained at the Fed, GE will be able to roll it’s worthless paper ever closer to infinity.  Unless somebody like representative Issa exposes the Bumble (Bernanke) for the sleazy, incompetent, bully he is.

Not-so-fun-if-your-a-taxpayer fact: The New York Fed is supposed to have three “Class B” directors (elected by member banks to represent the public).  Right now GE CEO Jeff Immelt is the only Class B director (two vacant seats).

And yes, I will continue to point this out until the other seats are filled……..

But that’s not what’s funny about all this.  What was funny was watching CNBC circle the wagons to protect thier savior:

Cramer: calls claims “outrageous”, says Bernanke is “an open book”, we have “too much democracy” and other cranial diarrhea..

issa2Capture

Smear campaign….really?

Et tu, Rick? Rick Santelli is overdue for a credibility downgrade (he’s made it clear his top priority is keeping his job):

issa3Capture

Douche-bag parade:

McCarthyism???   WTF?

issa4Capture

Pisani, Bartiromo & Gasparino – try to defend Bernanke and marginalize Issa, but only succeed in perpetuating negative stereotypes of Italians ability to comprehend (Author is part italian).issa5

Holy cow, talk about trying to get out in front of a story………

No GE propaganda story is complete without Larry Kudlow, who actually does a good job interviewing Issa (and you’ll never know how much it hurt to write that).  Kudlow seems to agree that Bernanke’s actions were inappropriate, but sites the “Boogeyman defense.”

issa6Capture

Just a reminder……

I can not think of anyone who compares to Bernanke in complete failure to perform his prescribed duties (well, maybe that Fed auditor lady….).  But CNBC wasn’t done blowing this clown yet.  Clueless “Fast Money” trader (and Maybelline Spokesmodel) Joe Terranova defended Bernanke,  which was a smart career move for him.   Cramer went deep for him again (guess book sales are slow), and here’s Dennis Kneale’s prayer.

Conclusions:

  1. Wall Street should love Bernanke.  He saved them for Darwin’s invisible hand.  He bankrupted tens of thousands to help his buddies.
  2. What is the Fed hiding?  GE.  Only a fool would believe otherwise after today.

The shills doth protest too much, methinks.




  1. Santelli said traders were talking about the timing of these accusations,and that they seem like they were politically motivated. He also said that he didn’t agree with Bernake’s monetary policy,but gave him the benefit of the doubt.I noticed by the end of the day, that Issa was backing off on his statement.

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