It's Everwhare .....

Lest you think the media is only ridiculous when it comes to politics, check out this post excerpt discussing the financial news:

Please try to remember all the brainiacs that told you subprime mortgages were not a problem before the housing bubble cracked, then told you that HSBC’s early writeoffs were isolated to that one company, then told you subprime was a small part of the overall mortgage market, then told you that subprime woes were being overblown, then told you they were contained and investment banks like BSC had hedged the risk away, then told you the subprime component was a small risk to CDOs….

All right, I am getting tired of recounting all of this and I am sure you are too. But I really want to point out that the same morons that spouted all this wisdom are often called upon to address the current subprime fiasco and they will likely be asked to provide their “expert” testimony next time around. Please take the time to evaluate the quality of any commentators past thoughts on this and any other topic. Many of them have an agenda and are putting on a bullish spin to keep this market propped up.

Unless you're interested, don't pay attention to the content of that excerpt. Just look at the tone. CNBC and the financial media do the same thing that CNN, CBS, ABC et. al do. The lazy reporters develop relationships with the same pundits and call on them all the time, with no accountability. Same shit, different subject.