Predictable for the media outlet that never saw a Wall Street boot they didn't want to lick. In a crowded field of stupidity, this is right up there. CNBC can't figure out why it's important to provide proper oversight for a trillion dollars yet they will be first in line to attack the stimulus. Boo hoo, Wall Street is being picked on and grilled by members of Congress and a union leader. Wall Street should consider itself lucky that the American public is as meek as it is after the way they've been ravaged by Wall Street. CNBC wants to label itself as the Obama/Democratic Party bashers which is fine but this only means they're even more tied to one of the most detested groups in America. More from CNBC's Media & Technology Editor:
A daunting litany of ills imperils U.S. banks, from toxic assets to rising loan defaults. After the irritating spectacle that played out in Washington yesterday, we can add a new threat: the Congressional Oversight Panel tracking TARP.Nobody finds the made-for-TV moments in Congress more annoying than I do but it's about time someone tells Geithner how to do his job because he's failing every day. From the CNBC perspective though, he's succeeding since he's continuing the Paulson plan of going easy on those who created the global economic recession. If these people can't stand the heat...
This became all too clear when the COP—as in, Bad Cop—summoned Treasury Secretary Timothy Geithner for an update on the Troubled Assets Relief Plan. Moments after the session began, the real purpose became clear: Grandstanding enemies of the banks and Big Business were there to deliver a fingerwagging lecture to Geithner, interrupting him at will and telling him how to do his job.
