CNBC Discusses BSC Downgrade

I have to say it's interesting that CNBC is pulling out all the stops to defend Bear Stearns today in the wake of a downgrade on the company.

Last I checked, S&P makes it their business to analyze and make recommendations on the credit ratings of companies. And, last I checked, CNBC makes it their business to disseminate business news.

However, after I heard Mark Haines declare that the people who sold BSC today were "lemmings" and that "Bear Sterns is in good shape" I felt it necessary to write this post.

I mean, I don't claim to know a goddamn thing about what kind of shape BSC is in. It just bothers me that some old person, sitting, watching the TV might consider acting on buy or sell recommendations provided by a TV news anchorman.

After Mark Haines, we were treated to Bob Pisani talking about what great shape BSC is in while bullet points on the screen tauted their liquidity, etc.

At least Steve Leisman was there to talk about something real, the credit default swap market. He simply explained that BSC is paying more to fund their lending right now. No opinion involved, it's just a fact. Perhaps this is what S&P was looking at when they made their recommendation.

And I don't know if they offer Steve Leisman out there to balance out coverage, but anyone who watches also knows that the other "newspeople" kind of treat him like a class clown... so they let him say his piece, but then they all make fun of him.

Anyway, I'm just writing this post because should the shit hit the fan and these problems spread I want these people to be held responsible for touting stocks instead of simply reporting on them.

Oh, and one note to Trish Regan. Please.... stop yelling!

UPDATE: Bloggerdotcom sent me this interesting article that dovetails with what Cramer was saying on CNBC yesterday. Of course, it's from thestreet.com, so I guess that's to be expected.