Bob Corker on the Volcker Rule and the banks - CNBC Interview - 3:20 pm

If you watched the Senate Committee hearing with Paul Volcker yesterday, you witnessed Bob Corker making claims about things that never happened. Some people would call that a lie, and I'm not the only person that thinks so. Two other bloggers agree with me, Zero Hedge and Karl Denninger at Market Ticker who also wrote a piece on the hearing.

The rules Volcker wants to put in place are good, I am convinced of that. They are along the lines of what used to be in the Glass-Steagal act that was repealed by the Gramm-Leach-Bliley Act. You can Google that and find all the pertinent information. I won't dissect this any further because Zero Hedge and Karl at the Market Ticker have done a much better job than I could have.

What I will do is bring up another point - one that is a real sore spot with me - the damn media coverage of things like this. CNBC, if you watch them enough, will already know they are nothing more than shills for the banks. Anything good for the banks, they are for - even the bailouts. Of course when the auto companies got bailed out, they were beside themselves with contempt. Yet, when their parent company at the time GE, got their bailout money, they were of course ecstatic.

I don't care which side of the coin they are on with these issues, but at least be consistent. Of course being the capitalists they claim to be, they should be against ANY bailout, but they are not. They are when it fits their agenda. I must add as well, I don't really turn to them for opinions; I turn to them for NEWS. To bad I don't get much.

I watch them daily, and have for over a year as I trade throughout the day. I only do so for the breaking news and some of the information they provide; keyword being some. Rick Santelli, and a few others (Art Cashin, Mark Haines, Diana Olick, Mary Thompson to name a few) do a very good job reporting and asking some good questions to their guests. The rest are nothing but pump monkeys, and yes, they lie to us. That is NOT the kind of reporting I expect from a station who professes to be "The first in business news worldwide."

Perhaps worse, is their attempt to change public opinion, which many times they claim as populism. Is populism bad? Is something they are against, even if it's good for Main Street, flagged as populism because anything labeled as populism is bad? Who's the word cop here? I don't give a damn what they call it, if it’s good for the taxpayers of America - I'm all for it - and you can call it anything you want, even a turd. But of course CNBC, throughout the day, or since that hearing (even before actually) have done nothing but demonize it. Who's friken side are you on people? That's pathetic, wrong, disingenuous, and down right horseshit.

The only reason I watch CNBC instead of another channel is because I get feed though my trading software. I don't think they are worth the electric I would use watch them on my television. I have recently read their ratings are still going south, and I would hope so, and I’m glad. Anyone can put a bunch of puppets on the air daily and tell us to buy any and every stock known to man. They were recently bought from GE by Comcast, and I had hoped to see an improvement. Not. CNBC, I hope your ratings continue to fall, and I hope they fall as fast as our market crashed last year (which you didn't bother to warn anyone about - hear that Kudlow?)in the hopes that someday the convicts were no longer running the prison. We are in dire times in this country; we deserve the TRUTH - not a bunch of pump monkey's spewing lies for 14 hours a day. Hear that Comcast?