Could this be a sign of things to come?
Now that CNBC Chicago Mercantile Exchange reporter Rick Santelli has mysteriously disappeared from the spotlight after his criticism of President Barack Obama's mortgage proposal in February and now that CNBC "Mad Money" host Jim Cramer has been marginalized after his lackluster appearance on Comedy Central's "The Daily Show" on March 12, could the new target of the Obama machine and the left and their accomplices in the media be CNBC "The Kudlow Report" host Larry Kudlow?
James Rainey, a columnist for The Los Angeles Times, set his sights on Kudlow in his March 13 column. Kudlow's show is one of the last vestiges of pro-free market capitalism left at a time when populism has become the theme of the day.
Rainey's column, headlined as a critique of CNBC focused on two personalities - Kudlow and Cramer, even though Cramer has been raked over the coals since he made his March 3 remarks calling Obama's policies "greatest wealth destruction I've seen by a president."
On Feb. 23, Larry Kudlow, co-host of CNBC's "The Call," asked CNBC Chicago Mercantile floor reporter Rick Santelli if the government should be involved in propping these troubled banks. Santelli made waves on CNBC's Feb. 19 "Squawk Box" railing against the Obama Administration's mortgage bailout plan.
"Listen, I think the government should stay out," Santelli said to Kudlow about the banking system. "I mean, look at the last plan where we put that money in there. There was talk about obviously the preferred shares and the dividend payments and paying it back, and now that's under review. You know, so we're revising the last plan. We're throwing more money in."
The resolution, according to Santelli, would be to protect the depositors, but let the institutions fail.
It's been called "the rant heard around the world," after The Drudge Report linked to the video with a screaming red headline. However Rick Santelli may have given CNBC viewers a preview of what effects Obamanomics will have on the populace.
On CNBC's "Squawk Box" Feb. 19, the Chicago Mercantile Exchange floor reporter, along with several traders, expressed his outrage about President Barack Obama's plan to "spread the wealth" for people that didn't deserve it. He said a stimulus should go to people who live responsibly rather than some sort of housing bailout to people that lived irresponsibly.
"I tell you what, I have an idea," Santelli shouted. "The new administration is big on computers and technology - how about this, President and new administration? Why don't you put up a Web site to have people vote on the Internet as a referendum to see if we really want to subsidize the losers' mortgages, or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a change to actually prosper down the road and reward people that could carry the water instead of drink the water."
"CNBC Reports" host Larry Kudlow believes free-market capitalism is the best path to prosperity. Too bad CNN "Lou Dobbs Tonight" host Lou Dobbs doesn't.
Dobbs attacked Kudlow during the Jan. 14 broadcast of "Lou Dobbs Tonight" for commenting on a dinner meeting of conservative pundits at the home of Washington Post columnist George Will on Jan. 13. Kudlow was not included in person or by phone to respond to Dobbs' criticism.
"This is Larry Kudlow - one of the folks invited to a conservative fest with the president-elect last night," Dobbs said. "I'd like to just share, everybody - what a Larry Kudlow-conservative person does after meeting with the president-elect."
Dobbs cited a few lines from Kudlow's appearance on CNBC's Jan. 14 "The Call" - "He is charming, he is terribly smart, bright, well informed. He has a great sense of humor." Then Dobbs skipped moments in Kudlow's exchange with "The Call" co-host Melissa Francis and added - "He's so well informed and he loves to deal with both sides of an issue."
During a report on Thursday’s American Morning, CNN correspondent Alina Cho used personal anecdotes in attempt to show how Barack Obama’s Chief-of-Staff-designate Rahm Emanuel has “softened over the years.” Cho cited the outgoing Illinois congressman’s unnamed rabbi, who said he is “really just a nice guy, intensely spiritual, even polite.” She also stated how despite being labeled a “street fighter with a killer instinct,” Emanuel also has more of sensitive side: “His congressional colleagues say he’s the kind of guy who will chew you out then send you a cheesecake.”
A clip of comedian Andy Samberg doing an impression of Emanuel on Saturday Night Live preceded Cho’s report, which began 18 minutes into the 6 am Eastern hour of the CNN program. The correspondent began by bringing up Emanuel’s notorious use of “colorful language,” which Samberg parodied in his sketch. She also contrasted the “street fighter with a killer instinct” imagery with his rabbi’s “nice guy” label.
You've got to love brutal honesty, especially when it comes from the financial media.
The Senate's version of a bailout bill, which passed last night by a margin of 74-25, included "sweeteners" - or obscure tax breaks - including benefits for the manufacturer of wooden arrows used in children's toys and another for litigants in the 1989 Exxon Valdez oil spill.
Melissa Francis, co-host of CNBC's "The Call," and "Squawk on the Street" co-host Mark Haines called it all "crap" on their Oct. 1 special coverage of the vote on the network. Their description was similar to the one used by House Minority Leader John Boehner's regarding the House version of the bailout: "crap sandwich."
As NewsBusters has been reporting for months, CNBC's chief Washington correspondent John Harwood seems to take every opportunity afforded him to bash Republican presidential candidate John McCain.
Having once again done so on Tuesday's "The Call" on CNBC, anchor Melissa Francis asked whether or not Harwood was nonpartisan.
The delicious exchange occurred after Harwood spoke in great length about how yesterday's failed bailout vote in the House was bad news for -- wait for it -- John McCain.
CNBC contributor Vince Farrell asked Harwood (video embedded right):
As the Bush administration on Friday proposed a sweeping government bailout to address the nation's financial woes, CNBC's chief Washington correspondent John Harwood told viewers that such a move could help John McCain's presidential campaign because the "crisis on Wall Street benefits Barack Obama."
This came just days after CNN's David Gergen and Candy Crowley made similar assertions with the latter stating that "horrific" headlines from Wall Street were exactly what the Obama campaign wanted.
What follows is a partial transcript of this exchange from CNBC's "The Call" Friday (video embedded right):
On CNN's American Morning today, White House correspondent Suzanne Malveaux reported on Barack Obama's campaigning in Virginia. Afterwards, anchor Kiran Chetry had a question:
CHETRY: All right. And Suzanne, what's on tap for the campaign today? And please tell me it's not lipstick again.
MALVEAUX: Let's hope not. He's going to be in Norfolk, Virginia. That is in southeast Virginia, and it's home to the world's largest Naval base. It's one of the most competitive areas that the Democrats and Republicans are fighting over. It's a critical piece of property, piece of land there with folks in Virginia, and they want those voters.
Two segments that aired on two days straight on CNN underscored the network’s alignment with those who stand against a gasoline tax holiday during the summer driving season. First, Carol Costello’s segment on Wednesday’s "Newsroom" program used last year’s bridge collapse in Minneapolis to advance the idea that "things like road construction and bridge repair" would suffer as a result of the lost revenues. The following day, on Thursday’s "The Situation Room," host Wolf Blitzer pressed McCain campaign adviser Carly Fiorina, a former CEO of Hewlett-Packard, on McCain’s proposal, asking, "So when you say that he would take the money from reserves, in other words, we would go further into debt to pay for this tax break?" During the interview, a chyron or graphic on the screen claimed, "Saving on Gas Could Cost You: Whether to Suspend Fed Gas Taxes."
You reap what you sow.
Nothing could be truer when it comes to the American economy. According to CNBC "Closing Bell" host Maria Bartiromo, if the media continue to push doom-and-gloom economy stories, they will make the economy worse.
"[T]he truth is, ["Today" co-anchor] Meredith [Vieira], it doesn't matter if we're in a recession," Bartiromo said on NBC's February 6 "Today." "We can talk ourselves into a recession, and that seems to be what we're doing right now and that certainly begets more weakness."
The media coverage has apparently affected voters. According to the February 6 Washington Times, an exit survey from the "Super Tuesday" primaries showed 47 percent of Democratic voters and 40 percent of Republican voters said the economy was the most important issue in making their choice at the polls.