Blame who II?

The furor over CNBC's Rick Santelli, and his much televised pushback to the homeowner bailout, is grabbed by politics.

First, I would like to say Mr. Santelli has been the only CNBC regular who has consistently warned what Wall Street was doing was at the very least, nonsense. He has been consistent, and often contradictory to other CNBC reporters, with his message for no less than four years.

Mr. Santelli has also consistently warned against all the government bailouts, and the actions of the Fed.

All of the remainder at CNBC exhibited mild retardation or blatant felonious partnership over the last four years. CNBC's motto is "First in Business." That must mean no matter how dirty their hands have to be.

While Wall Street was fraudulently making hundreds of billions, all the other CNBC reporters and hosts fawned over those CEO's and their analysts. Often with flirtatious demure, the CNBC employee allowed the Wall Street message to be anything Wall Street wanted. CNBC allows the very designers of this meltdown to come on and talk of how "well capitalized" their company is. At least four times in the last 18 months that company was in real trouble only days later.

With that record, when you see a CEO on CNBC, it is time to dump their stock, or short it.

CNBC not only cheered when the original TARP was rolled out, every speaker they could find told the viewers it would stop the meltdown. Did it? How could every single one of them, except Santelli, have been so wrong?

Kudlow remains the uber-fool with his "business is always right, no matter who they cheat" mentality. Cramer has been recorded, not by CNBC, bragging he can make a stock go up or down by talking about it. He actually told the interviewer if he wanted more shares, he spoke of the bad aspects of the company, driving the stock down. He also said if he had a large position and wanted to sell, he "talked up" a stock on his show, then sold the next day on the bump.

Maria Bartiromo has been caught getting a little too friendly on corporation junkets. Of course, these corporations are the ones she is supposed to be covering as a journalist, but what's a girl who refers to herself as "Money Honey" to do?

Erin Burnett speaks in a frenzy about how good corporations are, then sits looking at the camera as if she was hit by a Taser when news that BAC and C really are bankrupt and will disappear without tax money.

Folks, these people pretend they are reporters all day long. Yet, they have never been able to identify the exact reason of the meltdown. Not once, have I heard any of them even come close to getting an "A" for reporting. Most of the by-lines and guests they have on, and they have hundreds each week, seem designed to deflect the viewer from the true circumstances of the crimes Wall Street has committed.

Except Rick Santelli.

Several times over the years I thought Santelli would be fired. Often, he would call out the stooge Steve Liesman on a lie. He took on the prodigal son Gasparino. Surely Mr. Santelli's bosses at CNBC would shut him up to keep the advertisers from being exposed.

But, in a gift to all of us, Rick Santelli has remained.

The political game is more distraction.

The right is loving Mr. Santelli, because he does not want irresponsible borrowers to be rewarded for buying more house than they can afford. The right has clung to the idea that the whole meltdown is the fault of people that lied on their mortgage applications.

The left is vilifying him because he does not want irresponsible borrowers to be rewarded for buying more house than they can afford. They believe that all homeowners in trouble must be bailed out to save the "system."

Rick Santelli has been consistently against ALL BAILOUTS. I know, because I have listened to him. He has disagreed with every program the Fed has brought for the last 18 months. He disagreed with TARP. And, now he disagrees with the homeowner bailout. Mr. Santelli has been very consistent in stating that those that made bad decisions be forced to live with the consequences.

From what he has said, he is well aware the fallout will be bad by following his advice. By the same criteria, Santelli is aware that every bailout hides the underlying problem, thus making the end result worse. Understand this - The fallout from what was done with the mortgage business over the last 8 years is going to be bad, no matter what is done. It now is a question of how bad do you want it to be.

Please keep in mind where Mr. Santelli works everyday - at the Chicago Board of Trade. They see the flow of all commodities and bonds, and prices. Mr. Santelli has often raised the alarm that if our government keeps bailing out the very causes of this mess, the bond investors may decide they have had enough, and sell.

If that happens, Obama's initiatives will never work, for the hole that Wall Street has dug is far too big.

Rick Santelli is not just against the homeowner bailout, he wants prosecution of those responsible. That includes some big Wall Street names, as well as people who lied on mortgage applications.

Update 2/25/09, 7:17AM - Just saw Rick on G. Gordon Liddy's show. Am thoroughly disappointed. I had assumed he was cheering for this country, and now realize he is only cheering for himself.

CNBC should be renamed CNBS.