CNBC has now gone way too far!

Using their first ammendment shield to shout FIRE in a crowded theater, CNBC begain stampeding investors out of the market at 3pm when they decided to have a temper tantrum as the Senate had the nerve to approve financial reform, which will hopefully stop CNBC’s advertisors from screwing people over quite as hard as they have in the past.  Note on the video, the Dow was at 10,209 at 3pm and then just watch the market move while they speak – what power! 

They say with great power comes great responsibility but what do we do when it is wielded irresponsibly?  Bob Pisani reports from the floor (where he’s “in” with the traders) and tells you “The Germans are going to vote tomorrow on whether or not they even want to support the Greek package.”  This is total BS as Angela Merkel’s coalition controls 332 of the 622 seats in the Bundestag, their lower House of Parliament and this is considered a done deal.  What the EU is worried about is the meeting of the EU finance chiefs AFTER the vote (CNBC doesn’t even give you this news) where officials will discuss proposals to better coordinate national budgets and may address unilateral German limits on government bond trading. 

I will give Bob a 1 out of 10 on this one because he got the words “German” and “vote” correct but the vote is on a bill that bill allows loans of as much as $184 billion from Germany to backstop the euro and has nothing to do with Greece, who already got their money on the 18th.  Note how the moment Bob talks about an upside, Maria (who has someone whispering in her ear) cuts him off and spins things into a downward spiral talking about risk comming off the table and Roubini predicting doom (what else is new?) with, she emphasizes, “a 20% correction in the next several months from THESE levels.” 

Just to keep track of Dr. Doom for those of you who don’t follow him: