CNBC's Class Warfare

I don't really watch CNBC much anymore, not since I have been getting Bloomberg on DirecTV.  CNBC has really become more about politics than business the past few years and Bloomberg actually does business reporting. CNBC has really turned into a shill for Wall Street and the financial industry.  I do like Fast Money, so I watch that sometimes;  and I watch their reporting now and then just to see what they are up to .

I was pretty amused last week when I caught part of a discussion about the problems the banks are having with improper court filings of foreclosures.  Those who were watching CNBC the past few years may have noticed like I have that they pursue their own version of class warfare.  When people were questioning the six-figure bonuses being paid by essentially insolvent financial firms, CNBC's general response was to cry "Class Warfare!!".  When altering mortgage terms was being discussed they were preaching about the sanctity of contracts and the law.  But when union contracts are voided by bankruptcy courts they think it's okay because, after all, most of the problems in the economy are caused by unions and workers.  So the sanctity of contracts only applies to certain people I guess.  (Sounds a lot like class warfare to me.)

In their discussion of the foreclosure issue they actually seemed to be implying that the banks are the victims here and that they had good reasons to be committing fraud.  Can you believe it?  (Silly question, I know.)  So here again, the necessity of following the law is selective.  Banks have laid off thousands of people since the recession.  Maybe if they hadn't they would have enough employees to do the work instead of committing fraud.  Then CNBC wouldn't have to tell us about the poor helpless banks.