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Mike Pento Kicked Off CNBC For Telling Truth, As Dumb Money Manager Says "Nothing Is In A Bubble When People Want To Buy It"
Today we got a freshly mindboggling example that CNBC is nothing but a propaganda machine reliant on fishing for the few remaining idiots among its audience. Mike Pento, in his traditional role as a bond bear, for some ungodly reason decided to grace CNBC with his presence, and proceeded to roundly refute Erin Burnett's statement, not question (this is important further down), that right now the US does not appear to be about to be considered "junk", to which Pento responds that the Fed is setting up interest costs by buying up the entire curve (today's $2.7 Billion POMO action being a stark reminder of who is in control), cautions that the $8.9 trillion in marketable debt will rise to $14 trillion by 2015 (according to the CBO), and that the result would be that instead of paying 5% of Federal Revenue on interest expense, the US will be paying 30% at "a bare minimum" in just a few years. The consequence is that once China and Japan get their fill of USTs (especially if China follows through with its threat of focusing on its own middle class, and thus exhausting its foreign FX reserves driven by a massive positive trade balance), interest rates will have no choice but to go up, especially to attract the meager US domestic savings. But this is not enough for Erin, who follows up with another "subprime is contained" assumption, which is that the US is the safest location for capital (which is only true until tomorrow everyone decides to go to China, or a gold-baked ruble/deutsche mark, or Zurich, which incidentally is currently happening - just look at the EURCHF) and that no matter what happens to the US, no matter how many trillions in debt the US will have on its books tomorrow, the idiocy of today (which again is completely Fed driven) will continue. Pento at this point throws the ball in Burnett's corner to explain why this assumption is so irrefutable, to which the "moderator" basically tells Pento that "he is so rude" because he doesn't buy CNBC's Kool Aid assumptions, and that "he has gotten her temper up by being rude after she has done nothing but ask questions." Questions which, of course, are presented as statements of fact, and precisely the fact that works with CNBC's, and of course the administration agenda - the oldest trick in the media book.
Yet the piece de resistance is some guy named Joseph Balestrino who works as a Fixed Income market strategist for Federated, opens his mouth and to much CNBC praise says the most moronic thing ever uttered on cable TV (at least since the last Bernanke/Greenspan testimony): "nothing is in a bubble when people want to buy it." Yes.... You heard that right. Although maybe he is right, and everything in this world is insane when these kinds of intellectuals (we wonder if Mr. Balastrino has a Ph.D.) are not only are allowed to run money, but asked to come back to CNBC and feed the public yet dose after dose of the administration's version of the "truth."
Mike, you are always welcome to tell the truth on Zero Hedge. Which is much more than we could say for that other guy, whose Bond Fund at Federated somehow manages to pull a 1.31% gross expense ratio, for a whopping 3.81% return after taxes on distributions.
Full must watch clip below.
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Erin was rude. Pento was pissed. Some of the ZH Neanderthals are trolling again.
The best part of some of these cavemen dribbled down their mother's leg.
Sorry MsCreant. Rude but true.
Erin was rude. Pento was pissed. Some of the ZH Neanderthals are trolling again.
The best part of some of these cavemen dribbled down their mother's leg. Assuming they had mothers.
Sorry MsCreant. Rude but true. I, and I believe most men love, and do not hate women.
All these things are true. And even rudeness has a place at times (see below). Thanks for your post.
.......sometimes.
sometimes a man loses respect but not for you...........yet.
I believe I hear you. Thanks.
MsCreant,
I didn't junk you. Just having fun at the expense of Erin. I love women, some are just easier to call out for who they are.
Continue your great contributions to ZH. No harm meant.
When Marie Antoinette was losing her head, I bet a lot of really ugly things were said. If I was there, I would have heard a lot of the same stuff being said about Erin. My reaction may have been an over reaction given that RockyRacoon showed me some of her spectacular pedigree. She has earned some contempt for shamelessly whoring for TPTB.
I think my reaction was what it was, but the body of her work has earned some wrath. She is hurting people. I'm standing down and rethinking this.
(Takes deep bow...)
MsCreant
This is kinda like whipping a dead horse, but hypothetically, one could give Erin a tiny bit of leeway for being frustrated with having to peddle the same useless hopium every day.
So when being confronted with an opinion contrary to the CNBC propaganda I can see her popping a seal. Nevertheless, very emotional, very unprofessional whether she was woman, man, or an it.
And if CNBC was reporting on the Marie Antoinette head-in-a-basket event Erin would be saying, " but think of all the great cake she got to eat".
You are asking us to consider giving her leeway because she is scared? Or maybe even a kind of hostage?
Check.
Check.
. . . but it's not the body of "her work" that is being discussed, it's her actual physical body - the body you also share, and the boys don't. . .
which is of course why she is "there" - as a figure to maintain the false dichotomy of gender, the oldest lie in the book of falsehoods, the greatest tool of divide 'n' rule that exists. . . she's hired as eye candy for the menz, and acts to script - ffs people, it's TELEVISION, have you not grasped its purpose? apparently not. . .
you know, you guys like to think you've figured things out - and while you may have poked holes in the stock market, you still don't see how your MINDS are co-opted, and how insidious the message is, how addicted to the dualist paradigm.
and Mscreant, this is not intended to be disrespectful towards you, but I cannot help but be frustrated that an intelligent person such as yourself can participate in this. . . your original post attracts a few "junks" and a few "we don't hate you, you're special, it's the other bitches we hate" - classic "madonna/whore" mindfuct that just keeps the old message intact. . . grouphug, then back to the hating.
go ahead ickle boys, think you're better or smarter or worth more than half the world born without a "handle". . . it's the biggest lie you've ever swallowed.
it's what keeps you trapped, running in place, owned.
Excellent post. I hear you calling me on my shit. I agree with what you have to say. What is funny is what was important to me never got delivered, I don't think. My post was simply about how I felt. Really bad. And had I ever done that to anyone here? I can slip with Chinese stereotyping, makes for great puns. But what of those folks reading? Do their hearts sink when I substitute and l for an r? It is not what I want.
It is my hope that by putting out how I felt and what conclusions I came to about it, it might register with some in a more unique way. Overt scolding, shaming, feminist analysis, will not touch very many here. How it made me feel, how it might make others feel, I hope that plants a seed.
Making an effort to try to understand their anger is not a wasted shallow gesture either. I hear you saying I sold out. I can hear that from you and have peace with it. I think there can be bigger payoff hanging in with folks and not alienating them. That may seem like Uncle Tom to you, don't know. Someone may do something different because of my approach. Others will do something different because of yours. I think they can co-exist. Some of my colleagues would not believe that is the case and would pick yours. I see Rocky's point of view very clearly. If you and I go on a gender based warpath, just like blaming dems and repubs, boomers or millenials, Jews or Palestinians, we get side tracked.
Peace.
thank you for taking the time to reply MsC. . . for what it's worth, you were the first person to reply to any of my posts, months ago, and you said you liked my "voice". . . it's still the same voice.
and we do speak in different "voices" - yours includes being the mother of a boy, and a wife of someone in the military (pls correct me if I remember incorrectly) - I believe you write from this point of view, as well as incorporating being a professor. . . I am none of those things, but I respect them as informing your perspective, and your desire to gently nudge towards greater awareness is both evident and admirable.
my choice of communicating is less "gentle" than yours can be, but can you perhaps see that it comes from a similar place of desiring a bit of critical thinking, a bit of inclusive humanity? by calling my "analysis" feminist, you box my thinking into a space the "boys" won't touch - when I see what I'm saying as a call to be more fully aware of the way our (collective) humanity is co-opted by culture & media. . . I too have "made the effort to understand their anger" - believe it or not - and I'm also offering tools, words, ideas, that might help some/one escape the thinking that lends to that anger, instead of staying silent and letting the infection spread. I could just as easily delete my account here and hang out in music & art blogs, where I'm happiest. . .
I don't think you've "sold out" or any of the other descriptives you wrote. . . however:
this understanding of "gender" as dualist, male/female, dems/repubs, etc. - I'm trying to be clear that "gender" is a cultural mechanism of control, perhaps the most personal and insidious. . .my thinking is more "queer theory" than "feminist" because the former goes beyond the latter, and it's important to me to find the most inclusive, non-binary awareness. . . gender roles are not intrinic to the sex'd human, they vary over time, from nationstate to nationstate, religion to religion - they are not natural, they are fictions - much like the constructed financial market reality that I believed Zero Hedge was / is? trying to point out, in all its nakedness, to the readers here. . .
Fight Club is a male-culture meme, definitely - but it is in the spirit of Fight Club that I continue to post. . . perhaps you can see that I care too, if rather less gently.
Peace to you as well, and to everyone here that seeks it.
Reality is obviously going to be treated to a good dose of turbo-lax because its unpatriotic to tell the world that the end of the American Empire is nigh.
we need this guy in congress as well
Hm. People squabbling on CNBC over something which nobody has any real control over.
Discount rate declining. Don't like ZIRP? How about NIRP?
Wanna spell Erin?
Gimme, A SEE!
Gimme A YOU!
Gimme an ENN!
LOL!
Burnett and that other moron were talking "now", and Pento was talking the future.
Cnbc is only interested in the next week or so. It is entirely possible that the economy picks up some steam in the next months to year or two. But as soon as the money starts to cut loose, inflation will take off, energy will get expensive and then interest rates will rise dramatically. It won't happen overnight, but over a period of years. Bonds are a back and fill market. Somewhere down the line, in a few years, what Pento was cautioning against has a good chance of happening. The culmination of a trend is often dramatic. Bonds have been going up for 25 years. Is now the dramatic top? Who the hell knows. I am short the long bonds, but as has been said, the market can be wrong longer than I can be solvent!
The interview, IMHO, was a low point for Erin. She obviously got flustered and lost her cool.
gh
This is CNBC, nervous and panicky, trying to keep it cool (and failing).
Since we know that CNBC is run by people with deep insider info, we can conclude this:
The more nervous and panicky CNBC is by and large, the closer we are to the end game. Keep an eye on these people if you want some insight on the mood of the big money.
I can only imagine what the producers were saying into her earpiece during that exchange. It was a very touchy subject.
Anyone defending tool Erin or CNBS needs econ101 rehab. CNBS has an agenda and is merely a propaganda mouthpiece. What was a business/market channel is only clear by the fact they run a ticker across the screen. Otherwise it is pro-TARP, pro-stimulus, pro-Obamacare, pro-illegal amnesty, pro-Cap n Tax, pro-democrat, pro-bailout, pro-cash4clunkers...pro-"green shoots" er uh, nevermind that was last years theme. Any guest not pumping the days agenda is tag teamed and ultimately cut off. Even Rick Santelli, bless his heart, was sent to the Liesman school of brainwashing for wandering off the reservation. Now you may go back to your Jim buybuybuy Cramer tape.
So that’s what happens when you deviate from CNBC’s script and fail to deliver their preapproved answers to loaded questions – you get called rude. Hilarious. This is almost fun enough to make me start watching CNBC again. You wait, once their marketing group gets wind of the ratings on this episode, Erin Burnett will probably be calling guest speakers rude, jerk, and asshole, about five times a day.
I'm feeling this. A kind of Jerry Springer Show, but for economics news. We should pitch this to FOX if CNBC does not grab it up immediately.
They're all idiots...but let me do some quick math here...
What's the 10 year estimate for real growth in the U.S.? Ten year in a bubble? Doubt it folks.
Remember, Europac ass hammered plenty of dumb shits that put money with them in '08. You would have been better off with a fully loaded, crappy S&P index fund.
Europac is crazier than Burnett. At least Burnett is fun to look at!
Who says they don't ring a bell.
Buy TBT at the market?
Reminds me of the clip with Bartiromo and Bernanke in July 2005 when she mocked critics that suggested a housing crash was imminent and he responded saying it simply was impossible.
Now, a year from now, the bond market has peaked and you are within 10% of the top FOREVER (our lives)
Erin lost me with her opening line when she said "According to a recent analysis I saw, American borrowing is up about 70% since errrr because of all the borrowing ....."
That's heady stuff.
The Federated guy said "nothing is in a bubble if people want to buy it".
I am sending a message to the aliens letting them know I found the smartest guy on the planet. Pick him up in Pittsburg.
bahaha, temper raised, bitchez!
CC, you spin your prose with such vivid imagery....not nice, but absolutely frikkin classic.
Man, I hope B-cups lurks here. Or did, until today.
3.81 % after taxes ? Hum, PIMCO´s Gross is better 12.8 % YTD...
Don't forget to hat tip John McCloy for this one Tyler. Pento for treasury secretary bitchez!
Eric wants to put out talking points but when confronted with something she couldn't backup she went defensive. She was clearly out of her depth in refuting or supporting her argument with anything other than the odd pie chart or two.
Everyday CNBC is rude to its guests, constantly interrupting, badgering, fomenting conflict rather than reasoned debate, etc. etc. etc. CNBC (Erin, Joe, Kudlow, Trish, etc.) are routinely rude, riding roughshod over their guests in deliberate efforts to flame the airwaves.
The CNBC producers are directing the CNBC circus and these circus performers (Erin, Joe, Kudlow, Trish, etc.).
http://i590.photobucket.com/albums/ss350/qpalzm0909/erinpento.jpg
http://i590.photobucket.com/albums/ss350/qpalzm0909/pento.jpg
Fucking classic.
If they want to spread their propaganda they'll have to raise their game and have interviewers who don't act like a spoilt brat.
Santelli vs Pento on gold. From last year
http://www.youtube.com/watch?v=qLiDY_npgNg&NR=1
For fuck's sake... just turn off the fucken TV. Go take a walk, take a nap, jerk off, read a book, grow some veggies, grow some weed, learn how to knit... do fucken anything, just don't watch the CN fucken BC any more and the rest of the bullshit channels. It's as simple as that.
Don’t believe them. Don’t fear them. Don’t ask anything of them. - Alexander Solzhenitsyn
CNBC is a farce and pander to Democrats. Who is the largest advertiser on that network???PIMCO.....who are the guys calling for the government to do everything that helps them.PIMCO....
I used to watch CNBC when they had fair commentators and some actually with brains..Burnett could not make it on WS so she takes her smile and arrogance where she can press a buttong and stop a debate where she if wrong...She is an idiot..
I remember that trading show where they tossed Jeff Macke because he was always bearish....
CNBC employees get their bonus paid in GE stock...Look at GE stock and you know they always have to be bullish....
Nothing is in a bubble when everyone wants to buy it.
No thing is in a bubble...when everyone wants to buy it.
Man, that's about as frightening as it is beautiful. I like it.
CNBC is a farce and pander to Democrats. Who is the largest advertiser on that network???PIMCO.....who are the guys calling for the government to do everything that helps them.PIMCO....
I used to watch CNBC when they had fair commentators and some actually with brains..Burnett could not make it on WS so she takes her smile and arrogance where she can press a buttong and stop a debate where she if wrong...She is an idiot..
I remember that trading show where they tossed Jeff Macke because he was always bearish....
CNBC employees get their bonus paid in GE stock...Look at GE stock and you know they always have to be bullish....
SHE IS A CUNT!
Erin Burnett and all the women of CNBS (including joe Kernan) are cunts.
Let me translate what Erin was saying "Mike quit making me look like a fool or tool!"
Goil Trouble
http://www.youtube.com/watch?v=kVV8gQ4HvFg
After watching that I've come to the conclusion Erin Burnett talks during sex.
I reckon she's in to the whole sub/dom but without the sub.
Don't deviate from the script! You're on top when I say!
Mike Pento looked like he was spoiling for a fight even before the introduction.
Give a penis the that woman! She definely seems to be testosterone ladened enough when she's on the attack, but when things don't go her way she reverts back to femmy catty whining. If you want to play with the boys lady, pick up the gauntlet and answer the question like you've got a pair. No wonder I don't watch main-stream news anymore. Now you're going to take your dolls home and not play with that bad Mr. Pento anymore...
Boo hoo hoo
What a BITCH!
Come on, Erin is still way hotter (esp when she's in a bitchy mood) than those other wretched hags Michelle CC and Trish Regan. Also, it's probably high time Sue was put out to pasture. Instead of coming out swinging right from the bell, Pento needed to get his message across in a more subtle way and live to tell all about it another day.
Why is it, that as soon as a woman is involved in a controversial story, the comments automatically turn sexual in nature. Instead of discussing the relevant issues at hand, readers inevitably resort to crude comments about her cup size.
They should, of course be discussing who the hell she blew to get where she is today, and if her technique is superior to Maria Batoromo's. My guess is that it is not ony superior, but that Erin eagerly swallows.
It's the only rational explanation for her being where she is today.
It's sexism.
One of the points that Pento should have made is that banks are surfing the curve. Borrow at basically 0 and reinvest at 2.5%.
When will bonds turn? Who knows? People were shorting the housing market as far back as 2005, but took 3 years of heat before it went there way big. Same in bonds.
She is right, in this case he needed to explain why the US dollar might not be a reserve currency. But, CNBC probably wouldn't allocate him enough time.
In the case of the bubble-there is not a bubble. Ask Gene Fama.But when and if bonds turn, it's going to be ugly.
Nice article thanks.
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I used to watch CNBC Squawk Box regularly.
Now I seldom do because other than Mark Haines, there's really nothing that informative on their show.
Haines challenges some of the talking heads and uses his legal training.
On the other hand, Burnett is starting to look like a daughter to Haines and shows her bias in her comments. She is particularly weak when asking clarification of issues like this clip shows.
Burnett can not claim the role of "moderator" when she is clearly advocating for an interpretation of data. If she were only reporting data and opinion, then that she might preserve legitimacy as a "moderator". However, in this and other circumstances on the program, Burnett is clearly being told what to say and how to build the case.
I am beginning to wonder if she is bonused depending on the NYSE or SP500 performance during her program.
There is next to no acknowledgement of real asset lines on her program and she is clearly influenced by the surroundings of being in New York and at NYSE for the program.
CNBC is really doing itself a disservice by hosting Squawk On The Street at NYSE. They need to diversify and become a bit more broad its coverage.
It was really hilarious to see their show acknowledging this deficiency by touting "investment" in a cars, horses, and other things which also generate large expense lines, generate no revenue, and have little resales potential.
Hearing this clip really bothers me because why would anyone want to start their morning watching this nonsence. I'd rather go for a walk and enjoy the morning.
That bitch needs a good hate fuck.
Little late (several months) to the gang bang aren't ya?