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.