More Fodder for Jon Stewart.

I am referring, of course, to the recent brouhaha between Jim Cramer and Jon Stewart where Jon Stewart questions the credibility of CNBC. What? CNBC has a credibility problem? Surely everything that comes out of every mouth on that network is true and good and reliable and you can take it all to the bank (so to speak). Right?

I said, "Right?!"



I mean, right here they are interviewing some true market experts. Where else are you going to get a truer take on the market and current economy than out of the garbled mouth of Kelly Bensimon?

However, I do heart Mark Haines. He is like a breath of truthiness on CNBC. And Erin, because she's from my husband's hometown. And Becky, because she has the ear of the Oracle from Omaha.

AIG Execs Give Pigs a Bad Name.

Edward Liddy, AIG, compliments of Design Crisis

Erin of Design Crisis has written an excellent post today on this very topic (with a design twist!). Read it here.

Tuesday Ugly.

They are bailing you out, you idiot.

In an effort to avoid panicking Mom and Pop America, Congress has allowed this to be called the "Wall Street bailout" rather than what it really is, the "Main Street bailout."

While I absolutely agree with caps on executive pay and accountability, the bailout is a necessary evil. Without it, the credit markets will (and have) seize(d) up. And as an American/consumer, you understand that the need for credit is everywhere and that you cannot have capitalism without it. Credit is needed between banks, between banks and consumers, in fact, all market participants require credit in the form of small business loans, mortgages, auto loans, student loans, the list goes on.

Those not in favor of the bailout clearly do not understand the potential fallout. The first wave has already crashed on the beach and the beach is now littered with the debris of financial institutions. The next wave may very well take out your job, your car, your home and your bank account.

So should the bailout be approved? As my brilliant husband summed up: "It's like if your teenager comes home drunk. If he is merely drunk, you let him sleep it off and suffer the consequences; if he is toxic and his life is at risk, you take him to the hospital and have his stomach pumped. It would be great if the economy could just puke its guts out but it's already on life support."

And if you're worried about the $700 Bill? Don't worry. You'll pay for it one way or another.

*UPDATE: Okay, assholes, it passed. You had better not make a fool out of me.*

Historic.

Photo by Tom Starkweather/Bloomberg News

This Wall Street giant survived the Great Depression but today, it's gone.

Story on Bloomberg.

Another Wall Street legend, Merrill Lynch, is being purchased by Bank of America.

Is insurance behemoth AIG next?

You should be very afraid.