I had high hopes for Erin Burnett, after all she was mentored by my favorite curmudgeon, the late Mark Haines at CNBC. So when her new show on CNN debuted last night, I had my bowl of popcorn ready for some righteous indignation and some calling bullshit on the Masters of the Universe. Result: disappointment.
Seriously? No mention of AIG and the massive counter-party risk that was covered by taxpayers that 1) saved the biggest banks at the expense of the smaller ones, and 2) will never be paid back? Erin knows this argument but chose instead to ignore it while bullying some 20-something with her supposed airtight argument about "who made money on the bailouts". Burnett also failed to mention that more wealth is now concentrated in fewer banks than before the crash, leaving us more vulnerable than ever. No mention of the lack of regulation to prevent another disaster. Burnett gave no voice to the angst of people who lost their homes, their jobs, their pensions while the assholes running Wall Street firms-- the guys who caused the crisis-- are still there. Only one bank CEO from the major institutions was fired, and he was replaced by his next-in-command.
Do the hipsters have reasons to brood? Sure. Does Burnett have a responsibility to understand those reasons? I suppose not (and feel free, Erin, to giggle; it gives you that much more journalistic credibility.) Are the hipsters required to have a developed agenda for fixing a completely fucked up system? No.
I also like her quip at the end of the segment about the protesters wearing Lululemon clothing and using Apple products, implying some evidence of hypocrisy because these companies trade on the NASDAQ. Since when does Wall Street claim credit for the creativity of Apple, based in Cupertino, CA?
Protesters don't have a valid reason to be angry? Seriously? Mark Haines would be ashamed.