For a long while, CNBC has been one of the White House's most fervent critics, what with all the "wealth destruction" and the support for "loser's mortgages" and Robert Gibbs' refusal to give Rick Santelli coffee. The fact that President Barack Obama didn't seem to have Wall Street's best interests at heart -- and by that I mean "didn't seem to exclusively subordinate everyone else's interests to those of the titans of finance, to whom CNBC has paid long and dearly for access" -- caused massive angst for CNBC. But now, the White House has announced their bank bailout plan, and if there's one thing that's clear, it's that all of the people who caused the economy to crater in the first place will not be held in any way accountable, and will in fact receive a sweetheart, no-risk stake in the farcically-named "public-private partnership" that will buy up toxic assets and give the taxpayers a haircut if they end up being as toxic as the name suggests.
So guess what you're hearing out of CNBC today? Total change in attitude! Erin Burnett and Jim Cramer made an appearance on the Today Show and brought everything but the pom-poms. Burnett offered the heretofore-considered radical opinion that people needed to be patient with the stimulus package! "One of the things that's finally happening," Cramer remarked, "is that assets are finally going up." YES! Inflated value! It's finally happening, for assets! It's a frabjous day for assets! Along the way, broad predictions that lending would be coming as early as springtime. And executive compensation? It needs reform! But let's not get too reformy.
"The President has become pro-shareholder," Cramer enthused.
"Uhhhhlll-right," croaked Lester Holt, dimly.
By the way, Cramer feels great about the fact that bank nationalization is "off the table," so please, nobody tell him about this.
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