Source: http://market-ticker.denninger.net/

For those of you who don’t pollute your minds with CNBC, Dennis Kneale (AKA Beaker) is a little MSM apparatchik who first achieved fame for crying on air while trying to go a week without his Blackberry, and for groping two women during a single cab ride, one of whom was a co-worker’s wife.

CNBC has become to financial TV what the Soviet Pravda was to print ‘journalism’ (the Pravda of today is at least as credible as any major US newspaper, and certainly more fun — Russia Today also offers a good perspective from outside the Empire). In contrast to GE TV, Bloomberg only seems to get more and more respectable, with actual journalists like Caroline Baum, Johnathan Weil, Matt Miller, Pimm Fox and Bernie Lo.

It is highly relevant that CNBC is owned by a publicly-traded financial behemoth with an upside down balance sheet, while Bloomberg is a private company owned mostly by a single person, an egotistical fascist IMO, but at least not a banker.

On the subject of unrecognized loan losses, Mish has an excellent post today on how extremely poorly capitalized the banking system remains.

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