CNN rewrites history: No longer "America's most trusted news source?"

Another news alert from CNN, this time the "AMERICAN MORNING QUICKNEWS:"

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TOP STORIES
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MARKETS MAYHEM AFTER U.S. BAILOUT FAILURE

Investors continued to dump shares Tuesday after U.S. lawmakers unexpectedly rejected a Wall Street bailout plan, triggering the largest point drop in U.S. market history.

...FULL STORY

STOCKS CRUSHED

Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

...FULL STORY

BE AFRAID!

Oh please.

First problem - CNN - is that we have other news sources, so there is a difference of opinion as to whether this was the worst drop in history. The New York Times - and they are in fact right there in Wall Street land - compares it to 1987's Black Monday, but doesn't scream "panic!" at us.

And CNN -- its fine that you decided to round up from 777 -- but lose the 'biggest single-day point loss ever' unless you intend to back it up. Now you're trying to trump the Great Depression. Get over it. We're not afraid. We now know there are greater things to fear than fear itself: we fear the collapse of the dollar which would be far, far worse than this Wall Street tantrum.

Another questionable assertion in this CNN alert: "U.S. lawmakers unexpectedly rejected a Wall Street bailout plan"....?

I'm sorry, but the passing of the bill was always questionable and in no way expected. The stock market should have known this well in advance.

Perhaps to CNN's cynical ownership - and even the cynical stock market - the fact that congress actually listened to the people and to their collective consciences was indeed unexpected. But anyone who was paying attention realized that there was quite a bit of doubt yesterday morning as to whether the bill would make it through both the angry progressive Democrats demanding greater protection for the taxpayers (Republicans as well,) and the conservative Republicans demanding that the market regulate itself - and that includes paying for its own bailout.

This breaking news alert is total hogwash, designed by its wording to strike fear into our rebellious, unrepentant hearts.

Obviously CNN is no longer the most 'trusted news source' they claim to be. They received their talking points memo from the White House, and are going full 'fear tactic' in their reporting.

I'll stick with the New York Times, thank you. Americans and the brightest economists in the nation are all greatly relieved today. CNN can go sit in the corner and sulk.

Here is a more calm and reflective (not to mention informative) news release from the New York Times:

For Stocks, Worst Single-Day Drop in Two Decades

Even before the opening bell, Monday looked ugly.

But by the time that bell sounded again on the New York Stock Exchange, seven and a half frantic hours later, $1.2 trillion had vanished from the United States stock market.

What had started 24 hours earlier, with a modest sell-off in stock markets in Asia, had turned into Wall Street’s blackest day since the 1987 crash. The broad market, as measured by the Standard & Poor’s 500-stock index, plunged almost 9 percent, its third-biggest decline since World War II. The Dow Jones industrial average fell nearly 778 points, or 6.98 percent, to 10,365.45.

Across Wall Street, no one could quite believe what was happening on the floor — the floor of the House of Representatives, not the New York Exchange.

As lawmakers began to vote on a $700 billion rescue for financial institutions, the Voyageur Asset Management trading desk in Chicago went silent. Money managers gaped at a television screen carrying news that seemed unthinkable: the bill was not going to pass. Shortly after 1:30 p.m., the rescue was rejected.

Once again, the New York Times (with perhaps a greater grasp of history) reminds us that this has happened before, 20 years ago. Most of us are old enough to remember that day. The world didn't end, and neither did the stock market. It does appear that Wall Street expected the bill to pass... but anyone listening to the congressmen themselves wouldn't have been anywhere near as convinced.

Considering the alternative risk of 'crushing' the dollar itself -- I think most Americans will allow Wall Street this temper tantrum. Because of course that is exactly what this is: a temper tantrum.

Anyone who has had a small child knows the only solution is to let the baby cry and scream and stamp its feet until completely spent; not coddle and give them whatever they want, virtually guaranteeing a repeat performance whenever they want something new.