Mr. Whitney gives an excellent account of how Sen. Levin interrogated Goldman Sachs Executives. A very good read.
Through persistent questioning, which bordered on hectoring, Levin was able to prove his central thesis:Obviously an important story. We are in the midst of the worst downturn since the Great Depression. Now finally there's an important hearing revealing at least a bit of the fraud that led to the downturn.
1. That Goldman puts its own interests before those of its clients.
2. That Goldman knowingly misled it clients and sold them "crap" that it was betting against.
3. That Goldman made billions trading securities that pumped up the housing bubble.
4. That Goldman made money trading securities that triggered a market crash and led to the deepest recession in 80 years.
The hearings lasted for 8 hours and included interviews with seven Goldman executives.
Now, lets see what importance CNN puts on this story. Here's a composite for their website the day after this hearing. I've circled this story in red.
Does CNN want to know its viewers thoughts on this? No. The poll question on the day after this hearing is whether we should be afraid of space aliens?
The real question is whether we should be afraid of CNN?
I wish I could tell you whether CNN showed these important hearings live. But I can't. I've used the parental blocking controls on my TV system to block CNN, FauxNews, MSNBC and the whole lot from my home. A vast improvement to my TV system that I would recommend to everyone.