TPM had this brilliant video of the asshats at CNBC getting all excited about the Facebook IPO and then sinking into disappointment when the stock went nowhere. It's really amazing to watch these clowns as they relive those golden moments of the late 1990s when the NASDAQ hit 5000 and all the old rules were abolished. For a few months. And then came the deluge.
But these fools will continue to pretend that the last twelve years haven't happened, that the internet will prove to be a modern form of alchemy, that heroic entrepreneurs, delivering essential services like ways to post videos of your cat or inform people that you are at the supermarket, will provide us with a life of unprecedented abundance. We should all be proud as Americans to live in this the best of all possible worlds blessed as we are to call Facebook our own, to have Mark Zuckerberg as our fellow citizen. If only we would just let these great men have the freedom that they need and if only we would believe in their dreams and the value of their stock options.
CNBC is really a disturbing place to visit. All of these charlatans pretending to know something about economics, cheerleading for the rich like they are our champions -- "a lot of American wealth being generated." "People are very proud that this is an American company." Really, I couldn't give a fuck less and really can't imagine anyone I know feeling differently.
I actually can't imagine investing in something as ephemeral as Facebook by the way. I suspect that the company will prove to be only marginally profitable in the long run and will not be able to justify even its $38 a share price. And if it crashes and burns, I for one will be a happy American, reveling in the schadenfreude of it all.
