. July 16, 2008 SouthAmerica: About one hour ago I was watching CNBC â Power lunch and their talking heads were in full Damage Control Mode. I wonder if investors heard their misinformation on that program and lost a lot of money if they could sue that cable company for broadcasting misinformation that caused people to lose their shirt. Can CNBC be held liable for broadcasting misinformation to their audience? They had a segment where they were trying to Debunk the possibility that we are in the early stages of a depression here in the USA. For all practical purposes the run on the banks started with Bear Stearns, now it is the turn of IndyMac (technically the second-largest bank failure ever, second to Continental Illinois) then Lehman Brothers probably it will be the next large casualty. After that there are about 1,000 other banks around the United States in the edge of the abyss and ready to go under at any time. Misinformation is all around us and the US government is on the top of the list about giving useless economic information that people use it as if it was worth anything, then they are surprised when things go wrong when they use these information to make actual financial decisions. Basically the GPD figures are inflated, the real unemployment is at least 3 times the figure that they report on a monthly basis (as if you by under reporting they would make the problem to go away), the official inflation figures it is a joke and also away under reported (in the inflation figure they have been playing games with the way to figure out that number to show a lower figure than the actual inflation affecting the daily lives of most people in the US). We have discussed these subjects on the threads below: The US economy and the real GDP http://www.elitetrader.com/vb/showthread.php?s=&threadid=126048 The US dollar and the biggest default in history http://www.elitetrader.com/vb/showthread.php?s=&postid=1893607&highlight=unemployment#post1893607 Last night on the Charlie Rose Show an expert about the environment that gives his expert advice to the large auto makers in the United States, and he said that one year from now we will have only two major American car makers in the US and that one of the current auto makers in the US is going to file for bankruptcy in the next 12 months affecting the lives of at least 1 million Americans with all the ramifications of such demise. The entire airline industry is in trouble, major trouble like never before because of the price of gas, and in the coming months things are going to get even worse because the American people are going to cut on their air traveling plans because of economic reasons. The people on CNBC keep painting a rosy picture for the US economy, which I am sure is far from the reality of what is happening. Today CNBC has become just a damage control arm of the US government and they spread misinformation about the state of the US economy. It is like being in the Titanic when that ship hit the iceberg and CNBC is saying to the passenger donât worry about because the ocean is not that deep here anyway and please go inside and enjoy your trip. .