CNBC Blogging
Some random thoughts watching CNBC:

• Richard Selby, senator from Alabama, does not get the crisis. He is worried about an $85 billion loan as a cost to taxpayers. No mention of the alternative - the cost to taxpayers of further collapse. And he is confusing AIG's insurance business with its Credit Default Swap business - too vary different businesses. He is against and RTC- like entity.
• Barney Frank (like the Wall Street Journal's editoral page) is advocating and RTC-like company to buy distressed assets.
• Maria Bartiromo is a Hank Greenberg homer.
• Rick Santelli knows what he is talking about.
• Many anchors are fanning money market fears, which is irresponsible.
• The market does not seem to like the AIG deal.
• Gold is soaring (up 10%) and Treasury yields are dropping (going to be good for housing). Falling prices and better mortgage terms are going to start helping the housing market.
• The Dow is nearing its levels when Bush took office.
• CDS focus is overblown becuase the market for CDS is so thinly traded.