CNBC is still out of touch

More evidence of how and why CNBC helped to ruin our country and journalism.

Money quote:

“Gasparino interjects.

‘Here’s the difference between what’s going on on Wall Street and in the auto industry,” he says, closing his eyes and shaking his head for a split second of contemplation. “The auto industry did not destroy the economy. . . . The auto industry did not destroy the economy. And that’s the problem that Wall Street has. I have so many friends on Wall Street, and I hate class warfare and Larry, you and I had this discussion three years ago when [former Bear Stearns CEO] Jimmy Cayne made $40 million . . . and you and I said, well, based on the numbers, and what he’s done . . . we thought he deserved it! But in retrospect, when you think about what he did, what they did at every firm, the leverage—and it’s not just the leverage but what they leveraged with—and the fact that: they destroyed our economy.’”