Nothing like the financial world going to Hell in a handbasket to give the ratings a goose.  Sunday night it was like a frat party when a special live edition on the network pulled in virtually everyone on the payroll - almost expected Liz Claman to show up; even Cramer and Maria Bartiromo were there via telephone.  Already overloaded with headlines and chyrons, every word that drops from a CNBC correspondent's mouth these days is "breaking news", "unprecedented" or "historic". BREAKING NEWS: Joe Kernan joins the ACLU.  UNPRECENTED: Dylan Ratigan takes a breath.  HISTORIC: Mark Haines puts mustard on his fries.  (I actually prefer to listen to Bernard Lo on Bloomberg, a lot less drama and a lot more in depth info.  This evening he opened Bloomberg Live by saying, "Look for more damage today after that big mess on the Street.  Sorry to tell you that but truth is truth.")  With all the backward analysis on CNBC, it's odd to me that they have yet address the questions I have about AIG's sudden fall:  What part did those AIG laughing babies play in the debacle?  Are they responsible?  Can they be prosecuted?

My understanding - and trust me, it's very rudimentary - is that the financial arm of AIG got dragged down by the plunge in value of the credit default swaps it took on a lot of mortgage paper, particularly of course subprime. Its credit got downgraded (Is anyone as skeptical as I am of downgrades by stock analysts and credit rating agencies?  These people can't take care of their own companies and their giving opinions on other companies?  Plus, it all seems rather incestuous; like grading your sister's kissing ability.) and it couldn't sell assets quickly enough to have the appropriate cash on hand.  No one on Wall Street or anyplace in Europe or Asia where AIG does a large part of its business would put any chips in the pot so it was left to the Fed to write a check for 85 great, great, great, great big ones.  Although as Ben "I am the Truth and the Light, no one comes unto the discount window but through me" Bernanke says, he's got $800 billion so this ain't that much.  Fortunately for all of us, Nancy Pelosi has promised hearings into how all of this (you remember Fannie, Freddie and Lehman, right?) happened, so I'll rest easy tonight.  Just like I did when the Dems took both houses in 2006 and I went to bed knowing it wouldn't be long before we were out of Iraq.  

Take some advice from me, Nancy, your first witnesses should be those babies, bet they aren't laughing now.