Media Taken For a Ride by Countrywide CEO

"Tell me about how you always tell the truth, Mr. Mozilo, and so wisely."

OK, so CNBC did not quite ask this particular question of Angelo Mozilo, the preternaturally tanned chairman and CEO of Countrywide(CFC), who is apparently on a barnstorming tour to scare the tuna fish out of the public about the economy.

The aim of the orange mortgage leader is apparently to ratchet up pressure on the Fed to help return his company to Good Time Charlie status by cutting interest rates to ribbons.

Damn the consequences to inflation, Mozilo wants the Fed to paper over the effects of years of goofball loans. He also seems to be setting the stage for some form of federal bailout.

Which is all his right, I suppose.

But while Mozilo goes on his one-man campaign of self-interest, the business media need to do a better job of pointing out his long trail of inconsistencies. You, the savvy investor, need to be aware of the sort of contradictory things he has said and done in the past, lest you take too seriously the things he is saying and doing right now.

How did CNBC's Maria Bartiromo do Thursday? When the subject of Bank of America's(BAC) $2 billion investment came up, Maria's first reaction was to go warm and fuzzy, to flash back decades to when Mozilo and Countrywide got their very first, bouncing baby of a loan ... a $75,000 job.