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 Quote), 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. ...