On an aside, you can't always blame somebody for passing on bad information. CNBC was given bad information from company CEOs and acted on it. The White House, the British Government, the French and just about everyone else was given bad information about Saddam Hussein and acted on it. People lie to survive, make money, and advance. People will be taken advantage of. Does it hurt? Yes. Will we stop it? No, you can't change human nature.
Lastly, when it comes down to it CNBC is not even near the top of the list of villians surrounding this mess. As long as people were making money they were going to turn their heads. The SEC knew what was going on and it did not act. As long as home prices continued to climb who was going to say anything? As long as the stock market rose who was going to stop it?