This video clip is swirling around ... showing a CNN supervising producer saying the network's coverage of the Russia/Trump investigation is "mostly bulls***" but it's being covered to death for ratings.

John Bonifield, CNN's supervising producer of the network's health unit, is caught on undercover video saying the network is getting great ratings from trying to tie the Trump Administration to the Russian interference in the election.

Bonifield says CNN doesn't have the goods, but it's nonstop coverage is all about attracting viewers.

The video was produced by James O'Keefe, the founder of Project Veritas, a super conservative blog.