Well as expected Dennis Kneale lived up to expectations tonight. We knew he would not let me get a word in edge wise, but it was worth a shot. This how our mighty media has turned out, just a bunch of loud mouthed buffoons who have opinions versus serving the public by delivering actual facts. However, in all fairness, we did call him, rightfully so, a super dip shit, but if I were childish I would now say he is a super duper dip shit.
He started out with the usual name calling I believe something to the “blogging from your mothers basement” or some other nonsense along with other name calling. Here is the kicker, he has blogged, still does as far as I know, and CNBC is FULL of blogs, but he slammed all bloggers when, in fact, we are simply commentators kind of like him, but he calls himself a journalist.
He gave me about 15 seconds to make our case, real professional Dennis, in order to rebut his “the recession is over” nonsense. His pieces of data are cherry picked and right in their seasonally high points of the year, but he would hear nothing of it. He is stead fast in his idiotic quest to be the most wrong person on CNBC in years, well at least since Dan Dorfman (spelling?). So my question is how are you going to spin it when you are proved wrong, yet again?
The facts do not lie; this is a credit problem which means credit is drying up, not expanding. Unemployment, during a credit crisis is a leading indicator, not a lagging indicator like he thinks it is. Everyone from the World Bank to the IMF have reported the opposite of what he is saying, does that stop him? Not a chance.
He quotes the durable goods indicator, but ignores housings pretty bad report today. He quotes consumer sentiment when news hit that confidence dropped today. Unemployment is horrendous, yet he is clueless about it. Dennis, this is commentating, not picking, just letting you know before you cry about being picked on by high school girls.
The facts are right there in front of you Dennis and one would think with all of the talent at CNBC you would try to obtain some real facts. The really funny thing is that you actually think you are being helpful to people when you are not. You say name calling is bad, but that’s all you do. You run over your guests like a semi and never let descent into your studio, but that is the norm for the new media who is more interested in hearing their own voice and spreading gossip about Michael Jackson or Britney versus what is really going on in the world. You were a cheerleader for financials before they lost 60% of their value, unfortunately I cannot think of much you have been right about.
Do you even know that California is issuing IOU’s and was downgraded? Do you care? I doubt it because it does not fit into your neat little box of “everything is great” mentality. Now, I could take the high ground, but why bother, Zero Hedge was nice to you, but for what I do not know after the remarks you said about them. It is also clear that you do not read their stuff, I am not sure if you would even understand it, but if you did you would see the great perspective they have and the knowledge is spot on.
I am not really sure how you go from being a technology editor to a stock market guru, but I seriously think that CNBC needs to rethink giving you your own show. Its nothing personal Dennis, but people need a place to turn in turmoil to get real info, not made up BS that is merely your opinion. You are commentating about people’s money, don’t you understand that? Every bad call you make could cost someone a lot of money.
However, I will give you credit for calling Obama out on his policies, but I am not sure if that is pandering to your audience or if you truly believe what you are saying. I can say nice things about you, but damn you are just so abrasive, at best, but let me give it a shot, “Nice glasses”??
Anytime you want to really debate, let me know and I will be there. Otherwise I would like to say thanks for letting me on tonight. One last thing, I am able to admit things IF I am wrong, but will you?
Here is a recap and some quotes from Dennis and my rebuttals:
Issue with Dennis Kneale-
1. Bad style – shouting over others, insulting others,
2. bad content – calling the recovery when it is clearly getting worse
3. bad journalistic balance – even the recent Peter Flaherty – that’s the best you can do to represent “Capitalism”?
Dennis Kneale Quote:
“I’ve said it before, let’s put it on T-shirts: Capitalism is optimism monetized. As I put it in my “Parting Shot” on CNBC Reports on Friday night, hope is the magical elixir of capitalism.”
My Response ->
Capitalism is not about hope, politicians use “hope” to sell their anti-business projects.
Capitalism is about prioritizing production and protecting legitimate property rights so people can prioritize produciton.
Today, with the chaos in government and the meltdown of the credit and banking system, there is no confidence in the ability of owners to escape rising taxes, regulations, and other means of thwarting their satisfaction of consumer desires.
Beige book “good news” (anything but – just sugarcoating bad news):
“Economic conditions in New Mexico and six neighboring states declined at a slower pace in April and May than in previous months of the recession, and businesses have “firmer expectations of improvement going forward,” the U.S. Federal Reserve reported Wednesday in its latest “Beige Book” survey of the region’s business executives.
“Consumer spending in the region was weak and is expected to remain soft, the closely watched survey said, but “an uptick in manufacturing orders helped stabilize expectations for future production.”
“The Beige Book also said that “commercial real estate market conditions deteriorated and energy activity declined further.”
Dennis Kneale Quote:
“Once we start to feel the risk of layoffs has passed, we will start spending more—consumers and companies alike. I reject the doomsday proclamations that the consumer psyche has been altered permanently; we want what we want.”
My response ->
Germany, Japan, China exports have been continuing to free-fall – exports to US Consumers, who are NOT BUYING.
Other useful links from where we gathered some info in hopes of getting a word in between useless rants:
Wednesday, June 10, 2009 | Modified: Thursday, June 11, 2009
Beige Book: Region’s economic declines slowing
http://www.bizjournals.com/albuquerque/stories/2009/06/08/daily50.html
Kneale: The Great Recession is Over!
June 29, 2009:
http://www.cnbc.com/id/31614470
US Stocks Higher After Strong Durable Goods Orders
June 24, 2009
http://online.wsj.com/article/BT-CO-20090624-707910.html
Stocks slide on dip in consumer confidence
June 30, 2009
http://www.google.com/hostednews/ap/article/ALeqM5jmT59dgLTTziX4p9X9MRBRpWZGdQD9957DIO0
Jun 30, 2009, 10:43 a.m. EST
U.S. home prices down in April: Case-Shiller
http://www.marketwatch.com/story/us-home-prices-down-in-april-case-shiller
May San Diego Home Sales Increase Revised From 89% to 6.5%
Tue, 06/30/2009
http://www.zerohedge.com/node/11787
Delinquencies Double on Least-Risky Loans, U.S. Says
June 30, 2009
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZaaKZlwiKFE
Jun 30, 2009, 10:33 a.m. EST
Consumer confidence falls on gloomier jobs view
http://www.marketwatch.com/story/consumer-confidence-falls-on-gloomier-jobs-view-2009630101600
June 30, 2009
Peer-to-peer lending is flourishing amid the credit crisis
http://www.sacbee.com/business/story/1987864.html
Turnaround Pros: Lid on Credit Still Tight
By: PR Newswire | 23 Jun 2009 | 10:58 AM ET
http://www.cnbc.com/id/31506372/
Unemployment rate at either 16% or 20%, depending on the stat used:
http://www.shadowstats.com/alternate_data
[caption id="attachment_264" align="alignnone" width="500" caption="Real unemployment numbers"]
[/caption]
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Tags: cnbc, CNBC Reports, dennis kneale, Economy, Markets, recession
Dennis is the meaning of dip shit, hope he feels better about himself, but know this he will forever look at himself in the mirror and know that he looks like Beeker.
I don’t know who would marry that peice of poop but she will hear about the Beeker thing and have to laugh when tries to poke her…. most likely in the pooper.
You did well considering the chance he gave you. Maybe he gets his advice on the “bottom” from another idiot named Cramer.