We talked about the Armageddon Gang over the weekend, and I mentioned I needed to introduce Mike Panzner to Larry Kudlow. I shot the post over, and Panzner was on last night.
Be sure to watch til the end — Don Luskin uses a Mae West line, and it very well may have been the funniest thing ever heard on Kudlow (at least since my fluctuate crack)!
Kudlow & Company April 2, 2007
Ole’ Don Luskin. I realize that most investors have fairly short memories,but does anybody remember his 2000-2002 fund debacle? He was a commentator on Realmoney until they carried him out down 50-60%. 55 institutional investors as clients…are you kidding me?? They’ll carry him out again…guaranteed! The talking head business know’s no shame.
Luskin certianly is slick…
Luskin- What a POS.
This “contrarian” wants to buy stocks because of a book out on “financial armageddon”. I wish Lanzer had pointed out that for every one such book, there are probably 10 other books asking people to keep on buying. Not to mention the cheerleaders on TV asking people to do the same.
Incidentally, in 1999, there were several books with titles such as “irrational exuberance” or “bubbles” and/or “financial collapse”. On a a contrarian note, did he actually buy stocks in 1999 or 2000. I’m sure he did.
Now this POS is advising institutional clients. Go figure.
Smugness is so unbecoming (a la Luskin)
Larry Kudlow has been definitely more fair and balanced lately. I enjoyed watching his latest shows.
As far as Luskin, he is simply Luskin and he always will be Luskin.
Luskin has predicted the following:
The FED will raise
The FED will overshot
Gold to $1000
Stock market will hit new highs
Stock market will then drop.
He claimed credit for predicting the market correction of February. He even patted himself on the back. I recall him saying the correction would come only after a FED rate increase. Maybe I missed something?
Panzner says sell already and Luskin says sell on a Thursday in the fall (Oct?). Compromise: sell in May and go away? Me, I’m already gone.
Luskin was funny , but you had me in stitches …. that “line” is spreading quickly
Video for Luskin: “America’s Cash Flow is Drying Up” by Rich Gordon (Wachovia)
http://video.msn.com/v/us/money.htm?g=82D9B768-7ADF-4A93-9A9B-37FB61FCF3FA&f
Video for Kudlow (for laughs): “Oil Prices and Pirates”
http://www.cnn.com/video/player/player.html?url=/video/business/2007/03/26/kathleen.madigan.oil.cnn&source=money
It’s been a while since I’ve heard or seen Don Luskin. I too also read some of his articles back when he was on RM. I didn’t realize he had so many critics!
From Wiki, for whatever it’s worth…
In August 1999, during the tech bubble, Luskin and partner Dave Nadig started the MetaMarkets Open Fund, the first mutual fund to publish trades and list its holdings in real-time via its website…At its peak, MetaMarkets received 16 million dollars in investments, and Luskin’s biggest bets included companies like MCI WorldCom and Lucent Technologies. However, Open Fund lost more than 75% of its value before it was liquidated in the summer of 2001…Critics argue that Luskin knows very little about economics and makes errors so extreme that he must either be fundamentally incompetent at handling economic data, or indifferent to the veracity of his statements…On his own blog, Berkeley economics professor Brad DeLong publishes an “Intellectual Garbage Pickup” every quarter with errors he finds in Luskin’s work, and in January 2005 he called Luskin “The Stupidest Man Alive.”
Luskin could be the poster child for ‘style trumps substance’ except that, alas, he rather critically lacks both of the necessary components.
Short take: Luskin engaging in homo-erotic bull market fantasy, bragging about his Kudlow-induced half-chub…. not that there’s anything wrong with it.
Yikes.
Its clips like that one that reminds me why I don’t watch Kudlow.
It is my belief that financial television does not attract the best and the brightest, but only the most sensational. Producers are after ratings, and so they tread the line between being sensational and ridiculous.
It would be easy to trash Luskin here. I’m not going there. I’ve been writing about the issues that Panzner has raised for about 15 years now… he will eventually be right, but the willingness of the system to ignore the long term ramifications of debt and off-balance sheet liabilities is so amazing, we must be in America.
This is why I have been arguing that the real reckoning comes at latest between 2012 and 2017. At that point, the demographic summer fades into autumn, and we have not stored up for winter.
per Barringo:
“I shot the post over, and Panzner was on last night.” end quote.
—
Now, all I can say is that’s service and attention if I’ve ever seen it. It’s also the reason I’d rather be read here than unread anywhere else.
Thanks for lettin’ us borrow your blog, Barringo… The worthy will get read… the unworthy will just be ignored.
Say, you know anybody on the Nobel nominatin’ committee?… Recken eu-cud put in a good work for old Eclectic?
I’ll lighten up on you about the 10-y-T if you will. Speakin’ of such:
http://finance.yahoo.com/q/bc?s=%5ETNX&t=3m
But, I wouldn’t get my panties in a wad if I were you, not yet anyway. Maxwell’s Silver Hammer is probably just around the corner:
http://tinyurl.com/ckkhy
It would be diverting to see an audit of Luskin’s purported clients.
The Take-A-Wish-Away Foundation
D.E.T.M.P.S (Don’t Ever Touch my Porsche Society)
The Coalition to Deport the Homeless
Douchebags Without Borders
Fifty-one more to go…
Is it left or right to Armageddon? Is it easier to get there if you have almost no reserves. The U.S. has less currency reserves than Bill Gates or Warren Buffet:
Bloomberg
U.S. Pockets Aren’t Deep Enough to Win Yuan Row: William Pesek
By William Pesek
April 4 (Bloomberg) — Almost two years after a modest currency revaluation, China is still thumbing its nose at U.S. demands for big gains in the yuan.
http://www.bloomberg.com/apps/news?pid=20601039&sid=aJtWumpYQCbk&refer=home
Eclectic-
After watching your clip, I AM VERY CONCERNED FOR YOU MAN!
I have another question:
1) Nightly the FED issues it’s REPO rate (M3). 4/2 it reduced the REPO by $0.5B, thus sucking some gas out of this inflated market. I got a copy of the Professional version of Wallstreet Excaminer.
Q: is there a free URL/place to find out the nightly REPO funding to gauge the next day’s PPT action?
2) 4/16 is a funding paydown date. Ok, I’ve heard this is when Fed tax receipes come in and buy down short term debt. What stock markets effect does this date or event have?
tnx curt
Keep the music keyed:
“Bang-Bang Maxwell’s Sil-ver Hammer
…came down u-pon her head,
http://tinyurl.com/28kkcm
-da-da-dum-dum-
Bang:
http://tinyurl.com/2de9yd
Bang:
http://tinyurl.com/ynwswx
Maxwell’s Sil-ver Hammer
…made sure that she was dead!”
—
One can never know what slams the hammer down, but there’s plenty of potential this week. Most rational theorists assume housing will eventually get into employment… the question has just been “how, how much and when?”
It’s possible we may have the first hammer in approximately 30 min at 8:15 Eastern, although it hasn’t fallen yet.
—
ArkMMay, OrrySay, Iway ouldcay otnay etgay ucoTay intoway isthay oneway.
Also, you just never listened to the words until now. Don’t worry — I’d never do anything like that to my sweet Bondie.
Well, Challenger says “no Bang-Bang” yet, and so we’ll see.
ADP – odd, odd, odd mix of observations.
So, service sector making jobs and mfg still losing jobs… okay, that figures and I suppose it’s par for the course lately.
However, we get the first real indication that something we’ve expected is indeed happening.
Service sector jobs and mfg sector jobs in large firms are declining, while in small firms they’re both increasing.
It’s good news maybe, but it’s also a likely indicator of the quality of the jobs being in a persistent decline… and that’s not good generally, and it’s also a good indicator that they are the type jobs that can e-v-a-p-o-r-a-t-e overnight.
One crisis… one incident… one mangled maladjustment of a financial macroeconomic basis, and that will change quickly.
We’ve possibly borrowed a tad more time in order to wait for that mystical and hoped-for CapEx.
Bondie may grow a basis or two taller today, but she’s got an appointment with Dr. Anke, so I don’t recken we’ll have to buy her any new clothes for a while yet.
luskins seems like a very nice person, convincing as well
I think Luskin and Kudlow are a match made in heaven and I only hope they are very happy together. I did love watching Luskin’s mutual fund implode on the webcam as even flipping IPOS like lunatics couldn’t bail out their oversized New Economy tech positions. Wow what a learning experience about ignoring trends in stock prices. No stops on those positions. REally scarily stupid and slick that dude is. Listen to him at your peril.