I have been discussing back and forth with Dennis Kneale the war he seems to have found himself with the bloggers. As was pointed out last night by Bill in SF, some viewers are less than enthralled with Dennis’ channel.
Here’s one such viewer’s take on the cable channel:
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click for larger graphic
photomontage courtesy of nilsonb
Hat tip: Bill in SF
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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July 24th, 2009 at 11:05 am
I have been discussing with Dennis Kneale his war with the bloggers.
Care to elaborate?
July 24th, 2009 at 11:06 am
Soon . . .
July 24th, 2009 at 11:10 am
That’s one war Dennis won’t win. He picked a fight with the wrong group. It might increase his ratings, although I won’t his awful “show”.
July 24th, 2009 at 11:10 am
Talking to Kneale ? Whatever for ?
From here, he seems like an irritating little snot with the intelligence of a turnip.
July 24th, 2009 at 11:16 am
sysin3:
This is what I don’t get. Off camera Kneale is probably somewhat intelligent. So why does he(and all the others like him) feel the need to act so idiotic on camera? Is it a tacit acknowledgment that they have to skew the broadcast?
July 24th, 2009 at 11:21 am
Calvin:
beats me. Maybe they’re going after Jerry Springer’s audience.
July 24th, 2009 at 11:21 am
@Calvin: Of course. It’s all about sponsors. They know who their masters are. They might as well just call themselves the “Home Corporate Sponsor Network”. At least Home Shopping TV doesn’t call itself one thing and do another. They are what they are. CNBC is a fraud (as are many others in the MSM).
I also would like to think that Dennis knows better but I’m not so sure.
July 24th, 2009 at 11:32 am
Kneale is absolutely a disgrace. He’s easily one of the worst business “journalists” on tv (or in print) – and I use the term journalists VERY losely. I am just amazed that he ever got a job being on TV and spouting that crap that comes from his mouth. Oh, wait, he works for CNBC, that explains it.
July 24th, 2009 at 11:33 am
@Calvin: You’d look like that too if you had Immelt’s arm up your ass like a hand puppet while whispering sweet administration cheers into your earpiece.
Anyone ever notice how uncomfortable the regulars (I can’t bring myself to call them journalists) on the set are when any guest suggests that the Kool-Aid may be tainted?
July 24th, 2009 at 11:36 am
Edward R. Murrow these guys at CNBC ain’t.
I’d be more impressed — and hopeful of something more than Jerry Springer — if the conversation was hosted by Columbia or Northwestern.
I posted the other day on a different thread my opinion that there are certainly valid and important points to be made distinguishing between blogging and journalism, but personally I couldn’t give two shits what Dennis Kneale or Charlie Gasparino think because they have no credibility in either camp.
July 24th, 2009 at 11:39 am
Say what you want, but I think Dennis is sexy! Move over Clark Kent…lol.
Another thought: why is it as the market moves higher the same old reasons for yet moving higher again, are taken out and re-hatched. How many times can the same one song-and-dance, be relevent? S&P 1150 here we come!
July 24th, 2009 at 11:44 am
@Justin: I had similar thoughts this morning and have decided to sit and wait and try and be patient (not my forte) with this run up, and most importantly, get out of my remaning longs slowly but surely. Not to be a shill for Barry’s book, but reading the first 100 pages the other night merely reaffirmed that a senseless run up in the market can occur for a LONG period of time simply based on the idea that the feds will always be there to support asset prices. It’s really as simple as that. I only wish I had listened to karen a bit more seriously a while back (not too proud to admit that).
July 24th, 2009 at 11:44 am
man, how demoralizing is it (if you’re a bear that is) that MSFT can be “whacked” for 10% and the DOW is flirting with positive territory.
July 24th, 2009 at 11:45 am
It’s not just Beaker ;-)
You see that Gasparino got Xing Wall St. involved too
http://www.crossingwallstreet.com/archives/2009/07/gasparino_respo.html
July 24th, 2009 at 11:52 am
@bubba: Think we all need to sit back and enjoy our summers, and come back ready to go this fall when The Fall part deux will be upon us.
July 24th, 2009 at 12:01 pm
@mannwich
agreed. just rein in my shorts and puts. I’m done for now.
July 24th, 2009 at 12:05 pm
I certainly don’t think any of those on-air blowhards are unintelligent, quite the opposite. Somewhat like our last president. Nobody gets to a position that high if they are actually dumb. But pretending to be dumb, on the other hand…
Kneale/Hannity/Limbaugh/etc are meant to be entertainment, not news, and they tell the viewers what they want to hear. If they reported real news it’d upset the advertisers…
Reminds me of an appearance by Olbermann on Maher’s Real Time, where Olbermann was relating a story about how he ran into Hannity out and about one night, and Hannity apparently asked him “Can you believe that people actually think we hate each other?”… Keith shuddered.
July 24th, 2009 at 12:11 pm
Hello Barry:
I’d respectfully submit that many bloggers have a valid reason to remain anonymous. Doris Dungy aka Tanta helped break the Subprime Real Estate disaster and she did so remaining anonymous until her death brought on by cancer.
Her reason wasn’t to hide in her mommy’s basement as Dennis Kneale asserts when he lambastes bloggers for remaining anonymous.
Her reason was so that she could continue to work in here field.
I don’t want to slam Dennis Kneale, I’m not saying this to be mean: I don’t think Dennis is economically savvy enough to understand the dynamics at play in the economy and therefore is quite off on his predictions. Personally I have found 25 blogs that lay waste to CNBC. Cramer and Kneale are entertaining, but I wouldn’t listen to them to invest.
We have 6.5 trillion in CRE coming to shore, followed by 1.5 trillion ins Alt-A’s and Option Arms. If 1.5 trillion devastated the economy in 2008 what will 8 trillion do? Not to mention that health care and cap and tax alone could knock it off it’s feet. Toss in the wild card like H1N1 and I think you’d have to be an absolute moron to go on on national TV and proclaim the end of the depression/recession.
I won’t even mention U3 and U6 of 26,000,000.
I’d debate Kneale anytime and any day.
July 24th, 2009 at 12:24 pm
@Dogfish: But here’s the thing – - I don’t think that most of the public takes it that way, so these guys are doing a major disservice to the country. It’s why I don’t watch any of them anymore.
July 24th, 2009 at 12:27 pm
kneale may well know something about tech, but on macro stuff and fx/bonds/asset-allocation he is way out of his depth
sometime in the last 6mths he actually blurted out that owners of bonds should be happy that yields are rising (when the 10yr bond was selling off) since they’d be receiving a higher yield – *ALL* the others on the set registered looks of dismay/shock/disgust/revulsion until they quickly switched away to someone else (so that the set could recover) and from thence to commercial – not unlike when gasparino dropped the f-bomb while live on the air (which was quite entertaining)
i don’t hold gasparino to a higher standard cuz he only holds himself out as an inkstained wretch who cultivates contacts (and i really don’t think he makes things up), lacks most social graces and would be a great fellow around a bar/pub/party
kneale gets involved in discussions where for the most part he should just remain silent and keep everyone else’s coffee/water topped up
i used to think ron insana was the best of that bunch but now he has some strange straddle-state going on where he’s both a commentator/eminence-grise and a market participant (how much of the latter is an open question)
carry on
July 24th, 2009 at 12:35 pm
CNBC = the Home Shopping Network for financials.
If the gals showed a little more leg, it would be no more a news show than Fox.
July 24th, 2009 at 1:00 pm
I cruise through several sites a day and the only three on CNBC who regulary get favorable mentions are Cashin, Faber and Santelli. Not necessarily in that order.
July 24th, 2009 at 1:11 pm
Here is another example of CNBC journalism. We have a report out http://market-ticker.denninger.net/archives/1245-CNBC-Attempts-Assasination-on-Barofsky.html that should have brought about an interview with Geithner, and instead they shoot the transparency messenger.
I’ll take my 25 bloggers for economic advice – this is why I don’t have TV.
July 24th, 2009 at 1:18 pm
A principle reason for so much blogger backlash against CNBC et al is that they have not held the financial community accountable for their behavior. In fact they are often nothing more than a podium for public abuse. This video is making the rounds today and speaks to this point. It is so popular because it is refreshingly up front and simple enough for the general public to understand. Dennis Kneale would not share this viewpoint contained in this video I’m certain of, and is why he is the angst of many pissed off bloggers that do. In fact Dennis Kneale would largely defend the actions of those highlighted as guilty in this video, and CNBC would seek to profit. If CNBC was simply a news outlet back in 1944, would they have printed papers with plans of the D-day invasion if they had found out about them a day or two earlier. This clash of responsibilities lies much at the heart of CNBC vs. blogger battles. Or more precise, who does CNBC view as their constituency, their real constituency. It’s Cromwell vs. the Monarchists all over again IMO.
http://zerohedge.blogspot.com/2009/07/ratigan-spitzer-and-toure-clarify-feds.html
July 24th, 2009 at 1:32 pm
As I have said here before, those looking to the Corporate Media to save the day – or hoping to “reform” it – are going to be deeply disappointed.
But, hey, go knock yourselves out. Once in a blue moon their interests actually align with yours. It only lasts for a millisecond or two, so don’t blink, and keep your hand on your wallet!
July 24th, 2009 at 2:02 pm
GregMoon:
They aren’t pro-administration. They are pro-Geithner/Bernanke. It doesn’t matter what’s good for Main Street, just what is good for Wall St. And the two are not the same obviously, despite the wailing from idiots like the U.S. Chamber of Commerce.
July 24th, 2009 at 2:05 pm
franko:
You believed Ron Insana? Once he quit to start the hedge fund, it only confirmed what I figured. And I laugh when I think about how long the hedge fund lasted. And CNBC still thinks he’s one to turn to for advice?
July 24th, 2009 at 2:11 pm
Hey, if we didn’t have Kneale, who would we fade?
July 24th, 2009 at 2:17 pm
Enjoy this video which has been going around fast lately.
I give more credit to Ratigan now than before.
http://zerohedge.blogspot.com/2009/07/ratigan-spitzer-and-toure-clarify-feds.html
July 24th, 2009 at 2:33 pm
As has been pointed out elsewhere, there is a long and proud history of anonymous writers who have called out the establishment for it’s failures, wrong doings, and propaganda. There were many who put out pamphlets during our very own revolutionary times under the cover of anonymity. There is very good reason to do so, and it does not harm their credibility. Judge their words on their merits. The powers that be want them out so they can crush them.
This is simply and very transparently a campaign to try to discredit the bloggers who challenge the mainstream media and pick away at their credibility. They are desperate.
July 24th, 2009 at 2:37 pm
As for CNBC, it’s so bloody obvious that their parent company, GE, is driving their slanted agenda and modus operandi. The cheerleading is crucial to their viability. They have no objectivity. And the more they open their mouth, the more obvious it is.
July 24th, 2009 at 2:40 pm
@Mannwich 12:24
I completely agree. Unfortunately, profit comes before country for most businesses (as it should be, actually… the problem is the influence we give them in our government), and most people lazily outsource their thinking to “experts”.
I don’t know of any good solutions. The best I can think of would be the return of some good old FCC regulations… like restrictions on station ownership to encourage a decentralized media, and somehow changing the profit incentive of news programs to be driven by viewers instead of advertisers. Doubtful either would never happen.
I write that, but then I realize the internet addresses the problems, we’re just in a transition period right now… The important thing in that regard would be to maintain net neutrality and be wary of corporate control of such… But then people will fall for astroturfing just like they fall for corporate news… and be convinced by same that a tiered, censored internet is essential for our growth, prosperity, and security… after all, terrorists can use it to spread their messages of hate against our freedoms… and anybody with a blog can slander our patriotic corporations who are just looking to provide us with the best experience possible… nevermind the sweatshops and industrial pollution… here, have some more flouride in your toothpaste, we scraped it fresh from the smokestack this morning… that’s when it’s best for your teeth, just look at this report we paid to have written that proves it…
In a way, this is a fight against the exploitation of psychology and human nature. But then that type of exploitation is a major component of the flavor of capitalism in our country…
Here ends my ramblings on this subject. This is what happens on a light work day after a few beers and a small bit of some other recreational material.
July 24th, 2009 at 2:50 pm
@WaveCatcher
Buffett
July 24th, 2009 at 2:52 pm
“Hey, if we didn’t have Kneale, who would we fade?”
Trust me they have enough clowns…but i agree he is the best of all clowns.
July 24th, 2009 at 3:02 pm
a little bit OT (but supposedly he DID say this on CNBC, so maybe not) …
“Billionaire investor Warren Buffett said now is a good time to invest in stocks, despite the Dow Jones Industrial Average topping 9,000 for the first time since the beginning of the year.
Speaking during a live interview Friday morning on the CNBC television network, Buffett said he would much rather own stocks with the Dow at 9,000 than have a long position in U.S. Treasuries right now.”
http://www.bizjournals.com/pacific/stories/2009/07/20/daily56.html
Or maybe this is just his way of dissin’ Treasuries … saying that over-priced stocks are a better bet …
I think Warren wants some sheeple buying for him to sell into … or is that too cynical, to expect that of public pronouncements from people who make their living in the markets?
July 24th, 2009 at 3:06 pm
I like the Kneale headline-
“Dennis Kneale: Dow to $300,000by Next Week”
could happen- especially now where any sense of reality has been thrown out the window
and then this headline almost seems to be what’s happening-
“CNBC Opinion: Why Economy Unnecessary for Rebound”
and there we have it- economy not a factor- especially when large sums of cash can be generated at will- out of thin air- why work for it
July 24th, 2009 at 3:12 pm
@ahab — didn’t you mean to say “… especially when large sums of cash can be generated at will out of the airwaves — why work for it”
That would seem to fit the CNBC modus operandi. That’s how I read it, prolly just a typo.
July 24th, 2009 at 3:49 pm
Kneale’s media journey: Forbes Magazine —-> Fox News (Forbes show) —-> CNBC I wonder where he gets it from??
One thing about CNBC is that it is run by NBC Universal, not by NBC News. Therefore, they are meant to be entertainers not journalists….what a sad state of affairs.
July 24th, 2009 at 4:36 pm
Aren’t all of the broadcasters’ (excepting PBS) news operations part of their respective “entertainment divisions”?
July 24th, 2009 at 4:59 pm
Please ask Dennis why CNBC is starting to resemble WWE. It feels like the pathetic attempt to generate eyeballs by any means necessary while the house burns to the ground …
July 24th, 2009 at 6:28 pm
Dennis Kneale is simply there to provide cover for Caruso-Cabrera…and vice-versa. In October she suggested that the true measure of the strength of a currency is based on the strength of the country’s military. This week she compared California to Iraq while discussing the state’s financial difficulties. She looks good in a tight sweater…but perhaps she should quit CNBC and tour with Ann Coulter so that she can blather on about whatever she wants without letting the facts get in the way.
Meanwhile, Ernie is back on Sesame Street, wondering when Bert went berserk, left the hood, and started spewing uninformed pablum under the stage name Dennis Kneale.
July 24th, 2009 at 6:40 pm
“Dow Now Driven by Kudlow’s Coke Use!!”
LOL
July 24th, 2009 at 9:10 pm
That graphic’s absolutely brilliant!
July 24th, 2009 at 11:03 pm
@Quonk
“Dennis Kneale is simply there to provide cover for Caruso-Cabrera…and vice-versa. In October she suggested that the true measure of the strength of a currency is based on the strength of the country’s military. This week she compared California to Iraq while discussing the state’s financial difficulties. She looks good in a tight sweater”
—
AGREED
She looks good in a tight sweater… I’d say GREAT…But not as good as Liz Claman (in the same)…That’s all this DUMB ASS can add…
July 25th, 2009 at 12:17 am
[...] More interesting comments by Dr. DoomBlogger Response to CNBC | The Big Picture [...]
July 25th, 2009 at 1:38 am
When I first started trading in 2000, it became crystal clear early on that if you wanted to trade the first thing you’d do every morning is turn off the G****** TV. Why do all of you know so much about CNBC if you dislike it so intensely? Their job is to broadcast anything they feel like and your job is to make money. Get over the fact that the two are in conflict. What’s called news today is entertainment, where’s the big surprise. NEWS = Nothing Ever Worth Saying.
My trading “uniform” back in 2000 consisted of jeans and a T-shirt that I had made that stated
CNBC, Corporate News Bullshit Central. At the request of two anchors at that time, one of which is still on the air, I sent them each a shirt, about a month apart. It took two of them to realize it was an insult, because after the second shirt arrived I was no longer an e-mail buddy. Gee, was it something I said? Now, are these people you really want to listen to for any kind of advice?
CNBC, also could stand for Cheerleading No-Brains Crowd, or CNBC – Complete Nonsense Broadcast Continuously.
Do you actually think Judge Judy’s courtroom is indicative of actual courtrooms across America? If so, I guess you think CNBC actually has a purpose.
July 25th, 2009 at 7:38 am
So, being the skeptic of skeptics that I am, I was giving the whole MSM vs. blogosphere topic some consideration. I must point out that I do like to frequent Ritholtz and I think Barry is a stand up guy. However, on the other hand I think it is imperative that people be aware that some people will do ANYTHING for money, power and control.
I find this to be an interesting topic considering the whole Dennis “the recession is over” Kneal story and the fact that I recently saw a clip of Jim Rogers stating that he isn’t affiliated with one of the blogs published under his name. I really don’t think the anonimity issue is overly relevant as with the technology and intelligence services we have available anyone responsible for hosting domains that might publish outright falsehoods or systemic threats could most likely be tracked down with enough effort. Besides, it is not like jouranlists within the mainstream media who go by their “real” names have not been known to cast outright lies in the past.
All successful traders understand that when placing bets on market direction you are essentailly doing battle with an opponent. I am not writing this regarding any specific financial blogs but, I don’t think that at this point in time anyone can rule out the possibility that large corporations, institutions or hedge funds might actually resort to using what appear to be small time homemade blogs to intentionally mislead readers or provide disinformation.
I do not care to endorse any of the big MSM financial news outlets even despite the fact that I understand the place and importance of programming in modern civilized society. Rather, the message I am trying to convey is that readers should take into consideration the “art of war” when it comes to money and course of empire. Psychological operations come in many different forms, some of them slick and well capitalized with the backings of governments and some of them grass roots and reliant on individuals. Just because a blog looks to be put together by a flunky in his mom’s basement doesn’t necessarily mean that it is.
BR, I would love to know your thoughts on my ramblings and, if by some chance you have the opportunity to question Mr. Kneale about wheter he thinks that large corporations might actually resort to such shenanigans it would also be greatly appreciated.
July 25th, 2009 at 9:39 am
The most prescient financial news reporting this year has ironically come from the Daily Show. Jon Stewart gets it at a level that most of the captured journalists do not.
Dennis Kneale is not a serious journalist. At a time when we most need accurate truthful financial news, Dennis gives us Pepsi Light.
Just not interested.
July 26th, 2009 at 11:04 am
I must say I really enjoyed Jeff Macke’s last visit on his show. That was absolutely hilarious!! I just wonder who bet Jeff would not do it. Well, He did it!! Now pay up! :) LOL!!
Oh God, I loved it!!
Thanks Jeff! He and Us all deserved it. It was great!
Thanks again.