Posts filed under “Financial Press”
Terribly amusing posting on the Freakonomics blog yesterday that made me check if it was April Fool’s Day:
Thanks for the compliment — I think we both know this was correlation rather than causation.
We recorded that on Monday afternoon, and they posted it early Tuesday. But if you looked at the US Futures market, you can see they were very strong once Asia opened up big.
Chalk it up to fortuitous timing more than anything else . . .
Note: This was A bottom; whether its THE bottom has yet to be determined.
When Barry Ritholtz Talks, People Listen
STEPHEN J. DUBNER
NYT March 11, 2009, 1:13 PM
Thursday links: bullets dodged
Abnormal Returns, 12Mar09
Hey, Lama, hey, how about a little something, you know, for the effort, you know. * -Carl Spackler > I should take it as complement when not one but two TBP posts show up on the front page of the NYT on consecutive days. Some of this is clearly a moment of zeitgeist, with more…Read More
The incessant parade of bad advice, partisan quackery and general ignorance about the way markets work is fascinating to watch. I used to find it annoying, but now I simply use it as a way to make money. Just find the dumbest of the group, and take the other side of their trades. The latest…Read More
> On Saturday night, I referenced an interesting accusation from Playboy against CNBC: They claimed that the now infamous Santelli rant was a plant. (Rick Santelli’s Planted Rant ?) As I noted then: I have no insight as to whether this is true or not — but it certainly deserves a serious response from both…Read More
I was interviewed by several journalists last week about Rick Santelli’s Rant — my exact quote was it had a “Faux” feel to it. (I haven’t seen it in print yet)
What was so odd about this was that Santelli is usually on the ball; we usually agree more often than we disagree. He’s been responsible for some of the best moments on Squawk Box.
But his rant somehow felt wrong. After we’ve pissed through over $7 trillion dollars in Federal bailouts to banks, brokers, automakers, insurers, etc., this was a pittance, the least offensive of all the vast sums of wasted money spent on “losers” to use Santelli’s phrase. It seemed like a whole lot of noise over “just” $75 billion, or 1% of the rest of the total ne’er-do-well bailout monies.
It turns out that there may be more to the story then originally met the eye, according to (yes, really) Playboy magazine.
“How did a minor-league TV figure, whose contract with CNBC is due this summer, get so quickly launched into a nationwide rightwing blog sensation? Why were there so many sites and organizations online and live within minutes or hours after his rant, leading to a nationwide protest just a week after his rant?
What hasn’t been reported until now is evidence linking Santelli’s “tea party” rant with some very familiar names in the Republican rightwing machine, from PR operatives who specialize in imitation-grassroots PR campaigns (called “astroturfing”) to bigwig politicians and notorious billionaire funders. As veteran Russia reporters, both of us spent years watching the Kremlin use fake grassroots movements to influence and control the political landscape. To us, the uncanny speed and direction the movement took and the players involved in promoting it had a strangely forced quality to it. If it seemed scripted, that’s because it was.
What we discovered is that Santelli’s “rant” was not at all spontaneous as his alleged fans claim, but rather it was a carefully-planned trigger for the anti-Obama campaign. In PR terms, his February 19th call for a “Chicago Tea Party” was the launch event of a carefully organized and sophisticated PR campaign, one in which Santelli served as a frontman, using the CNBC airwaves for publicity, for the some of the craziest and sleaziest rightwing oligarch clans this country has ever produced. Namely, the Koch family, the multibilllionaire owners of the largest private corporation in America, and funders of scores of rightwing thinktanks and advocacy groups, from the Cato Institute and Reason Magazine to FreedomWorks. The scion of the Koch family, Fred Koch, was a co-founder of the notorious extremist-rightwing John Birch Society.”
What is Playboy’s evidence of this?
“Within hours of Santelli’s rant, a website called ChicagoTeaParty.com sprang to life. Essentially inactive until that day, it now featured a YouTube video of Santelli’s “tea party” rant and billed itself as the official home of the Chicago Tea Party. The domain was registered in August, 2008 by Zack Christenson, a dweeby Twitter Republican and producer for a popular Chicago rightwing radio host Milt Rosenberg—a familiar name to Obama campaign people. Last August, Rosenberg, who looks like Martin Short’s Irving Cohen character, caused an outcry when he interviewed Stanley Kurtz, the conservative writer who first “exposed” a personal link between Obama and former Weather Undergound leader Bill Ayers. As a result of Rosenberg’s radio interview, the Ayers story was given a major push through the Republican media echo chamber, culminating in Sarah Palin’s accusation that Obama was “palling around with terrorists.” That Rosenberg’s producer owns the “chicagoteaparty.com” site is already weird—but what’s even stranger is that he first bought the domain last August, right around the time of Rosenburg’s launch of the “Obama is a terrorist” campaign. It’s as if they held this “Chicago tea party” campaign in reserve, like a sleeper-site. Which is exactly what it was.
This looks like more than a coincidence. This is now a very serious charge.
I have no insight as to whether this is true or not — but it certainly deserves a serious response from both Santelli and CNBC. If its false, then they should say so, and demand an apology from Playboy.
But if any of it is true, well then, Santelli may have to fall on his sword, and CNBC may owe the public an apology.
I am VERY curious if there is any truth to this.
UPDATE: March 1, 2009 5:43am
Wow, talk about link bait — that was a boatload of comments on a Saturday nite! Doesn’t anyone go out anymore? It must really be a recession . . .
UPDATE 2: March 1, 2009 7:45am
Steve at the Daily Bail writes:
I publish and write the Daily Bail. I have posted a response to the allegations by Playboy magazine made against our site. I am writing you personally so that you know their allegations about me are categorically untrue. It’s unfortunate because I believe that the article did some great investigative work and then at the end they threw me under the bus for no apparent reason. Apparently, the authors just assumed we were part of this conspiracy because of my own personal excitement about the prospect of a mid-summer tea party. They never bothered to contact me for explanation or comment of any sort.
My response to their article is here. Please read it so you know just how wrong they were about me and my politics.
Santelli vs Cramer (January 2008)
Rick Santelli Strikes Again (September 2008)
Backstabber: Is Rick Santelli High On Koch?
Mark Ames and Yasha Levine
Playboy, 02.27.09 1:40 PM CST
David Reilly is Bloomberg’s new king of snark. His column this morning is another example of why media outlets should hire knowledgeable and opinionated experts and let them have their say. FT has this down to a science. I first noticed this with Michael Lewis, then Caroline Baum, and now Reilly. Its heartening to see…Read More
Newsweek covers the McGraw Hill issue; I should have an announcement on the book later this week. Here’s what the print edition of Newsweek has to say To most publishers, it would’ve been a touch of golden luck: a manuscript about the worst economic crisis in decades, written by a financial insider and finished months…Read More