« Dennis Kneale Takes On Zero Hedge...And Fails (Clip) »
Watch the clip and then read this from Durden.
Zero Hedge vs. Dennis Kneale (you decide who is the Lone Ranger and who is P.T. Barnum):
- Tyler Durden and pals have chosen the completely insane profession of blogging
- He cares more about telling the truth than his own well-being (blogging eventually kills)
- He eviscerates Paulson, Blankfein and Goldman every chance he gets
- He understands that the real issue is the trillions in debt we are leaving our kids
- He is not a fan of generational rape
- He tells the truth about what he sees
Now Dennis Kneale's turn
- When his mouth is open Kneale is spouting useless nonsense
- Kneale cares more about his ratings and stature at CNBC than anything else in life
- He is an apologist for Wall Street and sucks up to Paulson, Blankfein and Goldman
- He believes Bailouts of Failure are a good idea
- He doesn't care about your kids, the debt or the deficits
- He is visually annoying and his voice wrenches my soul
Now to satisfy Dennis who asked in the clip for an argument against his incessantly annoying green shoot mantra, I offer the following:
Housing pain is just getting started; foreclosures will get much worse: ALT-A, Option ARMs, Jumbo Prime; credit card delinquencies on the rise; the tsunami of CMBS debt that will NOT be re-serviced; unemployment has yet to peak; imploding states; imploding municipalities; the soon-to-be-out-of-control federal debt; leveraged loan defaults; deteriorating health of regional banks; inept political leadership; much higher taxes on the horizon; consumer retrenchment; the continued debt de-leveraging; and zombie banks.
There is much more to our thesis but we don't wish to overwhelm Mr. Kneale.
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Wednesday, July 1, 2009 at 12:29PM
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Reader Comments (4)
http://www.youtube.com/watch?v=g0U1vMUa2sc
Watch the whole thing if you have time...or just fast forward and start about halfway thru.
From Tyler Durden over @ Zero Hedge
I want to make a few points:
First, I have respect for Dennis - he lays out his beliefs (regardless if these beliefs are based on completely flawed foundations or not) and defends them, on prime time TV, in a "financial news" medium whose very existence every viewer realizes is contingent on not only the continued viability of massively bad debt-laden GE (due to its inextricable ties with GE Capital, which lent out more toxic second liens than virtually any other entity), but by implication, the well-being of the overall economy, as well as the continued financial support by PIMCO and other financial company sponsors who have explicit and implicit ties with the current administration, and who profit exclusively from a rising market. In retrospect, one can see where Dennis' viewers may get confused by the blurry line between a hopelessly severe conflict of interest and honest personal opinion.
Second, I want to address some points that Dennis made in his monologue. Zero Hedge received an invite from Dennis' producer Dave at 1:34 pm to appear on the show. Of course, our frequent readers realize this is a non-starter for anyone at Zero Hedge due to the nature of our operation. We countered by offering a telephonic interview at an indeterminate point in the future (and desirous of at least a 24 hour advance notice: again, frequent readers will attest that I tend to post constantly, for about 18 hours a day), and even offered Dennis a forum on Zero Hedge to directly address our readers, whom he, we assume affectionately, had some florid words for. Nowhere did we give the impression we would have a call today, and offered up a date in two weeks for an extended call, which would take place upon my return from a reconnaissance trip to Europe (ironically to check up on some of GECC's major investments in the region: stay tuned for my observations). Our overture was denied, yet somehow Dennis decided to make a point of misrepresenting the communication that took place. We provide a transcript of the email exchange earlier for our readers' convenience.
My opinion.....End result...Dennis Kneale......BLOWS