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I’m beginning to wonder if it’s time to start feeling sorry for Patrick Byrne, the Overstock (OSTK) CEO whose comments at times, such as Tuesday's, appear to be detached from any sense of reality.

Speaking on the Fox Business Channel to my friend Liz Claman, he said:

I think that there’s been an unhealthy collusion developed between certain short sellers and certain journalists. They center around your competitor, CNBC. I happen to know for a fact that there’s a fax machine in the CNBC offices where every morning hedge machines, I mean hedge funds send instructions and journalists sit around and take instructions.

Liz quickly responded:

Well I worked in CNBC and I never saw that fax machine.

Of course she didn’t, because there is no such fax machine!

Byrne, you may recall, made similar allegations against Gradient Analytics, which recently filed a counter-suit to Overstock, alleging libel.

What’s next, black helicopters?

The beat goes on….

Source: Patrick Byrne's Tenuous Grasp of Reality