CNBC's Dennis Kneale calls out 'cowardly' 'mean spirited' bloggers for trashing his end of...

CNBC's Dennis Kneale calls out 'cowardly' 'mean spirited' bloggers for trashing his end of recession proclamation. Zero Hedge responds. Eddy Elfenbein weighs in. And here's 'Mike's' comeback.

Comments

[Neil459]

Financial journalism and CNBC is no different than main stream journalism.

They all think it is their mandate in life to persuade and influence rather than investigate and report.

[Swashbuckler]

The average American knows far more about nuclear physics than Dennis Kneale knows about markets or the economy.

[Archman Investor]

I just want to add one thing as an addition to my post above:

Sure, I tend to think that Seeking Alpha readers, posters, etc are smarter and better informed than the average American.
I think the forum provides a great service, for when the average American stumbles across the site looking for information.

That said, I want to repeat the statement I use over and over again and fully believe in:

CNBC and the financial media have one goal and one goal only:

"To tell people what they WANT to hear, not what they NEED to hear."

[The AntiCramer]

How does someone who clearly spends massive amounts of time researching facts and trends in the economy and financial world find the time to read all these blogs? You'd think that such cutting edge analysis would be far too time consuming.

But, if you weigh in the quality of Kneale's analysis you'd reach the conclusion that no, he doesn't spend time educating himself and yes, he does have time spare.

[Tom Au, CFA]

CNBC doesn't give equal to "dissidents" of its "establishment" views. Of course tis people are going to take it on the chin for that.

[youngman442002]

Its more than being wrong..its propoganda....the Obama government and its minuions have been told to change the public opinion. They think if people feel better they will spend. That is one of their plans to get the economy going is to get credit going again..I disagree...but you hear the same talking points from so many political hacks that it is scary to think we are being manipulated this way....but then again the average joe on the street has no concept of economics.

[j_remington]

Dennis Kneale is paid to get noticed. If his notoriety drops(ratings) then he gets replaced.

[Archman Investor]

The simple facts are as follows:

Dennis Kneale has ZERO accountability for anything he says.

He earns more bi-weekly in pay than the average American family earns in an entire year. He can afford to be dead wrong.

Dennis Kneale was dead wrong the entire time leading up to the crash in the stock market and like most, told people (though he has no experience managing money, no MBA, etc) to keep buying stocks. Yes, he even called average Americans "fraidy cats" for not buying financial stocks right before they really crashed and fell 75%.

He was part of the scheme that kept telling people to buy buy buy, all the way down from DOW 14K 13K 12K 11K 10K 9K 8K 7K, etc.

Where is the accountability? He can complain all he wants, but what he is receiving from those in the blogging community are the facts as they relate to his own cheerleading and 100% dead wrong comments.

If a network that claims to be first in business worldwide, and has the ability to reach millions of viewers, can give out opinions and suggestions to buy stocks, by those such as Dennis Kneale, who have no education nor money management experience to do so, then there should be some sort of accountability to those suggestions simply because of the reach of the network.