Hope is the magical elixir of any rebound.
– Dennis Kneale, CNBC Reports, July 1
There are a lot of idiots on CNBC (Leisman, Insana, Ratigan (formerly), Kudlow) but I think Dennis Kneale is the biggest one. His basic rationale is to apply the self help industry’s key premise, positive thinking, to the economy and investing. Kudlow subscribes to this premise as well, but perhaps not as strongly as Kneale. The claim here is that this recession is to a great extent a mental event, the result of pessimism. Therefore, optimism and positive thinking could get us out of this economic funk and itself provide fuel for a recovery.
Apparently, he has been going after the blogosphere for its negativity in his show on CNBC at 8pm EST that nobody watches. I never watch it. Frankly, I have a hard time watching Cramer because of the racket. But at least Cramer has a lot of valuable insight into stocks. Kneale, by contrast, is a complete moron. He is notable for his ability to get everything completely wrong. He is the perfect contrary indicator. You can almost be certain that the exact opposite of anything he says is true. And I’m more serious than joking.