In case you missed Dennis Kneale’s tirade against iBC, here is the link: Dennis Kneale vs. iBankCoin.
Kneale, at the opening of his piece says, “I tried to reach out to the bitterest realm on Earth last night, the blogosphere, and all I got was a new load of vitriol and grief.”
The reason that Mr. Kneale is getting eviscerated in the blogosphere is because he refuses to respond to thoughtful inquiry, put forth by the bloggers. Instead, Mr. Kneale would rather focus on blogger anonymity, or on a few comments that were left, such as “Dennis Kneale fondles cats.”
Kneale’s disgust with the blogosphere is ridiculously misplaced. His disgust should be with CNBC, his producers, or with himself. It is easy to highlight ridiculous comments, not written by the bloggers themselves, rather than respond to facts and data, put forth by the bloggers. As I’ve written before, Kneale’s approach should not really be a surprise, as CNBC is not about reality, but celebrity.
Case in point: While Karl Denninger can be annoyingly smug, he has responded to Mr. Kneale with facts and data. For this thoughtful response by Denninger, Kneale grants him about one minute of air-time, and immediately throws him a red herring, in the form of a question about blogger anonymity. As Denninger finally was getting to the meat of the issue, his time was cut short by a breaking news story.
Rather than offering Mr. Denninger another opportunity on the following night, Kneale uses his two minutes to highlight some of the comments left about him on our own iBankCoin. Obviously, should Dennis really have wanted to address the data put forth by Denninger, he would have invited him back on the show.
CNBC and Kneale have attempted to play a similar game with Tyler Durden of Zero Hedge. Kneale has an open invitation to debate on the Zero Hedge blog, as well as time for an extended phone call. I am doubtful that Zero Hedge has heard any response from Kneale’s producers.
What is Kneale’s Purpose in Taking on the Financial Blogsphere?
This is all a game. Anyone who thinks Kneale truly wants a well-reasoned, insightful conversation about anything is the true idiot. Kneale’s purpose is to create drama. That is all. He is no better than a reality-show host, except his network refuses to present the reality.
Marion Maneker sums it up best:
“It turns out Kneale is haughty but wrong. The constant carping, acting out, and cartoonish behavior has been anything but bad for CNBC’s brand. In fact, it is part of a conscious strategy to take what was once a staid place where the markets themselves starred and turn it into a free-for-all with heroes and villains and a running back story sort of like professional wrestling.”
As iBankCoin received no bump in traffic from Kneale’s mention, it appears that CNBC’s strategy is working. The bloggers are the villains, out to manipulate markets, attacking the host with ad hominems, all the while hiding behind their anonymity. Kneale stirs up his viewers; the bloggers get punished in an asymmetrical debate forum that benefits no one except for Kneale, and the bloggers receive very little in the way of increased exposure.
You’re A Fad, Kneale, But We Can Work With That
The sad thing about this entire situation is that CNBC viewers may have money at risk in the markets. When one watches a home improvement show, he does not typically stand to lose thousands of dollars by taking some poor advice. Yet CNBC consistently offers awful advice, manipulates the markets by promoting rumors, watches while their viewers have lost millions, if not billions of dollars, and still does not realize that this is not a game.
I have my suspicions about Kneale, though. He may have, at his core, a moral compass.
A say this because of his recent piece about how he grew up, in Florida. I got the sense that he remembers well his humble beginnings, and part of me thinks that there may still be a part of Kneale that is disgusted by what he has become, which is a showman, a huckster. Real journalists would not set foot in the doors of CNBC. Dennis, how does it feel to sell out and become CNBC’s clown, complete with a big red nose and goofy shoes?
While Kneale is a fad, I have no problem with that except that he continually avoids very important issues, issues that may eventually cost viewers large sums of money, all the while cheerleading the market. Fads typically do not result in the destruction of capital.
Despite Kneale’s on-air persona, I wonder, is there not a small part of Kneale that would like to compete again for the Pulitzer?
Dennis, you know the blogs out there (with anonymous bloggers) that are getting much more attention for their in-depth coverage than you are getting from being a CNBC clown. I can only imagine you are a tad envious, considering your background in investigative journalism. I urge you to bring real journalism back to the main stream media.
Heroes and villains belong in cartoons, not in the financial media.
Well said.
Nicely done.
Is that a Denise Kneel commemorative avatar, iBC overlords?
Thanks, but it ain’t mine.
Dog’s avatar is one the best yet!
Your avatar is not cool Anton.
It is not mine, Shed.
Yours is perfect, btw.
bravo
i think we are wasting time on him……move one
I second that.
I believe the asshat of the year award will not be too hard to figure out in 2009..
What you don’t seem to understand is that Kneale fought back because he was attacked first by bloggers. It’s a natural thing to do, especially for sensitve people.
He fondles cats? Wow. He must not be allergic.
A long push like this will help keep the internet in its place. This kind of thing helps the SEC avoid paying attention to things like Zero Hedge’s online petition, even if signed by many, because it comes from “the crazy internet”, and helps CNBC attempt to continue to be a prime mover in public thinking on investing – that is, keep the cash coming to market. If kept up long enough, people will become trained to react adversely to online content, as “questionable” or “crude”, like they do to that horrible word ‘liberal’.
Manaau — get with the program. The Leftists killed the word “liberal” which is more fitting for people like Von Mises, Burke and Hayek than it would be for the typical statists who took the appellation in the seventies.
Luckily, the Left are moving on to a new nom de guerre — “progressives.” That’s progess, I guess, and now maybe the classical liberals (like the Founding Fathers) can have their word back.
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the term “liberal” has been tainted, will be unusable for a generation IMO. the whole Austrian School needs a makeover, new PR peeps and some better leadership. don’t get me started.
dennis kneale is a pole. we all know trading is not a zero sum game, but let’s face it, we make money on uninformed people taking bad advice from other uninformed people. while the markets were unraveling in 2008 kneale was consistently bullish calling bottom after bottom. almost all of us were the beneficiaries of his incompetence, so it seems a bit harsh to bag on this idiot now, he really probably made us all a lot of money.
i for one thought the “fondling cats” thing was funny
Progressive as a term for those who object to Free Market Oligarchical Fascism via market manipulations and vertical monopolies has been around longer than you’ve been alive Jake.
In U.S. history, the term progressivism refers to a broadly-based reform movement of the left that reached its height early in the 20th century.
http://en.wikipedia.org/wiki/Progressivism_in_the_United_States
Bravo sir, exactly my thoughts.
But in all honesty, I have to say that I am partial to at least a couple CNBC personalities (Santelli, Huckman, etc) it’s just so sad that they have to be wrapped up in awful manipulation of markets via biased reporting from a network permanently tethered to one of the most active stocks. I understand more than ever why Ratigan hung them out to dry.
Yeah but why’d he take up residence at MSNBC then … just another GE division …. that’s like the pot calling the kettle black, no?
If we go below the March lows, you should show up at CNBC with a cat for DK to fondle.
Also, I prefer my avatar remain anonymous.
THIS IS WIN.
Solid post. impressive.
WIG!!
Well put and on point.
This post is the truth.
Kneale is trying to take the Cramer clown approach to CNBC fame and fortune.
Unfortunately, he forgot that Cramer earned $100 mill on Wall St before graduating Clown University.
Excellent piece of writing and analysis Wood.
Kneale needs to put up or shut up.
He continues to want good blogging on issues covering the capital markets, and he is getting it, but is then refusing to address the merits, instead choosing to focus on the silly comments which don’t mean much.
As long as he continues this, no one will take him seriously and he will continue to ripped up in the comments.
Glad ya’ll liked the piece.
oddly enough, I think Cramer has more ethics than Kneale (and as much as I’m not a fan of Cramer, I think he knows an order of magnitude more than Kneale).
Woody:
BTW: Congrats on CVIM. Looks really exciting.
http://www.covestor.com/mbr/woodshedder
Zen, thanks. Where were you able to read about CVIM? I can’t find anything published about it.
excellent comentary, thanks woodshedder and it was fun to see your name cross the cnbc screen…keep honking this clown’s nose
Thanks mk. I found it rather enjoyable. Especially since Kneale pretty much confirms it is about celebrity (“I’m on TeeVee Bayyybeeee”) and not about reality. That’s fine, as long as we all understand that that is the point.
woody,
did you go short today at open? just asking cuz you mentioned that yesterday.
SG, I did go short the SPY at the open.
Karl Denninger can get tedious and smug, but he is point on about the economic governance of this country (and World/China). He would make a great political leader if one could be appointed, not having to be elected.