Michael Pento Brings A Much Overdue Smackdown Of CNBC's Imported Faux-Cheerleader Simon Hobbs

Tyler Durden's picture

In September 2009 it appeared like there may be some hope for CNBC yet. The channel had just received its latest import in the face of one Simon Hobbs, whose first appearance on the station involved him making a total mockery of the ridiculous momentum chasers on Fast Lost Money. Unfortunately, in the subsequent 9 months, it appears the GE Goebbels crew visited Mr. Hobbs in the deep of the night, resulting in an ideological and propaganda transformation that makes Dr. Jeckyll and Mr. Hyde look tame by comparison, and is more reminiscent of Jeff Goldblum walking through a teleport device. Luckily, today Delta Advisors' Michael Pento proceeded to provide a smackdown of the currently unrecognizable Simon Hobbs that only rivals his own friendo treatment of TV's best-tanned man, Joe Terranova, back in 2009. We hope, for Simon's sake, that he takes this opportunity, to finally get his act straight.

Evidence A: Hobbs as a sane, rational human being. Obviously here he is new to CNBC New York

Hobbs: “This is an overbought, inflated market, that could come down quite rapidly. Question, when you say buy JP Morgan to these guys at home, retail investors often last into the game, will they get out in time?

Najarian: “They don’t have to, that’s the beauty of it. For the folks who don’t have any education on options whatsoever, that’s why you gotta have that education. That’s why it’s an explosive world. And that’s why it traded 27 million contracts and sets records almost every single day……[skip worthless babble]….You can buy JP Morgan at the cheapest level in two years. That’s why you can still buy this market.”

Terranova: “Hey Simon now that you are here in the US, listen, you have to be a bit of a cheerleader. There’s gotta be something that you’re in the heart of capitalism that you like about America. What’s the one thing, if you were investing, that you would buy right now. You’re here on US soil, there’s gotta be something good that we do here."

Evidence B: Hobbs as a CNBC programmed propagandathon

Pento: How can the Fed create demand? The consumer is still in full deleverage mode, the savings rate should go much, much higher. Companies are hording cash because the money markets got completely frozen in 2008.That's why they are hoarding cash and they are doing it because they believe they see another credit crisis down the road.

Hobbs: That's irrational.

Pento: It's very rational because the next credit crisis will be a sovereign credit crisis and will be about 3 years away.

Hobbs: I am not sure it is rational.

Pento: Ok, 30-50% of all federal tax revenue will go to pay interest on the debt in 2018. China is slowing, Europe is slowing, they have embraced austerity thank god. The US has yet to embrace austerity that's coming too down the road.

Hobbs: What is in the long-term interest of those companies?

Pento: You want them to spend money, hire people, buy capital goods when there is no final demand? Nominal household debt now stands at 92% of GDP. Households have a lot of deleveraging ahead of them, so they are not going to spend money if there is no final demand.

Hobbs: Do you not think the consumer will have turned tail in a year's time?

Pento: No

Hobbs: That's a very serious judgment.

Pento: Household debt will turn when they sell assets and pay down debt. That takes years.

Hobbs: Are you writing off the American economy for years?

Pento: I am

Hobbs: That's a huge thing to say.

Pento: We have bailed out the private sector by seriously endangering the public sector.

Hobbs: I think you are wrong. The AAA rating will always stay in this country.

Pento: The AAA rating held for Enron too and CDOs but they still collapsed.

Hobbs: But the American government can always tax people more. It can always pay its bills.

Pento: If you can raise taxes to 100% does that mean you are going to raise revenue.

Hobbs: Nonsense. That's a political view. America will always be able to pay its bills.

Pento: How do you know that? Because the bond vigilantes will always be sleeping?

Hobbs: You are just peddling the power of nightmares.

Pento: That's what people told me in 2006 about the housing market. The housing market can never decline... But it brought down the entire global economy, Mr. Hobbs.

All we can says is that the power is strong with the CNBC Goebbels crew. Full must watch clip:

As for Mr. Gross analysis in Newsweek that a $1 trillion deficit is the single greatest thing the economy can experience, we will have a proper retort shortly. Although one wonders what the point is - by Mr. Gross' "logic", the only thing better than a $1 trilliion deficit, is a $10 trillion one... not to mention $1 quadrillion. Somehow we think not even Krugman would buy such drivel.


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Popo's picture

...and what a little prick Hobbs is.

SWRichmond's picture

"...but let's not dress up....that's not necessarily a recovery play, it's a lower dollar play..."

A very important distinction that is lost of many ZHers nowadays, especially the trading community here.

jdrose1985's picture

Can you quantify that statement?

I'm dying to hear how something in falling supply and high demand is supposed to go lower in "value"?

SWRichmond's picture

The subject was commodity currencies and by extension commodities; if more dollars are needed to buy something real like a commodity that's not necessarily because demand is up but perhaps because the dollar is down.

CPL's picture

They could replace every last one of them with hand puppets and continue to use the same fleet of writers and it still doesn't change the fact it's currently a puppet show with people.

The second interview was so teleprompter driven, I cannot believe that people didn't even catch that in the comments in ZH. Enable yourself to think but understand one thing.

In terms of CNBC, the media is manufactured, packaged and people eat it with their eyes and ears just like a sports match. If CNBC is just starting to report the shit hit the fan now, it hit the fan two years ago. Boom!...two year delay...small echo barely heard. Right now all people are cheerleading are made up on screen super heroes. Give it time and I'm sure some idiot stick will have trading cards associated with the talking heads complete with stats of stock picks on the backs of them (actually, that's a great idea, trader trading cards...hmmm). Otherwise i wouldn't trust any of them to pick their nose, let alone a stock.

I've run out of shoes to throw at the TV again after watching the semi-news source called CNBC drone on for ten hours today...mores the pity that I don't have more shoes. Can't complain at the yields trading today on bear X3 etf's though.

Gwynplaine's picture
Gwynplaine (not verified) CPL Jul 16, 2010 5:45 PM

I think your puppet show idea is a winner.  You would need to do it Muppets-style and get good vocal imitators for Joe, Becky, and the rest.  A couple of shows could be put up on YouTube for free to get a regular audience.  Then, sell the concept to Comedy Central.

I really like this idea.  It could be killer like when Colbert first started.  If CNBC folds up, it would be over though.

CPL's picture

I suppose.  It would be a waste of energy though.  Feel free to profit by it, I have a million other things to do other than a satire of a satire of news. 


I hereby release the idea of puppets that act like those imbeciles on CNBC free of charge under GNU public license.  Don't want anything to do with it.  All yours.  It's curb side for your leisure.

NOTW777's picture

fed just said yesterday 5-6 years for "recovery"

CPL's picture

The hopes are people have come to accept being broken and hungry.  The five steps to change take a while like death.  In reality, not so much.

bob_dabolina's picture

Thank god I went long cotton yesterday

SWRichmond's picture


A German company which helps Zimbabwe supply its banknotes has become the latest firm to end links amid outrage over the situation in the country.

"Giesecke & Devrient said it would stop providing paper for banknotes immediately following a "political and moral assessment" of conditions there."



Cognitive Dissonance's picture

I commented about this heavy weight/welter weight fight on another thread. "Down goes Hobbs, down goes Hobbs." You just don't go up against Michale Pento with nothing more than righteous indignation and the phrase "spreading nightmares" and expect to win.

Hobbs has clearly been exposed as the foreign component to the CNBC senior cheerleading staff. It's sad to see how far he's fallen because before he joined the staff full time, he has some credibility. Now all he has left is a 3 sizes too big jock strap and a severe case of jock itch. Not surprising. If you sleep with the whores, you're gonna get STD's.

Epic Fail!

traderjoe's picture

Hey CD, I saw you reference 9/11 on another string. I want to learn more about the various theories on 9/11 after watching the video of WTC 7 collapsing.

Do you have some good links? Thx...

Windemup's picture

Read Crossing the Rubicon. 911 was an inside job. Look in the mirror to find the terrorists.

BurritoGas's picture



Barry Jennings - Jennings was Deputy Director of Emergency Services Department for the New York City Housing Authority



[The video was taken before Barry Jennings started to get calls and threats, and died of unknown causes]



D. NIST’S Falsification of Testimonial Evidence Pointing to Explosives

Claiming that it “found no evidence of a . . . controlled demolition event,”77 NIST simply omitted or distorted all such evidence, some of which was testimonial.

Two city officials, Barry Jennings of the Housing Authority and Michael Hess, the city’s corporation counsel, reported that they became trapped by a massive explosion in Building 7 shortly after they arrived there at 9:00 AM. NIST, however, claimed that what they called an explosion was really just the impact of debris from the collapse of the North Tower, which did not occur until 10:28. But Jennings explicitly said that they were trapped before either of the Twin Towers came down, which means that the explosion that he and Hess reported occurred before 9:59, when the South Tower came down. NIST rather obviously, therefore, distorted these men’s testimonial evidence.

Other people reported that explosions went off in the late afternoon, when the building started to come down. Reporter Peter Demarco of the New York Daily News said:

“[T]here was a rumble. The building's top row of windows popped out. Then all the windows on the thirty-ninth floor popped out. Then the thirty-eighth floor. Pop! Pop! Pop! was all you heard until the building sunk into a rising cloud of gray.”78

NIST dealt with such testimonies by simply ignoring them.


Cognitive Dissonance's picture

You need to understand what's wrong with the "official" conspiracy theory, the one promoted by the government, before you look at alternatives. I would suggest you start with David Ray Griffin. He has written 8 or more books on the subject. He also has other interests (which you will see by looking at all his books) that might surprise you because they are so "conventional". His web site is below.




Peter Dale Scott is another good reference. Neither of these authors use hyperbole and they carefully research the subject before opening their mouths.




Windemup's picture

Michael Ruppert's book "Crossing the Rubicon" details precicely what is wrong with the official story with evidence as a prosecuter would have documented to put together the case.


traderjoe's picture

Cd & Windemup - thx. 

Once I buy a book like this on Amazon, won't my name be in an NSA database? ;)

Thanks again...

Windemup's picture

Go to the book store, order it as it won't be on the shelf, give them your neighbors phone number and wait a week, walk in and pay cash.

Cognitive Dissonance's picture

Dude, they already know who you are. You post on ZH, don't you? Busted.

I always assume "they" know everything I do at all times. Once you get over this emotional hurdle, you can get down to business. If you feel the need, wear a mustache and wig when you visit you're local Barnes and Nobles.


ZEITGEIST's picture

go watch zeitgeist the movie...and watch 9-11 coincidences...they will show you all you need to know..zeitgeist is the most downloaded movie in the history of the net..over 500 million worlwide...everyone who watches it...watches it at least twice...and then passes it on to others.....

SheepDog-One's picture

'Zeitgeist' big POS nothing but new ager bullshit, peddle that garbage somewhere else satans buttboy. 'You are God'...yea good luck with that.

Ying-Yang's picture

Traderjoe... check out


1225 architectural and engineering professionals and 8835 other supporters including A&E students have signed the petition demanding of Congress a truly independent investigation.

We design and engineer buildings and we study how they fall. Read and learn what pros in the field say rather than what NIST hides and blocks.

Facts about the free fall of Building 7 is the path to opening minds and investigations.



aint no fortunate son's picture

I've been wondering when ZH would finally shine the light on the latest cockaroach, ie. Mr. Hobbs. He's earned permanent mute in my book. I usually mute "Front-running Money" but today I had it on to listen to the terrified "analyst" who was shilling AAPL before Jobs' mea culpa. The cheerleaders were all lapping it up... well, except for little Joey Testosterone... he must have been off setting up his shorts on Goldman... oh, but wait, my bad, he said he was LONG Goldie... bwahahahahah!!!!!

Mr Lennon Hendrix's picture

I hate Simon more than anyone.  Kneale is second, Cramer is third, and that little guy who squawks on the floor next.  Oh and LiesMan, I hate him.  And then that slob who has the beady eyes, not the hot tub guy (I hate him too), but the other guy.  Oh and I hate the frat boy that looks like he is fresh out of an MBA program.  Oh wow, I was planning on picking off just the first 4 boys.  While I am at it, I don't like any of the women, except maybe Maria...maybe.  Except Mandy, which is interesting, considering she is fresh on the NY scene.  This is why I have labeled her "MI5" Drury, because it is weird that they now have a "smart" lady questioning things in time for what will be QE Dos and a controlled demolition of The Market, or one quick implosion.

Singing....."Oh, Mandy!  You came and you did me....Oh Mandy!  Doo do do, do do do!"

PhD's picture

sir, how much coffie have you drunk today?

Mr Lennon Hendrix's picture

I doubled my usually intake, good eye!

Mr Lennon Hendrix's picture

"Pelican fly!!!  C'mon pelican!!!!!!!!"

PhD's picture



Dont let the wind "blow" you away!

Hephasteus's picture

Are we pelican's or peliCANT'S!!!

dnarby's picture

Careful.  Too much coffee and you can start vibrating out of synch with this reality and slip right through!

wowser22's picture


Mr Lennon Hendrix's picture

Haha, only when one of you blokes post a vid ;)

dnarby's picture

It's God's work they do here, I say...  God's work.

RockyRacoon's picture

I run a website and some other web-based enterprises so I have the tube on in the background.  CNBC is always good for some laughs. 

Simon Hobbs is not long for that network, and here is why:

1. His views are ideologically based, no seeming background in economics.

2. He is rabid, frothing at the mouth, crazy batshit against gold.  Just mention the word and his head starts to bobble.

3. His American-centric views make him look like a ball-licker from the UK.  Just suckin' up.

4. He's ugly.

Hint o' the day:  I have an FM transmitter with an audio plug into the TV.  I use a Sony Walkman and earphone.  I transmit on the L channel, clipped off the other cord and use one earpiece. Very easy to change volume and nobody else is bothered.

Pamela Anderson's picture

oil frozen @ $75... very impressive in a day like today

LMAO's picture

The warmongerers plans to exterminate Iran continuously holding the black gold in deadlock. Selling fear buys hope for the oil industry.



Dr. No's picture

It reminds me of a Ron Burgundy interview.

virgilcaine's picture

He's in need of a necktie. Very UnBritish.

centerline's picture

Cool.  Good quote too.  Right on.

Edmon Plume's picture

Yahoo video team is terrible, terrible.

Bruce got short shrift.  He experienced in person one reason so many hate the MSM.  They are a bunch of blowhards who invite guests on merely to interrupt them and not let them speak (unless they toe the party line).  Most of the questions they ask are asked as compound questions.  In other words, their jobs are to ask questions, but they interject their own answers into how they ask the questions, and then don't shut up for anyone to reply.

The reason why the public sees so many fiscal responsibility aficianados who have aneurisms on screen is that is the only way they can get a word in edgewise.  Pento has to get aggressive to even get his "econ 101" points across, and has to interrupt the staff's built-in permabs'ers constantly.  Makes Pento seem like a loose cannon or something, but if he waited his turn he'd be railroaded.  Same thing with Rick Santelli, though he's a pro at it with lots more practice.  I include fox in that assessment; I've seen them trample all over their guests, too.

The media makes it so that when the truth comes out, it comes out in such a way that it puts everyone's teeth on edge.

NOTW777's picture

comeback Dan Gross

"coming back stronger, better and faster than anyone expected"



DonnieD's picture

Dan Gross is just another establishment schill. I think Mark Haynes had a Freudian Slip in the beginning of the clip.

Clearly, CNBC's idea here was to have Gross and Hobbs gang up on Pento. But once Gross was KO'ed Hobbs was ill prepared for battle with such punch lines as "USA will always pay their bills" and "they will just raise taxes".

BeerGoggles's picture

I don't get it, Hobbs is saying he's worried about the market and taxes and that's bad?

...yet all the crew on the table are talking about what to buy...

ATG's picture

Hobbs said America will always be able to pay its bills, not Pento.

A Hobbesian dilemma to be sure...