This page has been archived and commenting is disabled.

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.

 

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 07/16/2010 - 14:17 | Link to Comment NOTW777
NOTW777's picture

hoorah Pento

Fri, 07/16/2010 - 14:43 | Link to Comment Popo
Popo's picture

...and what a little prick Hobbs is.

Fri, 07/16/2010 - 15:09 | Link to Comment SWRichmond
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.

Fri, 07/16/2010 - 20:06 | Link to Comment jdrose1985
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"?

Fri, 07/16/2010 - 22:38 | Link to Comment SWRichmond
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.

Fri, 07/16/2010 - 16:25 | Link to Comment CPL
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.

Fri, 07/16/2010 - 18:45 | Link to Comment Gwynplaine (not verified)
Fri, 07/16/2010 - 20:04 | Link to Comment CPL
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.

Fri, 07/16/2010 - 14:19 | Link to Comment NOTW777
NOTW777's picture

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

Fri, 07/16/2010 - 16:32 | Link to Comment CPL
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.

Fri, 07/16/2010 - 14:22 | Link to Comment bob_dabolina
bob_dabolina's picture

Thank god I went long cotton yesterday

Fri, 07/16/2010 - 15:12 | Link to Comment SWRichmond
SWRichmond's picture

http://news.bbc.co.uk/2/hi/business/7484838.stm

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."

 

 

Fri, 07/16/2010 - 14:24 | Link to Comment Cognitive Dissonance
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!

Fri, 07/16/2010 - 14:25 | Link to Comment traderjoe
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...

Fri, 07/16/2010 - 14:39 | Link to Comment Windemup
Windemup's picture

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

Fri, 07/16/2010 - 15:49 | Link to Comment BurritoGas
BurritoGas's picture

 

 

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

Murdered.

http://www.youtube.com/watch?v=kRaKHq2dfCI

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

http://barryjenningsmystery.blogspot.com/

http://edwardrynearson.wordpress.com/2009/04/17/new-information-on-the-d...

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.

http://www.countercurrents.org/griffin260610.htm

Fri, 07/16/2010 - 14:46 | Link to Comment Cognitive Dissonance
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.

http://davidraygriffin.com/

http://www.amazon.com/David-Ray-Griffin/e/B000APTCK4/ref=sr_tc_2_0?qid=1279305548&sr=8-2-ent

http://www.amazon.com/11-Commission-Report-Omissions-Distortions/dp/1566565847/ref=ntt_at_ep_dpi_7

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

http://www.amazon.com/Peter-Dale-Scott/e/B001IGJXJO/ref=sr_tc_img_2_0?qid=1279305672&sr=1-2-ent

http://www.amazon.com/Road-11-Wealth-Empire-America/dp/0520258711/ref=ntt_at_ep_dpi_1

 

Fri, 07/16/2010 - 14:55 | Link to Comment Windemup
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.

 

Fri, 07/16/2010 - 14:55 | Link to Comment traderjoe
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...

Fri, 07/16/2010 - 14:58 | Link to Comment Windemup
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.

Fri, 07/16/2010 - 15:01 | Link to Comment Cognitive Dissonance
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.

 

Fri, 07/16/2010 - 15:11 | Link to Comment Windemup
Windemup's picture

And a dress?

Fri, 07/16/2010 - 15:19 | Link to Comment ZEITGEIST
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.....

Fri, 07/16/2010 - 15:32 | Link to Comment SheepDog-One
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.

Sat, 07/17/2010 - 04:44 | Link to Comment Ying-Yang
Ying-Yang's picture

Traderjoe... check out

http://www.ae911truth.org/

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.

Peace...

Ying-Yang

Fri, 07/16/2010 - 14:33 | Link to Comment aint no fortuna...
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!!!!!

Fri, 07/16/2010 - 14:23 | Link to Comment Mr Lennon Hendrix
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!"

Fri, 07/16/2010 - 14:39 | Link to Comment PhD
PhD's picture

sir, how much coffie have you drunk today?

Fri, 07/16/2010 - 14:41 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I doubled my usually intake, good eye!

Fri, 07/16/2010 - 14:57 | Link to Comment PhD
PhD's picture

fly hummingbird, fly!

Fri, 07/16/2010 - 15:07 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Fri, 07/16/2010 - 15:14 | Link to Comment PhD
PhD's picture

OMG!

 

Dont let the wind "blow" you away!

Fri, 07/16/2010 - 16:23 | Link to Comment Hephasteus
Hephasteus's picture

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

Fri, 07/16/2010 - 16:43 | Link to Comment dnarby
dnarby's picture

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

Fri, 07/16/2010 - 14:49 | Link to Comment wowser22
wowser22's picture

THE REAL QUESTION IS WHY IN THE BLUE FUCK ARE YOU WATCHING THAT CHANNEL ANYWAY?

Fri, 07/16/2010 - 14:50 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Fri, 07/16/2010 - 23:56 | Link to Comment dnarby
dnarby's picture

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

Sat, 07/17/2010 - 14:07 | Link to Comment RockyRacoon
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.

Fri, 07/16/2010 - 14:25 | Link to Comment Pamela Anderson
Pamela Anderson's picture

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

Fri, 07/16/2010 - 15:49 | Link to Comment LMAO
LMAO's picture

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

 

LMAO

Fri, 07/16/2010 - 14:25 | Link to Comment Dr. No
Dr. No's picture

It reminds me of a Ron Burgundy interview.

Fri, 07/16/2010 - 14:25 | Link to Comment virgilcaine
virgilcaine's picture

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

Fri, 07/16/2010 - 14:38 | Link to Comment centerline
centerline's picture

Cool.  Good quote too.  Right on.

Fri, 07/16/2010 - 15:16 | Link to Comment Edmon Plume
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.

Fri, 07/16/2010 - 14:29 | Link to Comment NOTW777
NOTW777's picture

comeback Dan Gross

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

 

http://www.newsweek.com/2010/04/08/the-comeback-country.html

Fri, 07/16/2010 - 15:01 | Link to Comment DonnieD
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".

Fri, 07/16/2010 - 14:30 | Link to Comment BeerGoggles
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...

Fri, 07/16/2010 - 14:31 | Link to Comment ATG
ATG's picture

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

A Hobbesian dilemma to be sure...

Fri, 07/16/2010 - 14:31 | Link to Comment ejmoosa
ejmoosa's picture

I just turned Hobbs off during that Octobox bs session.

 

I think he has less real world experience than the Community Organizer does. 

Fri, 07/16/2010 - 14:32 | Link to Comment traderjoe
traderjoe's picture

With the low-volume ramp last week or so, the timing of the GS settlement yesterday before close, BB who looked sick in his press conference with Teleprompter and an OBVIOUS ramping of the CNBS spin - it seems like something is amiss. Like a bank crisis, funding crisis, etc. perhaps relatively soon. I've been watching CNBS for awhile, and the spin the last week or so has been furious. I could understand the "green shoots" and "2nd derivative" squawking last year, but there's been no coverage of the reverse (and the "news is so bad its good" headlines). And last couple of days, Mark Haines et all have been virtually talking down guests to get them to say something positive. Haines has been decrying the lack of corporate spending (on GE items) last couple of days. Tin hat back on....

Fri, 07/16/2010 - 14:33 | Link to Comment centerline
centerline's picture

Hobbs needs to wake the F up.  Consumers are deleveraging.  Duh.  Businesses are hoarding cash - if they can.  Not exactly because they see crisis down the road, but because they cannot see down the damn road at all.  Credit is gone, so capital preservation is the key to absorbing shocks.  Lacking a crystal ball, most business are trying to stay nimble and have the ability to absorb shocks.  They will be hesitant to add staff.  They will be hesitant to expand cap ex budget beyond what is needed for survival and leverage opportunities consistent with survival.  They will be hesitant to expand inventories.  Etc.

Fri, 07/16/2010 - 14:34 | Link to Comment LoneStarHog
LoneStarHog's picture

CNBS Movie Weekend:  Mr. Hobbs Takes a (Mental) Vacation

Fri, 07/16/2010 - 14:37 | Link to Comment firstdivision
firstdivision's picture

That was freaking hilarious.  Thanks for the laugh and knowing that CNBS is still able to give their hosts lobotomies in their contract.

Fri, 07/16/2010 - 14:43 | Link to Comment SheepDog-One
SheepDog-One's picture

MI-5 undercover agents no doubt. I never liked these Brits on american TV, reminds me of how it was so cool to have a Brit secretary answer the phone back in the 70's, made you more hip and classy or something. Well its a faceplant for CNBC no matter what. I dont think theyd be helped even if the anchors went nude for their broadcasts.

Fri, 07/16/2010 - 14:54 | Link to Comment Edmon Plume
Edmon Plume's picture

Maybe we could do a spy swap?  Raising your voice with a British accent sort-of cancels out the sauve effect.  Funny that.

Fri, 07/16/2010 - 17:38 | Link to Comment ElvisDog
ElvisDog's picture

I beg to differ. Erin Burnett nude would be mesmerizing.

Fri, 07/16/2010 - 14:43 | Link to Comment partimer1
partimer1's picture

If money is important, to many people it is really important.  How can that be "mad money' or "fast money"?  what does that mean?  loss money mad? loss money fast?  WTF!  Until all these shit out of the airwave, there won't be no recovery. 

Fri, 07/16/2010 - 14:46 | Link to Comment spekulatn
spekulatn's picture

Thanks for shining the light on CNBS's new tool; Simon Hobbs.

 

 

Fri, 07/16/2010 - 14:46 | Link to Comment virgilcaine
virgilcaine's picture

The option guy has it right .. hedge for the decline ahead.  All you can do now. 

Fri, 07/16/2010 - 14:46 | Link to Comment RicktheDick
RicktheDick's picture

This argument of what's going to come first, the chicken or the egg, has been going on for a while. If we're relying on an increase in CapEx to facilitate growth in the coming quarters we're in for a rude awakening. Assuming companies do start spending the cash on their balance sheets, all it will provide is a momentary blip. A rebuild of inventory does not constitute long term demand. And as Pento pointed out, as skeptical as companies are to spend right now, you have to assume that they'll need at LEAST a six-month overhang in demand before they start ramping up capacity.   

Fri, 07/16/2010 - 14:48 | Link to Comment Jason T
Jason T's picture

AMZN does NOT have $20 billion in cash or cash equivalents. It has $3.4 billion ..CNBC showed $20 billion.

 

 

Fri, 07/16/2010 - 16:24 | Link to Comment Hephasteus
Hephasteus's picture

And Microsoft doesn't have 23 billion in cash or cash equivalents. The world is full of shit.

Fri, 07/16/2010 - 14:49 | Link to Comment Cyan Lite
Cyan Lite's picture

As long as I get my free iPhone4 case then I'm good to go!  Buy Buy Buy!

 

</sarcasm>

Fri, 07/16/2010 - 14:49 | Link to Comment Ripped Chunk
Ripped Chunk's picture

I saw Simon Hobbs in a movie where he was fellating all sorts of livestock. So progression to CNBC on-air personality makes sense in his career path

Fri, 07/16/2010 - 14:50 | Link to Comment HedgingInfinite...
HedgingInfiniteRiskIsNotPossible's picture

I was watching this morning and afterward sent my one and only email ever to CNBC, telling them to hire Pento and fire the English dude (hadn't bothered to learn his name - what's the point?).

Also, Haines needs to retire. I thought he was just bad with the Erin chick, but lately I've noticed he's having problems interfacing socially with everyone.

Sat, 07/17/2010 - 14:14 | Link to Comment RockyRacoon
RockyRacoon's picture

Oooh, Haines is a sad case.  At least Art Cashin has his intellect left.

And Mark's sad comb-over is really embarrasing.  A little hair hat.  Kinda like Byron Dorgan and ... oh hell, the list is too long.  Whassamatta with being bald?

Fri, 07/16/2010 - 14:51 | Link to Comment SheepDog-One
SheepDog-One's picture

Mugatu- 'Mandy! Shes SO hot right now'!!

Fri, 07/16/2010 - 14:52 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Hobbs = newbie douchebag

Haynes = fat, old, arrogant douchbag

Kernen = bitter, frustrated douchebag

Pisani = weasel douchebag

Liesman = incomprehensibly douchey douchebag

Cramer = ridiculously asinine douchebag

Burnett = no-tit douchebag

Headiromo = fatass douchebag

Lee = homely douchebag

Quick = geezer-blowing douchebag

Trish = Hot

Mandy = future Mrs. Ferguson

Fri, 07/16/2010 - 15:18 | Link to Comment traderjoe
traderjoe's picture

Where did they stash Courtney Reagan? Hot, hot, hot. 

She only got little tiny news blips. 

I'm a bit happier that they cut Kneale's show. After Liesman (Senior Economics Whatever??) he's the biggest tool. Shouting that the recession was over in Summer 2009 and telling us all that we just lacked hope. 

Fri, 07/16/2010 - 15:18 | Link to Comment SheepDog-One
SheepDog-One's picture

LOL +5

Fri, 07/16/2010 - 15:25 | Link to Comment wowser22
wowser22's picture

Bravo !

Sat, 07/17/2010 - 14:18 | Link to Comment RockyRacoon
RockyRacoon's picture

HEY! Don't forget, Kudlow now has a new honey.  Can't recall her name and she's not mentioned on the website....  Hmmm.

Wow, that should crank up some rumors.  Wonder what Mrs. Kudlow thinks?

 

Fri, 07/16/2010 - 14:51 | Link to Comment Overpowered By Funk
Overpowered By Funk's picture

3:30pm should be very interesting today.

Fri, 07/16/2010 - 14:52 | Link to Comment Verum
Verum's picture

Bernanke to Obama: sir it is clearly in the interest of national security that we disable all video recording, it is killing our propaganda campaign.

Fri, 07/16/2010 - 14:52 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

First and last time I listen to Mr. Hobbs and the rest of the CNBC airheads.

Fri, 07/16/2010 - 14:56 | Link to Comment Boilermaker
Boilermaker's picture

That's a full on Ike Turner'esque bitch slap.

 

Fri, 07/16/2010 - 14:58 | Link to Comment BeerGoggles
BeerGoggles's picture

MI-5 undercover agents no doubt. I never liked these Brits on american TV, reminds me of how it was so cool to have a Brit secretary answer the phone back in the 70's, made you more hip and classy or something. Well its a faceplant for CNBC no matter what. I dont think theyd be helped even if the anchors went nude for their broadcasts.

He's on the Euro CNBC normally. Nah, we don't like the yanks much on our TV either.

Fri, 07/16/2010 - 15:21 | Link to Comment SheepDog-One
SheepDog-One's picture

Hmm never claimed you liked 'Yanks' on your tellie mate! And Im not aware of any regularly on your tellies anyway.

Fri, 07/16/2010 - 16:12 | Link to Comment frank
frank's picture

cnbc's latest embarrassment is that becky quick now thinks she is qualified to determine whether or not the bailouts were needed:

http://money.cnn.com/2010/07/16/news/economy/populist_hype.fortune/index.htm

probably the funniest party of the article is this:

"The armchair-quarterback lawmakers and candidates who are now second-guessing these moves are dangerous."

Far more dangerous are the (monday morning) armchair-quarterback journalists (especially those who are married to the executive producer of their show) that believe bureaucrats were not complicit in this disaster and should therefore be allowed to allocate 700 billion dollars in an ATTEMPT fix it.

Fri, 07/16/2010 - 15:00 | Link to Comment Bill Lumbergh
Bill Lumbergh's picture

Apparently he is long the market.

Fri, 07/16/2010 - 15:00 | Link to Comment digalert
digalert's picture

Question for dingbat Hobbs:

How much new debt is treasury auctioning off every month?

Fri, 07/16/2010 - 15:02 | Link to Comment Golden Suck And...
Golden Suck And Pilferage Inc. Eighty Five Main's picture

+++++ Pento!

Fri, 07/16/2010 - 15:10 | Link to Comment DarkMath
DarkMath's picture

Wow,

Hobbs got owed. It's scary to think Simon Hobbs could be gotten to by the Polly-Anna Police at GE corporate.

What a smackdown....oh my god that was beautiful.

Fri, 07/16/2010 - 15:18 | Link to Comment JR
JR's picture

Ha! “It's no secret that Americans are depressed. The economy is barely growing, job growth is anemic, raises are rare, house prices are falling… and oil is spreading across the Gulf.” --  WASHINGTON (MarketWatch)

And the market goes up on bad news because the market movers interpret bad news as an FOMC excuse to hold down interest rates.  And profits continue…for the Wall Street bankers.

And all the while Bernanke’s economy is headed for a train wreck. For someone who studied the Great Depression, Bernanke is headed down the same track that led to the FDR derailment-- “Tax, tax, tax, spend, spend spend…” Only he missed the part where it didn’t work.

Dirk van Dijk, writing for the investor website Zacks.com, explains what a good deal this is for the banks:

 “Keeping short-term rates low . . . is particularly helpful to the big banks like Bank of America (BAC) and JPMorgan (JPM). Their raw material is short-term money, which is effectively free right now. They can borrow at 0.25% or less, and then turn around and invest those funds in, say, a 5-year T-note at 2.50%, locking in an almost risk-free profit of 2.25%.  On big enough sums of money, this can be very profitable…  – quoted by Ellen Brown on GlobalResearch*

“This can be very profitable indeed for the big Wall Street banks,” says Brown, ”but the purpose of the near-zero interest rates was supposed to be to get the banks to lend again.  Instead, they are investing this virtually interest-free money in risk-free government bonds, on which we the taxpayers are paying 2.5% interest; or are using the money to engage in the same sort of unregulated speculation that nearly brought down the economy in 2008, or to buy up smaller local banks, or to pay 'outrageous bonuses...'” 

Socialism with corporate communism is a proven failure: it fails because civil servants and big bankers live upon the treasury rather than their own industry: where every time value is produced, they take away the surplus. Growth is created by people who work and exchange value, by people who produce things.

Bernanke & Co. has crossed the line.  And we’re lucky they did.  It’s their Waterloo.

*Excerpt from Banks Profit from Near-zero Interest Rates: Another Reason for States to Own Their Own Banks: Avoiding Another Lehman-style Credit Collapse by Ellen Brown

http://www.globalresearch.ca/index.php?context=va&aid=19583

Fri, 07/16/2010 - 15:19 | Link to Comment virgilcaine
virgilcaine's picture

AAPL is the  mkt.. Jobs has them in a trance with his malfunctioning gizmos.. this is the foundation..Tape on an iphone.

Fri, 07/16/2010 - 15:25 | Link to Comment SheepDog-One
SheepDog-One's picture

Yep, and nice how the REAL Iphone issue, the crappy weak and non-replaceable battery problem got sidestracked to an antenna problem, which is now totaly fixed by a free $3 rubber case, and BTW Steve Jobs is feeling just FINE and why does everyone keep asking me if Im feeling a bit under the weather? All is well as long I get my human fetuses for lunch and skin transplants!

Fri, 07/16/2010 - 18:20 | Link to Comment Temporalist
Temporalist's picture

Yea great people bought the iphone for its sleek elegant engineered design and now they have to but a diaper on it so it stops shitting itself. That is like buying a nice looking car and then the manufacturer tells you in order for you to use it you have to put on a ground effects kit with neon lights and a spoiler.

All the while the battery is a major problem that gets buried.  I have been complaining about this AAPL buildup for 2 years now and if you check google trends for "iphone" you can see that all the publicity comes free from the media which then creates searches...the cause is the media the effect is the interest.  I'm sure 3million beanie babies or cabbage patch dolls sold as quickly as iphones but nobody had to return them.

Without AAPL the markets go even deeper into the tank.  It was the only good news for a long time and now that they screwed the pooch what will be forced to the masses next?

Fri, 07/16/2010 - 15:20 | Link to Comment Biff Malibu
Biff Malibu's picture

But wait a minute, IBD's the Big Picture says we are in a confirmed uptrend???  You all should have known a down day was coming.  I am the perfect contrary indicator and I was just about ready to cover my ES yesterday even though 4/5 of my trading systems that I have developed and backtested and refined since 1996 all said to keep my short position on.  I was following the news and the market commentary and everything else I did as a fly-by-the-seat-of-my-pants-investor-and-get-uber-killed. 

 

There are several references on this board to it, but for the fun of it I picked up a copy of 1984 by George Orwell.  I suggest all of you read it.  It is a timeless read, it is very appropriate to this day and age, and it is happening!

 

Second of all, I suggest ZeroHedge adopt a policy where as no one is allowed to brag about a trade unless they post it somewhere here right after they put it on.  I'm tired of the ass-hats bragging about their perfect trading record in the rear-view mirror.

Biff

 

 

Fri, 07/16/2010 - 15:31 | Link to Comment LoneStarHog
LoneStarHog's picture

"We already kicked all the riff/raff out of our country. We sent them back to England"-- Matthew Quigley

Who let them back in?

Fri, 07/16/2010 - 15:32 | Link to Comment virgilcaine
virgilcaine's picture

Bears back in control... la la la

Fri, 07/16/2010 - 15:42 | Link to Comment AxiosAdv
AxiosAdv's picture

I remember that appearance by Hobbs very well and thought there was hope for CNBC.  I recently wrote CNBC to complain vociferously about gasbag Mark Haynes and commented about how Hobbs showed promise early, but had been corrupted by the rest of them.  They basically told me to F off.

Fri, 07/16/2010 - 15:44 | Link to Comment ranrun
ranrun's picture

Capitalism and central banking are oxymorons.  I love how these TV people go to such lengths to make people think the system isn't completely state controlled.

Fri, 07/16/2010 - 15:51 | Link to Comment mark mchugh
mark mchugh's picture

Pento rocks!

I swear, they used to put him on so they could laugh at the crazy guy who thought house prices can go down.

I am surprised that they still have him on because he usually smacks them down hard.

Fri, 07/16/2010 - 16:06 | Link to Comment jbc77
jbc77's picture

That was great. Really was. It's almost as if they become angered when someone disarees with them. Classic. "They retail investor, listening to you guys, usually the last ones in.......will they be able to get out it time?"

Fri, 07/16/2010 - 16:13 | Link to Comment robertocarlos
robertocarlos's picture

Trish on CNBC is having a nervous breakdown right now. It's a self fulling prophecy.

Fri, 07/16/2010 - 16:18 | Link to Comment robertocarlos
robertocarlos's picture

I heard that smack-down this morning while sleeping. I didn't see who the guest was but I could hear the Brit and he lost that one badly. The DOW only lost another 60 points after that debate.

Fri, 07/16/2010 - 16:19 | Link to Comment RobinHoodrat
RobinHoodrat's picture

Important correction to the transcipt.  He says "30-50% of all federal tax revenue will go to pay interest on the debt in 2015" not 2018.

Fri, 07/16/2010 - 16:20 | Link to Comment Instant Karma
Instant Karma's picture

Who watches CNBC with the sound on? That was so 1990s....

Kind of weird with all the free money floating around the world that most of it has found a home in bonds.

At some point its going to escape the bond bubble and flood into stock and commodities. That'll be interesting.

Fri, 07/16/2010 - 16:56 | Link to Comment CPL
CPL's picture

You make it sound like chickens free ranging. Somehow I doubt it though, you are assuming people will have a belief in it or the capital to invest. That actually requires people to have capital, so far there's only credit, lots and lots of credit and eventually we'll see 19-24% interest rates again if they want to put a lid on this along with massive inflation. What happens to those people, not my problem honestly.

Only thing I'm putting my money into right now is building a lateral monopoly in the area I'm living in. I would suggest those with capital do the same and avoid credit while building their base.

First rule of capital, is don't leverage what you own on the ability of others to fall in line by themselves. Basically, do it yourself and direct others under your employ to do it. Don't pretend money is friendly, or power is freely given.

Here's some free advice, don't put a nickle in the market right now or eventually you'll be working for me or in debt to me. Build your own fiefdom and start building your own connections in community to perform basic tasks because all this is bullshit.

Fri, 07/16/2010 - 16:43 | Link to Comment sourgrapesson
sourgrapesson's picture

Hobbs the maggot ate his pom poms as usual.

Fri, 07/16/2010 - 16:57 | Link to Comment johngaltfla
johngaltfla's picture

F'nA1 Mr. Pento. That was OUTFREAKINGSTANDING!

Fri, 07/16/2010 - 17:15 | Link to Comment Muir
Muir's picture

What a smackdown Baby!

Slap that bitch.

Thanks Tyler, very enjoyable.

Fri, 07/16/2010 - 17:18 | Link to Comment TexDenim
TexDenim's picture

He looks like PeeWee Herman. What an idiot. And that London dockworker accent. Where do they find these clowns?

Fri, 07/16/2010 - 17:28 | Link to Comment Anarchist
Anarchist's picture

You guys are not getting why Simon does not want to believe some of Pento's comments. It is because he knows this is how wars get started. Unpayable debt, economic decline and the emergence of the developing countries will lead to the Western countries going to war to repudiate their debt and keep the developing countries from growing and gaining economic and military parity.

Simon knows well how the British government is complicit with the US in the fake war on terror. The Power of Nightmares is a British documentary showing the lies of the Western Governments and the Neocons to start a war on terror. The goal is to gain control of the resources in Islamic countries and deny them to developing countries like China and India. The elite are also worried about civil unrest and the flight of capital. The systems beng put in place to fight terrorism are really to be used against an irate populous. The war on terror is a farce and always has been.

Fri, 07/16/2010 - 17:38 | Link to Comment react1200
react1200's picture

No one needs murderous austerity, just do away with the monetary system, put in place a new glass steagall put a credit system in place based on production, gold, silver.

Fri, 07/16/2010 - 19:24 | Link to Comment Gimp
Gimp's picture

Pento knows the CNBS crew are  under strict guidelines by Herr Goebbels at the mothership and had a field day with Brit boy Hobbs.

The line "How will  taxing people 100% improve revenues" was classic.

Nice glass of Barolo for Pento tonight.

Only thing that can save CNBS - more tits and less talk.

Sat, 07/17/2010 - 07:06 | Link to Comment chindit13
chindit13's picture

For Pento's Barolo, may I recommend a '99 Elio Altare Brunate.

With the recent court ruling on media obscenity, I believe we are near the time when we will hear this on CNBC from that network's Tyler:

"Michelle, market's in a funk.  Viewers are gonna flee unless you unwrap Caruso and Cabrera".

I still wouldn't watch, though I'm sure Robo would post a replay here.

Fri, 07/16/2010 - 19:44 | Link to Comment economicmorphine
economicmorphine's picture

Dear Mr. Hobbs:

I am an American consumer.  I am not spending money.  I have more house than I need, more cars than I need, more everything than I need.  Here's the kicker, dude.  I'm debt free AND I'M STILL NOT BUYING ANYTHING!  I, too, am hoarding cash.   Any company that expands capacity to serve me is as foolish as you, sir.

 

Regards,

Morpheus

Fri, 07/16/2010 - 21:03 | Link to Comment virgilcaine
virgilcaine's picture

Pento was calling for massive inflation a few months ago though..he was on the bandwagon.

 



Michael Pento

Posted: April 28, 2010 09:15 AM A "V" Shaped Recovery for Inflation

Sat, 07/17/2010 - 03:38 | Link to Comment CPL
CPL's picture

Okay, please stop pretending like any of these idiot stick, script reading monkey's are actually doing anything but answering back to straw men at this point.  While it's fun to be contrarian, the fact is the game is over.  There is only the overly scripted play which everyone seems willing to fufill the role on.

As bad as the collection of CNBC hand puppets available in a variety of different english accents, they are actors.  Watching people collectively "pick a side" in a scripted debate is stupid.  Is the market bull or bear?  Neither.  It doesn't exist.  The puts and calls that are writen, they aren't hedging a damn thing because they are used to hedge equities. 

Since when does anyone sane put options and t-bonds in the same sentence ever.  I don't think anyone actually listened to the videos.  To put it in terms of second grade.  GO BACK AND DO IT AGAIN.  Listen closely how the conversation turns into jingoistic red herrings and they are literally arguing the same side of the same point except one is flubbing their pitch and the other is not.

Don't fall into these idiot sticks trap because now they are "edgy", ZH is edgy, Mish is edgy...CNBC trots out script reading monkeys to fill air space between ads.  Conte Nast(y) is a great example of fluff with no filler, and thank christ it's dying as it should.  CNBC however does not require literacy, crazy noises and infographics hammered out on demand are the only requirement.

Please question whatever crap comes out of CNBC because it hasn't seemed to help anyone do anything but lose money regardless of their stance of bull and bear.  If anyone that still understands math out there on the current "investment" offerings (property, gold, t-bills, savings account, etc.), you already know there is no hedge unless you make it yourself.  To the rest of you, CNBC is only releasing another flavor to capture your eyeballs to admire the chopping power of the slap chop and four wheels with an engine you'll rent (ahem-lease) for a three year term.

 

Sat, 07/17/2010 - 14:25 | Link to Comment JR
JR's picture

This post is a gold mine of gems.  Priceless!

Sat, 07/17/2010 - 07:34 | Link to Comment Madhouse
Madhouse's picture

Simon,

Switch to decaf.

Sat, 07/17/2010 - 14:34 | Link to Comment Remington IV
Remington IV's picture

Najarian brothers are charlatans who talk their book every night . DISGRACEFUL

Sun, 07/18/2010 - 05:04 | Link to Comment Grand Supercycle
Do NOT follow this link or you will be banned from the site!