Dennis Kneale says the recssion IS ENDING NOW!!!!

Discussion in 'Economics' started by S2007S, Jun 30, 2009.

  1. S2007S


    Another fool who thinks the recession is over, he was the one who thought the DOW was a buy 3,000-4,000 points higher and never even talked about the economy going into recession, now he believes we are out of the recession and headed alot higher. He is is just too funny, I hope he remembers this bit in months and years to come when the economy is still growing at 0%.

    Video in link, listen to how positive he sounds.

    I said it on our 8 o’clock show on Thursday and Friday and now I’ll put it in writing: This horrible Great Recession is over, right here and right now.

    A spate of economic metrics supports this daunting prediction. We'll update this information and topspin it on CNBC Reports tonight at 8 p.m. I'll get to those numbers in a moment.

    The more important factor, though, is how we FEEL.

    I've said it before, let's put it on T-shirts: Capitalism is optimism monetized. As I put it in my "Parting Shot" on CNBC Reports on Friday night, hope is the magical elixir of capitalism.

    And even here, the latest consumer sentiment numbers, out on Friday from the vaunted University of Michigan monthly survey, show that hope is on the rise.

    Once we start to feel the risk of layoffs has passed, we will start spending more—consumers and companies alike. I reject the doomsday proclamations that the consumer psyche has been altered permanently; we want what we want.

    That's not to say the next boom is here as yet. Growth will be poky and uneven at first. And plenty of obstacles loom, especially in the anti-business, tax-happy policy push of President Obama and his round-'em-up posse.

    But if you aren't careful, the aftershocks and recriminations of this terrible tumble will cloud your vision of the rebound underway.

    Skim these hopeful numbers:

    * Leading economic indicators have been up the past couple of reports; durable goods orders are up three of the past four months; businesses’ capital-goods orders just rose 4.8 percent, the largest increase in five years.
    * The four major indexes for stocks, which often rise to presage an economic rebound, are up 30 percent to 50 percent since early March.
    * At the end of last week stocks hit the Golden Cross—the 50-day moving average price of the S&P 500 crossed over and above the 200-day average. That often portends a 20% rise in stock prices over the ensuing year.
    * The Vix fear index on stock-price volatility is down over 40 percent in three months, falling to where it was just before the collapse of Lehman Brothers that set off a worldwide financial panic last fall.
    * On Friday personal income numbers came out, rising an encouraging 1.8 percent (albeit largely because of a $250 Social Security onetime boost to millions). Personal savings AND consumer spending are up a bit, too.

    To me, the compelling conclusion is inescapable—the worst is over. The risk of global financial collapse has been isolated and neutralized, and the rebuilding has begun. Dow 10000 here we come.
  2. He is a complete moron and an asshole. He knows damn well why Zero Hedge did not go on his show. Dennis would only allow it on his terms so he could do exactly what he did to "Mike". 30 seconds of time then interrupt so you dont have to have an actual discussion.

    The same could be said for Kneale with his 4 months of data citing. Time will take its toll though, his credibility can only last as long as this last rally.
  3. Dennis Kneale is the loud mouthed, dogmatic, clueless kid everyone had in their class in high school, whose parents told him he was the greatest person ever as they tucked him into bed at night, and was the one kid who would have actually benefited from a true ass kicking.
  4. Div_Arb


    Haha couldn't agree more..
  5. AC3


  6. god i cant stand that retard. he is so arrogant and trying so hard to be a pundit that he apparently has no time to acquire the requisite knowledge.

    and I think he is taking kudlow balls deep nightly
  7. jnorty


    He's the most hated guy on cnbc.ALL THE BLOGGER IN THE VIDEO HAD TO SAY IS "DENNIS WHO THE FUCK ARE YOU TO CALL THE RECESSION OVER WHEN YOU WERE SCREAMING BUY BUY BUY AT 14K,13K,12K,11K AND ALL THE WAY TO 7K. ithink the problem bears have is for the most part guys like david tice are horrible talkers and sound stupid.
  8. Just ignore the moron and stop watching CNBC. Controversy = ratings. The moron is just trolling for ratings.
  9. CET


    Are things so bad in your trading that you must resort to quoting Dennis Kneel (pun intended)? Please, stop the useless clutter.
  10. Dennis Kneale is the new Adam Smith.

    I anxiously await both his modern economic treatise and memoirs. Such a body of intellectual work...
    #10     Jul 1, 2009