Monday, March 03, 2008

What little respect I had for CNBC I lost today. This morning when Warren Buffett told Becky Quick that we are in a recession, she looked at him incredulously. Two seconds later, the bottom of the screen flashed a red "Breaking News".....Buffett says we are in a Recession. Duh!!!!!!!!!!!! Do these people live in the same world as the rest of us? I am tired of listening to these nitwits tell an unsuspecting public that---1. The subprime mess would not carry over into the general economy;and 2. That those who sold stocks last summer were stupid "lemmings" (according to Erin Burnett). I have learned more about the market from Tori Spellings reality show than from the biased talking heads on CNBC. Becky Quicks ignorance has personified this today and this speaks volumes about the financial media in general--they offer absolutely no value to an investor and probably detract from the sum total of all knowledge. What I do know is that we will probably have a nice tradeable bottom from here which is around DOW 12,200.