It's about time.

Jim has called the bottom in housing, again....  this time he is saying:

1) price depreciation for the majority of Americans is over
2) we will not see the rate of sales decline any further

He is basing this call on the new home starts.  With unemployment climbing to double digits, and no new bubble requiring US employees in sight, there is no reason to believe that this call will be correct in reality.  However, since Jim is not held accountable for anything, he will get plenty of mileage out of this call.  Just like every other botched call he appears to have forgotten about.

Jim has a problem with Mike Mayo's calls on Lehman as it went into the bankruptcy? 

We should listen to Jim because he was so right with any bank in the same period of time? No!!!  Jim's calls would have lost you far more money than Mike's.  He wants us to listen because of something he recently started claiming to have done in the 80's...

Want some snake oil to help wash down the shit he's shoveling?

I don't post, mostly because I just don't watch anymore.

However, I just watched Jim rip on companies for buybacks over dividends.  Funny, the same buybacks he was criticizing were the same ones he supported on the way up.  If you've watched for long enough you would have heard Jim say night after night, "I like big buybacks and I cannot lie."  Even on the way down he was saying this.

How does he get away with this shit?

So CNBC is pushing the bailout.  GE is what now, over 40% finance based? Should we be surprised when a bunch of soft minded reporters take the sides of the people they are supposed to be reporting on?

If banks do get all the bad shit off their books at a reasonable price selling to the gov, do we really believe they will make more bad loans to keep the economy going at its' previous rate?  How dumb do you have to be to believe that lending standards, and borrowing costs going forward will be any different regardless of a Wall Street bailout?

Also, Ben and Hank have lied for the past 2 years, and now the gig is blatantly up.  Shouldn't they have been forced to resign by now?

I thought this was hilarious.  Around 2:25 in this video clip, Melissa gets all excited about a CEO saying inventories are out of whack, like this could be something positive.  Diana crushes that dream, and you hear just absolute disappointment coming from Melissa.

Unbiased?

http://www.cnbc.com/id/26545285

So CNBC makes the choice to parade market cheerleaders and people like Kudlow across your screen throughout the day. 

Then you see their new evening show, On The Money...

If everything is so great, and we have GDP running at 3.3%, why would they need this show?  Did someone up top finally catch a whiff of the shit they've been serving up during the daytime, and the obvious disconnect from reality?

Ok, so I've had a tremendous number of hits regarding Guy Adami.  I'm not even updating this blog, and he's crushing Dylan in key phrases.  I didn't think that was possible.

What gives?  I don't know if any one is going to bother, but comments are open.

I have to retort to Jim's bottom in the housing market.

First, lets start off by saying how many times has Jim called a bottom in housing stocks, or said to buy them since 2005?  It's got to be at least 20 or 30 times at least if you count the lightning rounds. 

This time he might actually be right.

Let's face facts.  There will be a place for homebuilders in the future.  There will always be some market for new homes.  However, I don't envision it to be quite the same as Jim.  The builders that survive, will be profitable again, and they will spend the next several years in runoff mode paying down debt.  There will be no growth or momentum in these names, and people will probably lose a lot of money trying to buy and hold them when they grow frustrated enough.

Eventually, they will shrink their business and manage them in such a way they can do this even in a declining economy and housing market.  Therefore there is no real way to judge the bottom in housing via the homebuilder stocks.

Anyways, it doesn't matter what really happens.  As Jim's counter gets closer to zero he will spin and change his thesis to make it correct, and declare victory.  If he can't salvage a victory, he'll probably blame the fed.

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ADDING:
Don Harrold's video: http://www.youtube.com/watch?v=kgPzZJCTSLE

So, I don't keep up with this blog anymore....  No time for love Dr. Jones.

In case you haven't seen them already Don Harrold does a lot of free youtube videos that do an excellent job highlighting the bullshit that can be seen daily on CNBC.  I don't post his work because he advertises his paid services in his videos, and I prefer to keep this site ad free, even indirectly.  So by following the link, understand that this is in no way and endorsement of his services.

http://www.youtube.com/watch?v=_nkZ3eHeXlc

This is why I can't update the site, the people on CNBC are wrong at every turn, and it happens so frequently this would be a full time job.  I already have what amounts to about three of those, and don't have time for another.