That said there are not some glimmers of light in the tunnel of darkness at the pom pom network. When Rick Santelli, Diana Olick or Phil Lebeau appear on screen I most definitely raise the volume. Like now, I am now watching one of the few "reporters" of CNBC, Diana Olick, do a piece on the mortgage mess. Sadly this is CNBC at its typical day late and dollar short best.
No offence to Ms. Olick as she has done and continues to do a great job reporting the facts in the real estate sector but if you had read blogs like:
- Mortgage Lender Implode-O-Meter,
- Mr. Mortgage,
- Market Ticker,
- Mish's Global Economic Trend Analysis,
- Financial Armageddon,
- Of Two Minds,
- Dr. Housing Bubble,
- Mike Morgan
- The Mess That Greenspan Made,
- and ahemmmm Prudens Speculari (gratuitous plug there!)
- not to mention a whole host of others to numerous to mention
So here we are now 4 years past the 'idiot bloggers' warnings about housing, about subprime, about LIAR loans, about NINJA loans, about Lehman, about Bear, about extend and pretend, about delay and pray and now CNBC is finally, at long last, wrapping its collective arms around the problem, intent showing the world how brilliant and insightful they are in analysing and dissecting the issue.
Reality most often is far funnier than fiction.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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