"as the crew is all smiles and jokes and so on and so on, as the "people" are getting hurt big time in the internet stocks and the overall market."
Yogi,
Sorry to disagree, but I must. Just who is getting "hurt big time in the internet stocks"? If someone bought XYZ.com on the basis of "it went from $10 to $200, so I'll buy it at $200 on the notion that someone will buy it from me at $300--this trading stuff is easy" and they get stomped, well...caveat emptor.
Actually, I think the CNBC gang has conducted themselves quite well during this correction. There's been no gloating and no goofiness. Hey, if they really wanted to twist the knife on people that own the Internuts, they could have Ron Insana interview Bill Fleckenstein for 1/2 hour each day during the selloffs. That would certainly make anyone long those stocks cringe in pain.
I for one think this Internet selloff is the best thing that ever happened to CNBC programming. It was getting pretty old seeing nothing but non-stop interviews of the CEOs of the Sheister.com du jour on Squawk Box..."yes Mark, we threw up a website yesterday and our stock went from 50 cents to 20 bucks...business plan? What business plan? Our business plan was merely to appear on CNBC, sending a bevy of daytraders piling into our stock, which will surely send our stock screaming into the stratosphere, at which point myself and the rest of the mgt team will cash out." It has been nice to watch CNBC interview CEO's of companies that actually have sales and earnings discuss their outlook and why people should invest in their stock, vis-a-vis hearing from the blowhard CEO of BS.com brag about his business prowess, when actually all that happened was a few daytraders saw the dot.com and ran the stock up.
Yeah, remember the White Sox having a promotion in the early '80s called "Disco Demolition Night"? If Bill Veeck was alive today, you'd be seeing a promotion at Comiskey called "Internut Demolition Night," where fans would get discounted admission for showing a worthless dot.com stock certificate at the gate. Like disco, the Internut craze was cutesy while it lasted, but now that everyone realizes it was nothing more than a fad, you can't help but look back and say "what the hell was I thinking?!!!"--sort of like seeing John Travolta in a white sequinned jump suit and platform shoes. If someone rode Jerkoff.com from $100 to $5 and is still holding on, hoping and praying for a rally to get out even, well, CNBC would be doing them a favor by slapping them in the face and laughing, since those investors are obviously having a tough time grasping the concept of reality. |
