Dropping the Truth on Squawk

David Rosenberg has been on Squawk Box for the past hour.

He has been dropping the unvarnished Truth on the kids, powering through a basic set of reality regardless of dropped jaws and stunned silence.

It has been a thing of beauty to watch.

None of the things he is discussing is at all radical. Its simply clear-eyed, straight forward, reality based analysis. No hope, no cheerleading, no bull. Its like a bucket of cold water versus the feel good warm fuzzies the long-only, fully invested crowd (aka, the pompom squad) that typically comes on TV to talk their books.

Rosie has run through the usual metrics of economic factors we have discussed ad nauseum:

• Green Shoots was unsubstantiated nonsense;

• Unemployment Rate will rise considerably higher; this will be the “mother of all jobless recoveries.”

• The rise from the 666 lows was the mother of all oversold bounces due to multiple expansion, not profit gains;

• The S&P5009 is likely to have earnings of a modest $50 over the next 4 quarters;

• Unemployment is usually a lagging indicator when we are dealing with an inventory or manufacturing recession; During a credit crisis recession, Unemployment is a coincident indicator cycling back into the economy in a negative way;

• We are going through a massive consumer deleveraging

• The Consumer is not going to save the economy anytime soon.

>

First Bryan Marsal, CEO of Lehman Brothers Holdings yesterday, now Rosie. Kudos to Squawk Box for 2 consecutive days in a row of quality television.

I’ll get the video posted as soon as it shows up on the CNBC site.

~~~

VIDEOs

Opening Video posted (10:32)

Second Segment (9:51)

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Posted Under

Uncategorized