Forbes managing editor Dennis Kneale isn’t having a good time
of it in the blogosphere today. First Barry Ritholtz takes
a whack:
When a scribbler who does not manage money for a living begins to pound his
chest about calls he made — economic calls that have so far proven to be
incorrect — we are seeing a warning sign.
Then Lance Knobel piles
on:
What I do find ludicrous… are the many comments that the reason why Murdoch
wants Dow Jones is to improve his credibility. That was the line taken by
Dennis Kneale, managing editor of Forbes, on the excellent Marketplace radio
program yesterday.
I happen to agree with both Barry and Lance, here. The stock market can do
many things, but a 1400-point run-up in the Dow is most certainly not an incontrovertible
sign that the underlying economy is particularly healthy. Meanwhile, I’ve made
Lance’s argument myself. Clearly I’m not cut out to be a pundit, if what
the media wants is people with opinions like those of Kneale.