The last time I was on BNN was last November when I said that QE2 was a farce that was unduly pumping up stock prices and was a recipe for losses likely to harm investors once the economy weakened again. I was not asked back for a year. Now that QE2 gains have mostly evaporated and we are staring the next global recession in the eye, I have been asked to join BNN Monday morning at 7am ET. I thought of saying no, since in my view, with one stock-touting guest after another, the network has increasingly lost all credibility in favour of their sponsors. But in the interests of promoting some more balanced discussion I have decided to show. Wish me luck.
Done. Here is Part 1 and here is Part 2.
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I suggest you bring up a few inconvenient facts and then we can have fun watching them squirm, 🙂
Hi Danielle, I am silent but active follower. Personally I would not give BNN the time of day. I used to follow them, until they stopped bringing on guests with different points of view like yourself and others. I call them CNBC north. Scott
Wow, it has been a while since your last appearance on BNN. Look forward to your interview. Have fun. JW, Vancouver
Break a leg, Danielle 🙂
I quit watching them a long time ago … but I’ll watch for you tmorrow. Who knows, maybe their ratings will go up!!
Good decision. They need you on there to tell it straight up like you do…GL 🙂
No, Black Friday Sales Were Not Up 16% (not even 6%)
http://www.ritholtz.com/blog/2011/11/no-black-friday-sales-were-not-up-16-not-even-6/
Great job on BNN Danielle. By the uncomfortable looks on the BNN hosts faces, I don’t think that you will be invited back for at least another year. I really value your blog and have been happily 90% in cash since April 30, 2011 when I sold out most of my stocks/mutual funds. Continue the great work!
Paul Taylor – Of the two whose portfolio behaved “constructively” in 2008? I don’t think he was even listening to your final remarks, Danielle.
As you state
“with one stock-touting guest after another, the network has increasingly lost all credibility in favour of their sponsors.”
I agree but I also realize from reading your book and others you have suggested we are in a herd mentality world. The BNN’s/ and Oleary type of shows are watched by many and are lead just like the children following the pied piper. Television is a powerful media and sadly far to many people believe if it is sated on TV then it is fact. These shows put forth the message of sponsors capital preservation not investors capital preservation.
I do watch these shows regularily and at one time I listened and belived a lot of what they said. It was when I attened the Mining Conference here that you were speaking at that I was inspired with your session and information. Most of the other sessions I attended were of the buy buy buy view. I read your book the next week, started visiting your site daily, reviewed Cory’s charts and now feel I have a much better understanding of how markets and investing works and make better decisions all because you took the time to come to the conference and had a differing view from all the other presenters.
If you and a few others did not appear on these type of shows we would always get onesided views of how rosy this world is when it really is not.
I do watch these shows with an open mind, as they can provide good factual information from time to time, but your appearance as uncomfortable as it may be allows people to see what is factual and what is just marketing.
When the one announcer started on how great the sales were this weekend and she started to say the recovery was on the way, she squirmed and went silent when you stated we have started our next recession, if you had not appeared viewers would have only heard the message
“Record sales on Black Friday, the economy is doing great, people are spending again”
instead with you apprearing I heard
“We had great sales but the consumers are using credit debt again, this will not last and the European crisis should not be forgotten and still has no direction.”
Thanks for appearing
OMG! You could cut the tension with a knife! The guy from BMO just sounded stupid and it makes me angry that people like that think we’re all dumb and don’t know what is really going on! The age of deleveraging is here and they can pump up the volume all they want…not gonna change the facts!!
Good for you,Danielle. Call it like it is. You used the time available to you wisely.
You know the host is squirming when he says, “Yeah, uhm…. interesting….”
Looks like the fan club is out in force this morning…..although I don’t disagree with most of your message…..I do question the credibility of a blog that claims to seek truth, justice and responsibility and yet posts only supportive views from readers……surely there are some posters who respectfully disagree…..
I think You and Garth Turner are the voices of reason these days. Great interview and hope to see you next year. Please let us know when you’re on tv again, Thanks.
Great job today Danielle…..BNN is lucky that you chose grace them with your presence this morning. I shut it off a few years ago but watched the links you posted….thanks for sharing and caring about Canadian investors….
I think you made the right choice to go! Imagine what the bankster would have said without anyone challenging his points! 🙂
PART 1
Fascinating how they tried to use the recent retail data (twice) to suggest that all is fine! You dodged pretty well all those loaded questions though: (a) buying, buying, buying,… but saving should be and is taking place, (b) downgrading the “strong (numbers)” statement to “decent” , and (c) taking control by stressing that those numbers pale in comparison to the bigger issues (decoupling is not likely to occur considering the severity of the European bond issue). She tried to make you back down and attenuate your statement, but you were strong in keeping with your thesis and adding supporting details to your arguments. Were you aware that she was trying to attenuate your statements? Do you think she (or the network?) was consciously trying to manipulate you? I don’t remember any of the interviewers challenging the bankster!
You made the bankster admit that you are right that consumers have been saving out of necessity and will probably will. (He said … “a multiyear workout”)! WOW! I doubt he would have been saying this had you not been there! He did try to counter by saying that “divergence” has and can (not could) take place by explaining that Japan is the size of Europe ( 🙂 ) and “neglecting” to mention that QE1 and 2 probably helped with the divergence that took place! 🙂 He is more concerned about his backyard (bank crisis) though! Too bad they did not give you a chance to counter that! Did they edit anything out?
PART 2
Good for countering the bankster’s optimism with the reality that the IMF is not likely to come to the rescue, considering this is mostly US taxpayers’ money. I wished you had explained what PMI stands for as the average person might not know what that is, but I understand that there is little time to state things on these programs and you are probably so used to use these abbreviations.
Notice that the bankster tried hard to make light of the matter by talking about Movember! Not sure if it was deliberate, but … ” as we turn the corner on Thursday,…” What did that mean? Do you think he was implying that all things would be groovy after that? Fairly strong Canadian GDP? We’ll see! He tried hard to excuse possible lower earnings by indicating that this could be due to cyclical notions, but maybe consumers are not interested or unable to take on more loans! In Vancouver, I am sure that is the case! 🙂 Good for talking about capital risk in terms of bank stocks (all stocks, really)! Good explanation on using words like “very high” to counter his more optimistic words! You dodged the “less” risk question beautifully! Go cash! Not something they want to hear! Good for putting perspective on what is happening: 2008 and 3 years later, sovereign debts crisis! I love the word of the bankster to counter your caution. “I think we are a little more constructive!” He tried hard to sell his garbage stocks at the end. I think most people would have been clear that fundamentals don’t matter so much as the potential crisis in Europe and contagion.
I thought you did an awesome job countering the bankster’s overly optimistic view on things and explaining why there is more trouble ahead. I am interested. How much notice did they give you? Did you feel they gave you more notice last time? Why do you think they invited you back at this time? Was that calculated? They expected to use those retail numbers to weaken your assessment of things?
I mean it is good that they invited you back! No doubt! 🙂
I think dec will be a risk on santa rally month the percentage stocks below 20 day moving average dropped below 10% usually bounces pretty strong when it goes under 10 percent. So buy any dips this week, But longer term I am with Ms Park. and bearish for next year.
………like the guy from BMO………LOL……………….Or it could be they’re busy watching the Cramer and Kudlow Comedy Hour.
Nope Michael, yours is the only negative one we received today and as you can see we even posted that one. Intelligent discourse from all sides is always welcome on this site. The only time a comment is not posted is where it is abusive, name-calling or just plain pointless nonsense. Thankfully we only get the odd one like that every couple of weeks.
Couple of good segments there Ms Park.
I can accept that equity markets are at risk to the downside; what I want to know is – will you be back on BNN to tell us when the risk/reward ratio is more favourable? Do you think we’ll see Cdn bank dividends yielding 8%?
You’re in good company; they won’t have Peter Grandich back either, and Paul Van Eeden is “seldom seen”.
Irwin
Well spoken Ms. Park. I found it hilarious that they gave the banker the last word all the time. I noticed that his knee was bouncing pretty fast under the table for a moment there….nerves or did he maybe doubt what what coming out of his own mouth. He could have just said…’I don’t know’, which would pretty much sum up the bulk of what he was saying.
I live in the USA and I discovered BNN about six years ago. I am a big fan of gold so I appreciate all the discussion of precious metals by different guests. BNN gives analysts plenty of time to clearly state their views unlike CNBC. David Rosenberg is a frequent guest along with other bearish people. Lots of diverse views on the panels and plenty of ideas on how to make money. Not sure why so many people are critical of BNN on this site.
bank guy = rambling man, can anyone summarize what he just said? what a blur of words
danielle = clear, concise, to the point in a language a layman can understand
thanks again
danielle & garth – agreed on the voice of reason
dylan, vancouver
I am suprised you found my comment negative…..now to be clear, this comment is not meant to be negative….hopefully you will appreciate the irony…… here goes.
I suppose if/when they ask you on during prime time we will be able to ass-u-me the bottom is in??
Good luck …… I appreciate your spunk.
10 reasons the crisis isn’t over
Commentary: There may be a lot more bad news to come
http://www.theburningplatform.com/?p=25672
Hi Danielle,
I’ve been a follower since 2007 and know that when you say shoals are ahead, they are. I’m disappointed that BNN has not seen fit to have you on regularly as I always looked forward to your appearances. I emailed BNN today to request that they ask you on as a more regular contributer (assuming you are still interested given the pathetic way the interview was conducted). Maybe some others on this blog could make the same request and let BNN know many viewers would like an alternate view expressed. All the best.
ok, although next time I plan to wear a hat or shave my head like Mr. Taylor–5am rises in the dark not good for the hairdo. In HD none the less! L0L
I am sure you will look fabulous whether you shave your head or not, even in HD. JW, Vancouver
“No problem with Canadian Banks” says the BMO guest… interesting, I just closed on a very large real estate project that had been in receivership for the past eighteen months and BMO received less than 25 cents on the dollar. Nothing to be concerned with here, move along to the next story.
On Thursday, Dec. 1, there is a piece in the Globe’s ROB on Gluskin Sheff that is interesting in that comments on David Rosenberg and his realist views on the economy may be affecting Gluskin’s business appeal. Apparently they have had a higher than wanted redemption rate as people have been cashing out or switching firms.
I couldn’t help but think of your issue with BNN where only positive market spin is wanted in certain venues.
Those of us that want exposure to news about the risks involved in investing appreciate your advice Danielle and the time you take to be public about it.