It’s quite an accomplishment to be the dumbest person on a business network that completely missed the financial crisis, but Melissa Francis takes the cake. She argues like a teenager, like today when she became totally fixated on a 30-point drop in the Dow while Obama was speaking, conveniently ignoring that the market had been up over 100 points, and had given back those gains just as Obama began speaking (meaning that the trend was down as he began speaking). Anyone with half a brain knows that swings in the market in the short term are often not rational. The market is rational over the long term, not the short term. Steve Leesman was totally exacerbated as he tried to reason with her to no avail. I’m sure he would have told her to shut the f%#& up if they weren’t on the air. It was one of the most embarrassing exchanges I’ve seen on a network that has come to be known for it’s inability to understand the financial markets it’s supposed to cover.
Unfortunately, this is the kind of “analysis” we’ve come to expect on CNBC. Commentators like Larry Kudlow have one answer to everything – lower taxes on the wealthy. Idiots like Jim Cramer scream about socialism, even though he supported Obama in the fall. They’re becoming the Sarah Palin of financial analysis.