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The Blogs Vs Dennis Kneale

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Jul 18 2007 12:00am EDT

The Blogs vs Dennis Kneale

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.

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