Wednesday, September 11, 2013
Seriously? Karl freakin' Denniger? No. The truth be told I can't take anything that idiot says seriously at all. He's the biggest Chicken Little on the net and that's saying something. I have no respect for Karl at all. The man will make incredibly specific predictions... "The whole banking system is going to crash on wednesday!" and he'll write 2000 words to explain exactly why this will happen... then wednesday comes... and the predicted crash never happens... and Karl then acts like the predictions he made just never happened. No explaination for why the big crash didn't happen. He just never bothers to address it. He just blogs about something else and everyone lets him by with it.
Well I don't.
Karl... I agree with you on the NSA and on a lot of other things. But you're still an idiot.
Posted by Nate at 4:54 AM
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He wields the banhammer on his site with a Scalzi like frequency
Karl is the Cassandra of the stock market. Had you put your money where his mouth was, and shorted Apple as hard as he suggested, you'd have gone bankrupt from the margin squeeze just weeks before Apple's share prices tanked. Perhaps Karl managed to time this just right using options, but I believe that it was another case of Karl suggesting but not doing.
When he banned me for suggesting a more healthy way to get over his Steve Jobs obsession(*), I got a comment over on my blog that there's an entire forum dedicated to using Karl as a negative predictor for individual stocks (i.e. if Karl shorts, you buy, etc.). They were beating the market rather effectively at the time.
I understand being a negative indicator (any time I move a 401k into the money market, mortgage your kids to buy the S&P). I know it and tell anyone who listens to me that I am crap on knowing what the market will really do.
Every once in a blue moon, he says something reasonable, and Vox quotes him. Otherwise, I am much better off mentally for not reading his site regularly.
(*) I will admit that my suggestion was incredibly disrespectful and bordered on vulgar. I apologized to him for going over the top with it, but not for the underlying sentiment. I still think he banned me more because I wouldn't let up asking him "OK, so Apple's bad, because they won't be making money hand over fist in 5 years. Which other computer company IS making money at all?" He never could answer that question.
I have nothing but contempt for the guy... for lots of reasons.
1) he's wrong a lot.
2) he never admits it when he is wrong.
3) He's a greenbacker
4) He thinks gold is just... a commodity.
He did call the last peak in silver almost on the dot. That made me a nice chunk of change, so despite the chicken little stuff... I owe him.
He also has an irrational hated for the doctors Paul.
He also has delusions of grandeur thinking he can effect 3Q GDP by going dark and asking others too. The guy is really sick in the head.
And I quote:
"In a few short weeks the 3Q GDP preliminary report will come out. I will judge whether others also are outraged sufficiently to do something peaceful and lawful about these abuses or not by those results."
Really, you think that is the measure of pissed off? Go fishing, get some air. You haven't a clue.
Never a trust a man who spells Karl with a K.
KP: Just to nitpick "Karl is the Cassandra of the stock market." Nah, Cassandra knew the future but was cursed and no one would listen to her.
Chicken Little is a far more apt description.
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