For those who haven't been following, CNBC's Charlie Gasparino and Michelle Caruso-Cabrera have been going after financial bloggers, specifically Zerohedge here and here. Check out the super clever comment by that sassy Michelle stating "...moronic bloggers, that's redundant Charlie". Hah, that's classic comedy, very rich. They also refer to ZeroHedge as Zero Intelligence. Ivy league humor straight up.
It's a little odd in general that CNBC would go after bloggers. In response to their low brow attack, 1-2 and Marla Singer at Zerohedge posted An Open Letter to the Financial Media. It is truly a must read for anyone interested in the financial world and the role media is playing and will play going forward. It is one of the most intelligent essays I've read on the blogosphere.
It's authored to respond to CNBC's accusation that Zerohedge are cowards for not giving up their anonymity. That somehow their arguments and ideas are invalid because of that.
The essay succeeds in making CNBC intellectually look like Fred "The Ogre" Palowakski seen in our previous post here holding the nerd upside down. Well done ZeroHedge. The folks here at WC Varones salute you.
ADDENDUM: Denninger also responds to CNBC's attack on ZeroHedge here and catalogs CNBC's irresponsible journalism and a few horrible financial calls as part of his argument. It's funny that these "journalists" are so eager to attack.