One of my biggest pet peeves with the financial media is the near fixation on one side — the Buy! Buy! Buy! side — of the story.

If an analyst or money manager speaks out with a bearish forecast, it’s a reasonably good bet that you won’t see them appear on that network as much as someone who agrees with what they’re trying to promote (e.g. Peter Schiff’s bearish calls).  I’m not suggesting it’s some great conspiracy or certain TV personalities shouldn’t speak beyond their field of expertise, but when you hear nothing but rah-rah rants when the economic data tells you something entirely different, a smarter person begins to question the quality of their advice.

Then comes along an interview with a guy like David Rosenberg who gives one of the most realistic economic forecasts I’ve seen in 2009.  In less than an hour, he basically dismantled Bernanke’s “Green Shoots” analogy with honest to goodness ironclad data.

I would be floored if I wasn’t a glass-half-empty realist.

Unfortunately, Squawk Box is an early AM show so it didn’t get the prime time viewers that it deserves, but thanks to embeddable media files, you get to view it here.

Couple highlights:

• 18% of personal income is being supported by Uncle Sam. Double that of LBJ’s great society of 1960s.
• Unemployment rates will shoot past the 10.8% high from the 1980s.
• Going back to 1900, the stock market goes through 16 Year Supercycle Intervals.
• Only $0.08 of every dollar that Uncle Sam is giving in stimulus is being pumped back into the economy.
• The bounce from March to May 2009 was nothing but a 40% dead cat bounce!
• S&P 500 earnings will only be ~$50 for the next four quarters.
• Stock market rallies are meant to be rented, not owned.
• We’re halfway through a secular bear market that began after the 2000 crash.

[email and RSS Readers please click to site for video]

While some will say Rosenberg’s analysis is nothing but negative hoopla, I consider his advice to be the most refreshing thing I’ve seen all year.  His reasoning and conclusions actually felt real, instead of unrealistic expectations plucked from the imaginary Green Shoots analogy just to keep social unrest at bay.

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