Death by Chatter

Ken Chenault really killed us. The chief of American Express (AXP - commentary - Trade Now), who sees everything from credit creation to small-business health to travel and leisure and expense spending, in a great interview with CNBC's Erin Burnett made us want to sell everything and go home.

I am not saying that's right. I am saying that Ken Chenault sure as heck didn't need to come on and kibosh the green shoots. He's talking about a turn in late 2010, and if that's the case, stocks -- including his stock -- are way too high.

Plus, he made sure we understood that the president's toughness on credit cards will hurt consumers, particularly the poorer consumers, because credit cards are their only hope and the credit card companies simply can't be compensated enough under this new regime to make it worthwhile to issue cards.

I simply didn't hear anything that told me we are seeing anything other than the possibility that things are stabilizing ... and it was just a possibility. Given that the market ran to 8400 on hopes that things are "less bad," this one flies in the face of that analysis. Things have just stabilized at "bad," which means to me that stocks are headed lower.

One interview, one guy, but is there a more important businessman when it comes to the consumer and the small-business potential for a turn?

I can't think of one.

Random musings: I am sticking with the "Insana view" that the banks will be the bright spot next quarter. However, I sure didn't feel that American Express would be very bright after that talk. ... Jimmy Lee, the great Chase (JPM - commentary - Trade Now) banker, gave us nothing to be happy about either in his interview. Now I am really in a funk! I love that guy!

At the time of publication, Cramer was long JPMorgan.

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