Fleckenstein Goes After CNBC Anchor And Her Rabid Colleagues For Talking Up A Happy Future 'When There's No Shot That That Happens'

"[T]he certainty with which the woman that I got interviewed by (on CNBC) this week sees the future, and the need (she sees) to be involved in stocks is rather remarkable since most talking heads don't know anything about investing," Bill Fleckenstein of Fleckenstein Capital said. "Otherwise they would be doing it instead of talking about other people doing it, you know what I mean?"

In a new interview with King World News, long-time Fed-critic Fleckenstein addresses the startling shouting match he got into with CNBC anchor Jackie DeAngelis on Tuesday.

For years, Fleckenstein had been warning investors through interviews that the loose monetary policies of the various developed market central banks would end in financial catastrophe.

And the manner in which he sounded his warnings made it seem as if this doom would be somewhat imminent.

Last Tuesday's On-Air Blowup

"At what point are you willing to concede that you've misunderstood monetary policy?" DeAngelis asked point blank.

This had Fleckenstein understandably incensed.

"I don't misunderstand monetary policy," he responded. "I closed my short fund in 2009 because I knew the Fed would print money... If you want to pursue idiots like the Fed, and their crazy policies, and you think you can get out in time, go for it."

Indeed, Fleckenstein has had little skin in the game during the duration of the current bull market.

"The problem I have with what you're saying and what others have been recommending, is that if people had listened to you guys over the last few months, they've really missed out on a big piece of the market gain," DeAngelis said. Indeed, such dire warnings would encourage most reasonable people to sit on the sidelines or perhaps short the market.

"So what?!" Fleckenstein responded. "So in the last two months the markets have gone up by a rounding error, so what?"

Fleckenstein Is Sticking To His Message

"All I can say is I feel like as sure as I know my own name, and as certain as I was that there would be a crash after the stock bubble and the real estate bubble burst, I feel like it's going to happen again," Fleckenstein said to King World News. "I'm just saying that the outcome is going to be a big dislocation. And all these people who think they have won the lottery because the market has gone up don't understand that it's really a Potemkin village and it can collapse in no time. And at some point it will.

"At some point this bullishness that's fed on itself will crack and there will be no buyers on the way down because they are only buying them because they (fund managers) had to and they had to perform," he added. "So the fact that the (CNBC) commentators are so rabid and feel like they know everything, it's just a function of the times. Anyone close to the market who believes in it thinks that their vision of the future, which is happy times are here again, is a slam dunk guarantee, when there's no shot that that happens."

Last fall, Fleckenstein told TheStreet.com's Herb Greenberg that he would soon be reopening his short fund. And the last we heard, he was still in the process of ramping it up. But until that happens, investors listening to Fleckenstein should note that his commentary is largely just talk and probably not intended to be actionable investment advice.

Read and listen to Fleckenstein's interview at KingWorldNews.com.