The Daily Dish - The Morning After

Is it just sheer arrogance? Or stupidity? Because it’s one of the two. They are the only explanations possible for LeBron James and his team doing what they did last night, creating their own hour long special on ESPN to publically rip the hearts out of the Cavaliers fans and franchise in the most classless and embarrassing way possible.

Michael Corleone: Fredo, you’re nothing to me now. You’re not a brother, you’re not a friend. I don’t want to know you or what you do. I don’t want to see you at the hotels, I don’t want you near my house. When you see our mother, I want to know a day in advance, so I won’t be there. You understand?

The thing with me, I just feel like an idiot this morning. Cheering for this guy for the last seven years, defending him, living and dying with every one of his jump shots. All that for a guy that doesn’t even have the class to call the Cavaliers owner and let him know his decision. After all this organization has done for LeBron, his friends, family … the stories will all come out over the next several days. The things that they did for LeBron, well above and beyond what any player could or should expect. And not even a phone call. Like one of those coward bosses that fires an employee by e-mail or someone who ends a long term relationship with a text message.

Johnny Fontane: A month ago he bought the rights to this book, a best seller. The main character is a guy just like me. I wouldn’t even have to act, just be myself. Oh, Godfather, I don’t know what to do, I don’t know what to do…
[All of a sudden, Don Corleone rises from his chair and gives Fontane a savage shake]
Don Corleone: YOU CAN ACT LIKE A MAN! [gives a quick slap to Fontane]
Don Corleone: What’s the matter with you? Is this what you’ve become, a Hollywood finocchio who cries like a woman? “Oh, what do I do? What do I do?” What is that nonsense? Ridiculous!

Bottom line – LeBron James did not owe it to the Cavaliers to stay here. He earned his right to be a free agent. But he owed this organization and fan base a better send off.

Good riddance LeQuitter. Have fun being Scottie Pippen and trying to manufacture a title with collusion and contracts and agents instead of doing it like a man.

And then how about the Dan Gilbert meltdown afterwards?

Tom Hagen: Mr. Corleone is a man that insists on hearing bad news immediately.

In this scathing open letter to the fans, released about an hour after LeTraitor’s “Decision”, Gilbert did his best impersonation of Tony Montana during the final 30 minutes of “Scarface”, emerging from the door of his second floor office, unloading his virtual M16A2 assault rifle on Cleveland’s former favorite son … actually going as far as to try and unload “The Cleveland Curse” on LeQuitter as he heads down south to Miami. This is priceless:

Dan Gilbert: But the good news is that this heartless and callous action can only serve as the antidote to the so-called “curse” on Cleveland, Ohio. The self-declared former “King” will be taking the “curse” with him down south. And until he does “right” by Cleveland and Ohio, James (and the town where he plays) will unfortunately own this dreaded spell and bad karma. Just watch. Sleep well, Cleveland.

Wow!!!

Michael Corleone: I don’t feel I have to wipe everybody out, Tom. Just my enemies.

But that’s not all. In an interview just after the release of the letter, Gilbert went on to say to crucify LeClassless for his playoff no-show against the Celtics, saying …

Dan Gilbert: He quit. Not just in Game 5, but in Games 2, 4 and 6. Watch the tape. The Boston series was unlike anything in the history of sports for a superstar. Go back and look at the tape. How many shots did he take? He has gotten a free pass. People have covered up for him for way too long. Tonight we saw who he really is.

And there’s more coming. I’ve never met Dan Gilbert, but being in this business for 13 years now, I know a lot of people that have dealt with Dan Gilbert. I knew right away that Gilbert wasn’t going to fire a shot across LeBenedict’s bow, but instead launch about seven missiles right into his hull. Make some popcorn and get ready to enjoy the fireworks. Cause it’s only getting started.

Michael Corleone: My father taught me many things … keep your friends close, but your enemies closer.

One of the worst parts about this whole thing is that it is now in Gilbert’s best interest to completely rebuild this franchise. In the NBA, there’s nothing worse than being an average team. Not good enough to win a sausage, not bad enough to draft high enough to get star players. But anyone that read Gilbert’s open letter to the fans knows that a tear down and rebuild is not an option … and that Gilbert will do everything in his power to keep this franchise amongst the league’s elite, despite the fact the remaining roster is very flawed. Anyone that thinks we can win with Antawn Jamison and Mo Williams as our two best players is delusional.

The thing with Gilbert though, this isn’t just a basketball team to him. It is a basketball team that is at the center of a web of businesses. Quicken, Fathead, the Lake Erie Monsters, and a casino set to open in a couple of years. Anyone that has been to a Cavs game knows how aggressively Gilbert uses the Cavaliers and The Q to market mortgages, minor league hockey, and wall stickers … and the promotion of the casino alone will dwarf all of those other endeavors combined. Gilbert is in too deep financially with this Cavs team. He’s like the 25-year old guy that brings $2,000 to Vegas for a five-day excursion there with some buddies that’s lost $1,800 of it in the first couple hours of the first day there. No sense in going down to $5 a hand at the blackjack table at that point. Time to go throw down $100 on black on a spin of the roulette wheel. (Man … that scenario sounds eerily familiar.)

Dan Gilbert is Sonny Corleone. Randy Lerner is Fredo. What this town needs is Michael.

Only in freaking Cleveland.

Don Corleone: I knew Santino was going to have to go through all this and Fredo… well, Fredo was… But I, I never wanted this for you. I work my whole life, I don’t apologize, to take care of my family. And I refused to be a fool dancing on the strings held by all of those big shots. That’s my life, I don’t apologize for that. But I always thought that when it was your time, that you would be the one to hold the strings. Senator Corleone, Governor Corleone, something.

Well, there wasn’t enough time, Michael. There just wasn’t enough time.

Michael: We’ll get there, Pop. We’ll get there.

Quote of the day …

“You were the chosen one! It was said that you would destroy the Sith, not join them! You were to bring balance to the force, not leave it in darkness.” ~ Obi-Wan Kenobi, to Annakin Skywalker, just before his transformation into Darth Vader

Market …

Stocks jumped for as third straight day yesterday, with the Dow rising another 121 points yesterday after advancing 275 points on Wednesday and also finishing slightly up on Tuesday. The 4.7% gain over the last three days is the market’s biggest positive three day move since mid-May.

Employment news has been the key driver behind most of the market’s moves during the past few weeks. Yesterday, the Labor Department said that initial claims for jobless benefits fell last week to their lowest levels since early May. Claims fell to 454,000, better than the 465,000 forecast by economists. The news was a welcome change from the string of disappointing jobs reports that we’ve seen over the past couple months, including the government’s June employment numbers that were released last Friday.

High unemployment has dragged down consumer confidence, which in turn has slowed consumer spending. And because consumer spending accounts for about 70% of US economic activity, the recovery will not gain any momentum of any sort until consumers are working and feeling more secure about spending.

While stocks have made a strong move this week, it really hasn’t been news driven, and trading volume has been light. That could set stocks up for a big tank if we get a piece of bad economic news next week. The economic calendar remains very light on Monday and Tuesday before a plethora of releases on Wednesday and Thursday.

News …

~ LeGone: LeBron James Announces he is Leaving Cleveland to Join the Miami Heat

http://www.cleveland.com/cavs/index.ssf/2010/07/legone_lebron_james_confirms_h.html

~ Dan Gilbert Attacks James in Open Letter to Fans

http://sports.yahoo.com/nba/news;_ylt=AgxHphgOpVRKEjobiH61.Es5nYcB?slug=ys-gilbertletter070810

~ Gilbert Says LeBron Quit in the Playoffs

http://sports.yahoo.com/nba/news;_ylt=AgxHphgOpVRKEjobiH61.Es5nYcB?slug=ys-gilbertletter070810

~ Friday’s Look Ahead: Focus on Earnings Could Help Stocks

http://www.cnbc.com/id/38158775

~ Consumer Borrowing Down Sharply in May

http://www.cleveland.com/business/index.ssf/2010/07/consumer_borrowing_down_sharpl.html

~ Mortgage Rates Fall to Five-Decade Low

http://www.cleveland.com/business/index.ssf/2010/07/mortgage_rates_drop_to_new_low.html