I'm sure a lot of people have already seen this, but I thought I'd provide a link to those who didn't. It's the full interview between the Daily Show's Jon Stewart and CNBC's (and specifically Mad Money's) Jim Cramer. It deals with a great deal of important questions, including:
1. Did CNBC (and potentially Cramer) know that the economic collapse was coming? If so, do they have a responsibility to tell us?
2. What connection does CNBC have with the major banks that helped cause this disaster?
3. What is CNBC's primary audience? Is it the million-dollar short-selling investor, or is it the little guy with a couple hundred dollars in the market?
I feel a little bad for Cramer, but I think Stewart did a phenomenal job. I really hope that Cramer and CNBC act a little more responsible in the future because they could be a gigantic force of good in the media.
http://blog.indecisionforever.com/2009/03/13/jon-stewart-and-jim-cramer-the-extended-daily-show-interview/
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I'm torn here. People are mad at the "experts" because they didn't tell us that it was coming. If these guys were really experts, they wouldn't be on CNBC, they would be millionaires on the stock market.
ReplyDeleteAlso, most of the people giving advice here get rewarded if we buy stocks. They get punished if we don't buy stocks. Even if they knew that the market was going down, they would get rewarded for telling people to buy and selling short as the floor dropped out of the market.
On the other side, our economy sucks now, so the millions they made come with some cost.
Also, it is a huge issue that started with horrible legislation, was fueled by greed, and ended in what we are dealing with now. But I think the main thing here is caveat emptor. Why do we expect to make money in the stock market without understanding anything about it? People are stupid, and we are learning the wrong lesson from this mistake.