Did they know the crash was coming?
This continues my look at Jon Stewart vs. Jim Cramer, the overhyped battle that teaches us that, if nothing else, investors should stay far away from television if they’re seeking sound investment advice. If you missed part one, CLICK HERE.
Jon Stewart took issue with Rick Santelli’s classification of foreclosed home buyers as “losers.” Not only is it easy for Santelli say that - he is far from the demographic at risk in this economic stew of trouble - but Stewart touched upon a serious issue. CNBC (and other TV network) Wall Street analysts like Santelli who dance about the airwaves with their bluster and decorated history, telling consumers when to buy and sell, knew that the crash was coming but said nothing. They knew how the tricks of the market - derivatives, short selling - worked, but failed to warn people who could ill afford to lose so much that they’d need more payday loans than they’re comfortable with.
Jim “Mad Money” Cramer came to CNBC’s defense
Jim Cramer, the man who bears the albatross of the moniker “In Cramer We Trust” on CNBC network commercials, called out Stewart as a mere “comedian,” someone who couldn’t possibly understand how Wall Street really works. He thought was ready to stand against the Doctor of the “Daily Show.” A war of words from a distance ensued. ... click here to read the rest of the article titled "Jon Stewart Calls Out All the "Mad Money" (Pt. 2)"
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