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Wednesday, March 11, 2009

Stewart v. Cramer & CNBC

Jon Stewart completely dismantled Jim Cramer's Ego in approximately 5 minutes.

And yet, this is supposed to be one of the premier advice givers when it comes to investment. And as Cramer so eloquently pointed out, Stewart is a comedian. How sad has this world and it's news become when a comedian is the one who has to point out the ludicrous reporting of a major news organization, and the leader of it's specified market (in the case of CNBC, it's business & investing). Yes, everyone is entitled to mistakes. But Cramer, while pleading with people to buy Bear Stearns stock, even says "it acts much better than it should." Isn't this supposed to be a clue? Aren't you an expert and know that if it's too good to be true, then it fucking is?! This isn't a mistake. This is pure and simple: GREED. Nothing more. Nothing less. It's the greed of "oh, it's higher than it should be, it's making money." When in fact, it isn't making money, and it's on the surface of a bubble that has to pop, just as every bubble must, economic or not.

So what does CNBC run the next day on Kudlow?  Well, Art Laffer talking about how Obama is ruining this country, and how the stock market is the proof, since it is forward looking and not backward looking, which rests all blame squarely on the current administration (on the 2nd page, halfway down). Why on earth does Laffer even get to talk after that horrific display? And isn't this the exact thing that Jon Stewart was pointing out originally? Honestly, it seems to me that CNBC not only misses the point when it comes to Stewart's segment on them, but they miss the point when it comes to their own "area of expertise". We should just lump them in with Fox News as a network of self absorbed, self congratulating, out of touch, ignorant, pissy, overly conservative, close-minded idiots.

As you can tell, I don't have much of an opinion on the matter.  /sarcasm off

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