I really liked Jon’s interview with Jim Cramer. Jon’s questions and video evidence of Jim bending the rules was terrific. But, Jon is pointing his blame at the wrong person. The blame in this are the investigative financial reporters, lies not just at CNBC, but every network that had a chance to expose more of the fraud.
Is CNBC at fault, sure it is. Is it more at fault than the CEO of Bear Stears, Wachovia, or Lehman Brothers? No. Are reporters more to blame than a clueless Federal Reserve or an incompetent Securities and Exchange Commission? Heck no. Those are the people he should be interviewing.
Jim Cramer is not really better than anyone else on Wall Street. He really does not pretend to be. He has taught me and many others a few things about the stock market. I have made money thanks to his recommendations, my research, and working with my financial planner. Anyone who just listens to his advice without doing any additional research is crazy. Could he have known more than he led on? Probably. But, even if he did, few would have listened. You can go back to my youtube clip on Peter Schiff where he was completely laughed at, click on the link if you don’t believe me. Most of us were making money and we were happy and did not care that we were skating on paper thin ice.
The stock market and the economy reminds of me of baseball in 2009. We knew years ago that these players (companies on Wall Street) were artificially juiced, but we really did not make a stink about it until it hurt us in our own pockets, or if someone hit 73 home runs in a single season that we did not personally like. We liked seeing McGwire belt out 70 in a year, even though we knew he was a fraud. He brought us to watch baseball again and the 500 foot homers were really cool. But, when Bonds was doing it, the red alerts went off. Over 100 baseball players, like Wall Street executives were nothing but pathological liars.
The people that Stewart should have asked his poignant questions are the CEO’s, and other executives that are actually in banking, not an entertainer. We can question and learn from the past, but we have to have the right people step forward and be honest. It is 2009, and the damage has been done, it is time for new ideas, honest solutions and never going back to the days of being sold a fraudulent house of cards. Interviewing Jim Cramer is about equal to interviewing Tim McCarver.
By the way, I loved how during the last commercial break there was a commercial for Bank of America. What a double standard, that is! Hey, we can pick on banks all we want, but we will take their advertising dollars! Welcome to the Daily $how!