Friday, March 13, 2009

Stewart Takes on Cramer, Part 3

Years from now, if anyone wants to see the aftermath of America's financial excesses, they should review these three videos (March 12, 2009, Daily Show).

The most salient part for me was this question, asked facetiously: "A CEO lied to you? Shocking." How did we get to a world where it seems like the last remaining honest CEO is Warren Buffett?

Cramer also makes a great point when he asks, "Where are the indictments for these people?" I remember many banking CEOs going on CNBC proclaiming the safety and financial position of their company. Stewart is right to be angry when he says that CNBC assisted Wall Street in putting the wool over Main Street's eyes. Indeed, where are the indictments?

1 comment:

Anonymous said...

While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?

China is now worried about their dangerous over investment in US Treasury obligations. Washington ’s long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.

The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See:


Ron with 30 plus years in the investment business and banking industry.