Jon Stewart, host of "The Daily Show with Jon Stewart" was able on Thursday, March 12th, to lambaste a familiar foe of the financial system cronies that pollute the markets for ever so often. An eight minutes and thirty-one seconds of Stewart applicably blaming Jim Cramer, host of "Mad Money" on CNBC for the lies he had spread over the last eight years from the George Bush term and chronyism that led to individuals losing their retirement, savings and jobs. Stewart was not merciful for one second, and when Cramer could not give a definitive answer of whether or not these market derivates would result in continuous market gains, likewise with the excessive bargaining companies would do to leverage a quick profit, it turned to be a make money quick, make money evaporate scheme.
Cramer admitted to that he knew that he was being lied when he conducted interviews with Harry Paulson and Ben Berancke, the former CEO of AIG Martin Sullivan and Joseph Cassano, and likely many others. Individuals who believed that these derivates would provide instant gains, instant cash flow, instant play in the market.
However, we are now left with a crumbling economy, billions of dollars loaned to AIG from our government, which US taxpayers may or may not be paying for.
The exercise of Stewart on Cramer was a note on how much that was known that these derivates were in play would causes for huge upheval and turmoil in the market. Companies such as Bear Stearns were spending ten's of ten's of billions of dollars per day by funding their expenditures with company 401Ks, where these individuals were being bailed out, paying out that money with bonuses, to only let their companies, and their employees evaporate. It was totally agreeable, and likely even almost criminal that Cramer let this game willfully playout, although the path of friends lying to him with history of trust.
My note to Cramer is that as a reporter and entertainer of facts, your reports do need to be substantiated by facts, not the "assumptions of friends" and past history to discern as truthful reporting. Reporting lies is dangerous. Rather was fired by CBS in 2005 for those noted errs. By not noting that the derivates were dangerous, you helped include your audience into the radical freefall of the declining market; burning any distinction with the acknowledgement of what the market should be; long-term and mid-range investors building profits to return gains with fair capitalism; not false chronyism, nor the ponzy schemes that exist, which very few I believe even have been found out.
Stewart's note is of the Obama objective. People work for their money, people earn their money; so if someone is willingfully invests in the market they need to have trusted information to be available so that a fair and just system can exist leading to a growing economy. Skills and talents show that people who make $30k are different from those who make $1.5 million. What did happen was a few investors and advisers ruining the pot for billions of people. Now we are left to redefine; regardless of currency, what is earning money?
