Jon Stewart Just Crucified Cramer & CNBC

Unfortunately the public's perception of anyone who makes money in the markets these days is a bad one. They assume you must be cheating SOMEONE out of their money to profit.
I meet many new people on the golf course and the question "so what do you do?" always comes up. I stopped telling people I am a trader and just say "I'm a retired civil servant". Now even THAT is a bad thing! How DARE I collect a pension when other people are losing their jobs!!
People are just so ignorant. Of the people who know me and know I trade, I was asked three different times this week alone "so you must be getting killed in this market, huh?"
It's like they HOPE you lost money. I can tolerate jealousy, it's normal. But I have zero tolerance for envy. And there is a lot of it out there!
 
you know 95% of the public are imbeciles. I've said it before, it always amazes me how dumb people really are, and how well they do.....considering.
 
Quote from stock777:

you know 95% of the public are imbeciles. I've said it before, it always amazes me how dumb people really are, and how well they do.....considering.
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And of course the extrapolation is that in a democracy the majorative "dumb money" runs the table. Scary thought to us sentiment traders who're trying to fade the majority.

It would be akin to taking a poll last year at 1500 SPX. Those who think 2000 say aye. Those who think 1000 say aye. The 2000's have it and you're now in charge of economic policy.....
 
Quote from rufus_4000:

This is exactly where the Financial media failed. When the CEO of AIG goes on CNBC, they do not bring in an analyst or economist, and say "you know, AIG under wrote 80% of all credit default swaps, isn't that a ticking time bomb?" Where is medium used for critical analysis? I mean, the CEO of GM went on 2007, and CNBC did not ask a SINGLE question about declining auto sales. And instead, the viewer just see "information" like "GM predicts x% increase in sales and yy% reduce in costs, bring in $zzB in profits by 2009".

I think that's Jon Stewart's point.
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This is what Roubini has stated, as well.

Instead of asking relevant and critical questions, the financial media gets caught up in the "bubble" and puts hedge fund managers on the front covers of magazines heralding them as geniuses.

They are by far, the biggest "cheerleaders" in a bubble. You might even say it's part of human nature to a certain extent - - - getting all caught up in the "bubble".
 
Quote from kingjelly:

i am so tired of hearing how short term traders caused this mess when they had little to do with it.. wall street played its part, but traders, really? i want to see some outrage aimed towards main street, the 99% of citizens that are financially retarded. not even smart enough to ask "what will my payment be after this crippling interest rate hike?" yes the banks were willing to let them take the loan, but the liquor store will let you buy enough alcohol to drink yourself to death too, you are just supposed to know better. this is leading to a more socialistic society and it makes me angry, but sadly, and it really hurts me to say this, it is probably needed. citizens as a whole can't control themselves. the fact that we have a popular show named "the biggest loser" speaks volumes of our inability to do even the most basic of things in moderation........
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Strange take on this but the average testosterone count among men has dropped 100 points (about twenty percent) in the last twenty years or so.

Most 50 year old men have more estrogen than 50 year old women. DRs and the media are encouraging this as it leads to more health problems which is inventory for them.

The average American is more spineless than at any time in history.
 
Quote from Weasel:

Jon Stewart is an idiot. Cramer was a partner at Goldman Sachs for Christ sake. Do we need to say anything more?
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You sir, are the idiot. Cramer was a broker, a salesman, a SALESMAN, for two years and was essentially canned for being an asshole. Seriously. He bragged to the NY Times how rich he was and the printed it. Not good comportment at GS. He was toast after that.
 
Quote from nravo:

You sir, are the idiot. Cramer was a broker, a salesman, a SALESMAN, for two years and was essentially canned for being an asshole. Seriously. He bragged to the NY Times how rich he was and the printed it. Not good comportment at GS. He was toast after that.
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In case I wasn't clear. Cramer was never a GS partner. He was about as close to making partner as a janitor there. Not that he didn't make his SALES numbers. He was just a major league asshole. Ask most people who have worked with him.
 
Source: http://www.thecontrarianmedia.com/2009/03/overstock-ceo-calls-jim-cramer-a-criminal/
Overstock CEO Calls Jim Cramer a “Criminal.”

BWAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

Dear Honored Client,
We take seriously our duty to save you money. We know the current financial crisis is of concern to many of you. If so, you may find this interesting. Otherwise, please just enjoy your shopping.
In recent weeks, “The Daily Show”’s Jon Stewart has exposed TV personality Jim Cramer as a liar (see these recent clips, 1 2 3). But I think he’s worse: I think he’s a criminal.
If that sounds hard to believe, please see this video (which Jim did not expect to reach the public) of Jim Cramer bragging about using the press to manipulate the stock market illegally. For a full analysis of the career of Jim Cramer, please read my essay: “Jim Cramer is a Complicated Man.”
Warren Buffet says that, “If you ever sit down at a poker table and in 15 minutes haven’t figured out who the pigeon is, you’re the pigeon.” Similarly, if you are getting any advice from Jim Cramer or CNBC, you are the pigeon. CNBC is a 24/7 hedge fund infomecial designed to trick you into making bad investments for the benefit of hedge funds. Again, watch the tape of Jim. Then read the critique. Then turn off CNBC.
Or else, just ignore this message and enjoy your shopping.
Most respectfully,
Patrick M. Byrne, PhD
CEO, Overstock.com
patrick@overstock.com
 
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