The Ponzi scheme perpetrator was in a courtroom yesterday, pleading guilty but offering no explanation of his motives or what happened to the money.
Jim Cramer, who misled investors for years on MSNBC, was on the Daily Show, trying to defend himself against Jon Stewart's indictment of financial "news." Cramer, who built a career as the "wild man" truth teller, was as subdued as Madoff but no more successful in escaping guilt for where Wall Street is today.
Jon Stewart's verdict: "disingenuous at best and criminal at worst." One of today's best journalists, Jim Fallows, who considers Stewart, without hyperbole, the Edward R. Murrow of our time, says that he "without excessive showboating, did the journalistic sensibility proud."
Someone who saw Murrow in his prime has to agree.
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2 comments:
John Stewart and Stephen Colbert will go down in history as the fearless geniuses they are. Whether or not actual journalists will follow suit remains to be seen.
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: http://www.facebook.com/group.php?gid=67594690498&ref=ts
Thanks,
Ron with 30 plus years in the investment business and banking industry.
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