Jim Cramer, the host of Mad Money appeared on Jon Stewart's The Daily Show and got blasted by Stewart. Stewart criticizes Cramer and CNBC for not ferreting out the financial problems before they happened.
Stewart's criticism is that Wall Street has acted perversely and illegally over the last 10 years and Cramer and CNBC have cheerleadered the process along.
"It is a game you know, you know is going on and go on television and pretend it isn't happening,"
Cramer responds that he "is trying."
Stewart also blindsides Cramer by playing a grainy video of Cramer in which Cramer explains some of the shady ways in which traders make money. Why hasn't Cramer brought this to his viewers attention?
Cramer also alleges that a lot of CEOs come on to the show and flat out lie. He also claims that Treasury Secretary Paulson lied all of the time.
What does this say about our financial system? It says what we have always known. The people in power are creaming the skim off the top. There is very little way the little guy can get ahead.
Cramer and CNBC aren't going to blow the whistle. They are part of this system and have profited enormously from it. Here's an interesting article I dug up at the beginning of the financial mess that shows how overly optimistic and clueless the CNBC Fast Money folks were.
Stewart's expose also explains why I believe most investors would be better off avoiding the stock market entirely.
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