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No, Cramer went on the show last night.
An even better Stewart beat-down if you haven't seen this one:
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I spent the first 10 years of my working life working for banks.
after about 7 years all they wanted was salesman to sell derivatives to clients and not traders trying to make an honest buck.
now the reason for that was its always a risk with traders most lose money while in sales they just rip off the clients because they dont know any better.
there is no way that most people could have seen what would happen until the downturn started ... but once it did flashing lights in risk management must have been going off and this is where the problem is
people CEO's basically flat out lied about what was happening and what would happen - and pretty much robbed every tax payer in this country.
backing off to the corporate level - the worst example is GM - an industry leader that never saw the decline in auto sales coming/ never saw its wages were a problem and thinks building cars that lose money is a good idea.
so theres a tonne of blame to go around ... one for forcing people to sell crap - two for people to buy the crap and not knowing what it was and three if ratings agencies has simply said this is shit then no-one would have be able to buy it in the first place.
as far as cramer goes he knows that people try to make money everyday through any means necessary and any claim to the contrary is BS.
this is a horrific worst case scenario in terms of price and even me who had seen this coming didnt think this was possible to fall this far.
hopefully things stablize and some of these people are called to testify and then thrown in jail for their lies.
after about 7 years all they wanted was salesman to sell derivatives to clients and not traders trying to make an honest buck.
now the reason for that was its always a risk with traders most lose money while in sales they just rip off the clients because they dont know any better.
there is no way that most people could have seen what would happen until the downturn started ... but once it did flashing lights in risk management must have been going off and this is where the problem is
people CEO's basically flat out lied about what was happening and what would happen - and pretty much robbed every tax payer in this country.
backing off to the corporate level - the worst example is GM - an industry leader that never saw the decline in auto sales coming/ never saw its wages were a problem and thinks building cars that lose money is a good idea.
so theres a tonne of blame to go around ... one for forcing people to sell crap - two for people to buy the crap and not knowing what it was and three if ratings agencies has simply said this is shit then no-one would have be able to buy it in the first place.
as far as cramer goes he knows that people try to make money everyday through any means necessary and any claim to the contrary is BS.
this is a horrific worst case scenario in terms of price and even me who had seen this coming didnt think this was possible to fall this far.
hopefully things stablize and some of these people are called to testify and then thrown in jail for their lies.
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I think the point is, it's not journalism if all you're doing is giving CEOs a platform and regurgitating press releases.
Journalism requires investigation, fact-checking and a healthy dose of skepticism. Does the WashPost just report what George Bush or Obama says and assume it's fact? No
Journalism requires investigation, fact-checking and a healthy dose of skepticism. Does the WashPost just report what George Bush or Obama says and assume it's fact? No
