Posted on 03/17/2009 8:55:45 AM PDT by prplhze2000
A network reporting financial news is one thing, a network advertising every hour "In Cramer We Trust" and "Fast Money" (Or is it Easy Money, Mo Money, or My Money, they all run together after awhile.) is something entirely different. If CNBC and others are going to go down that road, then they better not write checks their asses can't cash when the you-know-what hits the fan. Its rather insulting for a Cramer to claim as he did last week "No one could have seen this coming" or "This was a once in a lifetime event" when hard-nosed research would have provided them with the real story. Anyone who read the balance sheets, actually learned what was taking place on Wall Street, and just asked simple yet critical questions could have figured out something wasn't right.... None of these reporters questioned the SEC's 2004 decision removing leverage limits on investment banks and other institutions in 2004. They just reported "The SEC voted today to remove leverage limits, a move supporters say will allow them to make more efficient use of capital." They never asked "Is this a good idea" or "won't this leave our financial system heavily exposed if the investment banks over-leverage themselves?" or "What will the effect be if they go under?" No one asked questions when Fannie Mae was busted for fraud. They didn't see anything wrong with investments leveraging themselves at 30:1 ratios. When OFHEO reported in 2006 Fannie was making too many risky loans, CNBC and Bloomberg yawned. However, Cramer and Kudlow had a good food fight that day that got high ratings...... The problem is they are reporters and few have any background in finance or economics. At CNBC, 13 of the 23 anchors and reporters have NO business or finance experience........
(Excerpt) Read more at kingfish1935.blogspot.com ...
Yet Barney Frank and Chris Dodd never get a mention by the MSM...
The assault on Cramer continues. The guy definitely DOES have finance experience — he worked at Goldman for years and and ran his own hedge fund.
I admit that I’m a fan of his show, mostly because of his crazy antics. It’s kind of like Ace Ventura meets the stock market.
Isn’t someone who puts his trust in the host of a cable tv show writing a check his ass can’t cash?
true. And Hannity rants about CRA while CRA had little to do with it.
A little formatting of that Jambalaya of text would be nice.
Never said he didn’t. But his comments last week should’ve bothered you. It showed HIS problem which is he still considers himself one of them. When you are in journalism, you have to seperate yourself.
Thought I had. sorry. I’m still learning how to post here. If you click on the link its a much easier read. My apologies.
Is this guy annoyed with Franklin Raines at all?
who?
- and was sanctioned by the SEC and stripped of the privilege to work on wall street never minde he is very much less than stellar at stock picking. He made his money by being and admitted crook. Enjoy :)
What bothered me was the clip where Cramer discusses how as a hedge fund manager he put out false rumors about companies to drive the stock down thus making huge profits as a short seller...this is just plain wrong like much of Wall Street’s behavior.
That should’ve bothered alot of people but you know it goes on and in the long term it doesn’t affect a stock price that much.
What bothered me was constantly saying I trusted these guys, I knew these guys.
I mean, come on.
Short selling has bankrupted companies...almost bankrupted Overstock in fact...this bothered me also...I thought CNBC were giving us financial news...but I see that they are merely cheerleaders for Wall Street...their attempt to prop up GE is an example...they are owned by GE.
back in the 90’s they did the same thing with the nasdaq bubble. Subprime imploded as well: United Companies, NFI, Amresco, Aaames, and others. was like now but on a much smaller scale and they learned nothing.
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