I really enjoyed Jon Stewart’s interview with Jim Cramer today. I don’t care much about Jim Cramer, but Jon really pointed out what a serious joke the stock market is. And Jim Cramer didn’t seem to get it, or didn’t admit to getting it. Jon pointed out that everyone in the industry seems to know that the stock market is a joke and are taking advantage of those of us with 401Ks, and that’s exactly what’s happening. They’re siphoning tons of money away from us by telling us we’ll have a better retirement. In fact they’re terrorizing us by telling us if we don’t invest we will be poor. Well, thanks to them many people are already poor.
Jim came off bad because he clearly knows the stock market is a joke, but for some reason wouldn’t admit to it. He tried apologizing in some ways, but he didn’t apologize for the big thing. CNBC is doing everyone a disservice by telling them they can and should make money from the stock market.
Capitalism is about to change again.
But there’s a pattern to this madness, once everybody thinks they can make money off something, that thing will be ready to burst. It happened to tech stocks, real estate, regular stocks. Not everyone can make money off one thing, so when everyone’s trying, it’s time to get out. Looking back, this has happened again and again throughout history.
One Comment
Ron
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.