Saturday, March 14, 2009
Jim Cramer vs John Stewart
I can't believe it took someone from Comerdy Central to tell Santelli to shove it. I'm a huge fan of Joel Stein's, columnist for TIME magazine and Los Angeles Times, and even he said that homeowners don't deserve bailout money because they made wrong investments. That was it, in a nutshell. Ok, well, why don't we apply that logic to all the banks and auto companies that bit off more than they could chew? Risky, short-term investments got them where they are at and now we must bail them out. They get to be rescued in this turmoil and homeowners don't?
Now, I love Jim Cramer, I love him to death. I remember him saying once that gas prices were not going to keep increasing while everybody else and their mothers said it would go all the way up to $5 or $10 per gallon, and guess what . . . They stopped increasing after that. People call his show all the time asking whether they should buy or sell and as far as I can tell, and I'm not an economist by any means, the man knows his stuff. Ask him about a stock, any stock, he knows it. That's what so sad about it. Had I been able to invest, I would have followed Jim Cramer's advice blindly. I would have trusted this man with my money. He has had bad calls in the last couple of months and you can argue that the man doesn't know it all, but he knows a lot . . . He knows better than that. He should've seen it coming, the whole media should have seen it coming. They failed and now we pay the price.
I don't know if Jim was incredibly courageous, incredibly naive, or incredibly stupid to try go on Stewart's show, but he did. And as expected, John ripped him a new one. I mean, he really did his homework. But I appreciate Jim for being as humble as he was and accepting he and the network could've done better. I just hope he means it. Stewart truly, really put himself in the people's shoes and spoke for all of us. He's got our backs, but how sad is it that someone from Comedy Central's got out backs? It wasn't any of the networks that boasts of having the most reliable financial information. They can't have our backs because, they are in bed with Wall Street. Let's bail Ford and GM out. Let's bail AIG out so their CEO's can get their hefty bonuses. Let's bail J.P. Morgan Chase out. But God forbid homeowners get a piece of the pie! A pie that we paid for!