We turned on the The Daily Show to watch the interview with Jim Cramer, and both of us watched in amazement. We both expected fluff, and instead watched Jon Stewart absolutely lay into Cramer and CNBC. This was one of the most interesting news events I have yet to see. You won't see David Gregory do this. And you won't see Brian Williams do it. It took a comedian doing fake news.
Couple of take-aways: one, that Republican deregulation allowed much of this to occur, with Democratic complicity, btw. From 1999-2007, the market increased at a 30% rate, and everyone got greedy. That happened to me as well, and I am well aware that, as I said, Democrats were complicit in this. But this is what happens when you assume that CEOs and Wall Street have our best interest at heart. Deregulation and lower taxes have been the repeating mantra of the right, and this is what you get. Cramer talked about indictments for these people, but I really wonder if they broke many laws in robbing from the 401ks. Republicans have made a sport out of elevating the rich and convincing the poor that their interests are the same.
That was the second takeaway, that Jon identified the central disconnect between the interests of the very rich and the interests of the average investor. CNBC (and Republicans and Democrats in Congress) catered to the interests of the very wealthy, and assumed that would help everyone out. When some of us point that out, we are accused of "class warfare" but the reality is that, as Jon points out, there are two economies. And one is a game played with little morality or ethics that is funded by the investment economy of ordinary people playing by the rules.
This was one of those watershed events, I think, where Jon Stewart dared to point out the naked emperor. He did so with humor and anger, at one point telling Cramer how angry it made him to hear him describe how to game the system.
Here is a clip from the uncensored edition: