Friday, March 13, 2009

John Stewart interview with Jim Kramer

    Last night John Stewart of The Daily Show  interviewed Jim Kramer of Mad Money of CNBC. John Stewart showed how the so-called Finacial Genius's of CNBC and other finacial programing is more or less "snake oil salesmen". has the transcript of the interview. Jim Kramer was some what out of his usual character of being the aggreser to being looking almost like a coward. He kept saying that he wasn't to be the one who was at fault until Stewart showed some clips of Kramer approving of hedge funds which to find out now has ruined long term investing mainly with peoples 401K's. 
Stewart started the interview by saying:
"We’re both snake-oil salesmen, to a certain extent. But we DO label the show as snake oil here. … When you talk about ‘the regulators,’ why not the financial news network? "
and for Kramer from then on he was mostly on the defense for the remainder of the Show. As in the peice written by Mike Allen of Politico it shows how sometimes we must take what these finacial commentaries should be taken with a grain of salt. It's gotten to the point of saying who do you trust for advice. I'm sure CNBC is not the only station that failed us. 
It's time news organization get out of the Finacial News business. Find an independent station that doesn't have ties to Wall Street nor to an type of News opperation. But more important it tells us to do our own investigation and not to believe anyone when it comes to our retirement future.