Saturday, March 7, 2009

Kudos to Jon Stewart

Here at the Wall Street Mess, I am usually not complimentary of media in general. However, I have to hand it to Jon Stewart and his co-workers at the Daily Show. His March 4th skewering of CNBC is spot on!

The number of people who watched the show and/or viewed the video along with the comments on many different blog sites, I think shows the extent of the outrage of the general public toward Wall Street. This outrage, deservedly so, extends to the Wall Street minions at CNBC.

CNBC has for years trumpted the case for long-term investing in stocks. This case has been shredded. The bull market, in its later years, was phony - sent higher by the biggest credit bubble in history and rampant speculation.

I think the biggest sin that CNBC commited over the years was their poking fun at and basically calling bears, such as Peter Schiff and Jim Rogers, crazy people. The attitude at CNBC was - "C'mon, everyone "knows" that stocks always go up! Especially American financial and American tech stocks". It is these two areas specifically that have been disasters for anyone who invested in them.

It is fitting that with GE's stock price tanking, many CNBC personalities are getting their retirement plans devastated. After all, that is what they did to millions of viewers thanks to their relentless cheerleading for Wall Street.

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