The Daily Show recently aired a series of shows that attacked the media, CNBC in particular and Jim Cramer, host of Mad Money. While it was a good start to reveal what has been a really incredible orgy of thieves, charlatans and crooks along with one of the most egregious acts of media malaise and insider doping of the markets, it was just an ice pick trying to chip away at an iceberg the size of New Jersey. As Jon Stewart said, “This is not a F*$#ing game.”
If you didn't catch the show you can here:
It's really a shame that this very real story has only been covered by The Daily Show. It deserves much more!
It’s really a shame the Daily Show staff didn’t do a little more work in preparing Jon Stewart prior to the show. There could have been a much deeper discussion (inquisition) of why the market failed and how we can fix it, rather than simply the interview that took place. As I say all this, I was both entertained and saddened by the show. It was one of the only real floggings of one the financial community’s media moguls on a national program. We need to have a whole boatload more of this type of exposure. At the same time, it was not as in depth or as aggressive, or as pointed as it should have or could have been. Given the limited opportunity to broil someone, who may bear huge responsibility in the market collapse, I wanted the flame up on char not simmer. I wanted Jim Cramer in cuffs and Jon Stewart with a cat-o-nine tails or a 24 volt battery and wet sponges. I want the folks that stole our retirement accounts, our life savings, and our companies to pay the price they deserve.
While the market plunge may have been started by a housing bubble, that burst, it was like a boil on our butts. The collapse of the market was something akin to falling over a cliff while being chased by a bee. The bee being the housing bubble, it alone wasn’t deadly but the fall could be. One of the real culprits in this adventure was the unregulated Hedge Funds and their Naked Short Sells. Along with bogus phantom stocks in circulation from foreign markets that didn’t exist in the real world and are NOT legitimate stocks nor were they ever delivered to their owners.
Since last summer I have been investigating what I believed to be the real, behind the scene reasons and who was killing our economy. The parties that I thought were involved are still elusive, but what I did find in this little investigative journey was astounding.
Not only is this a very closed “club” like environment, where they will most often cover each others naked rumps. The brokers, financial media, the hedge fund managers, the banks, the insurance companies, the private and public investigators and regulators all seem to want to either cover it up, or walk away from the growing pile of evidence, like some mountain of dairy farm by-product. Like an ill wind, blowing in from Chino of old on a hot day after a rain, this one really stinks and it’s still hanging in the air.
To see more about what I'm talking about check out this blog:
Very well done! Very in-depth, very confusing if you don't have a clue how the whole system works, but if you can wade through it you will have a much better idea of what's been going on and who is behind at least some of it.