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Thursday, March 05, 2009

Jon Stewart on CNBC

There were some good trades this morning. I just closed my last open position for ~5% gain (HOTT, a "top out" pattern). I will post some charts this weekend.

This may be the most amazing video I have ever posted. Regardless of your feelings on Rick Santelli's now famous rant, watch this video to see a retrospective of various CNBC calls and interviews over the past two years - and not just Cramer, but the Fast Money guys, interviews done by Faber, Bartiromo, and Carl Quintanilla; comments by Santelli and (former coke-head) Kudlow...and others. After eight minutes, it became clear to me what a cancer these people are for the average investor (if you are a trader, there is no way you should be watching these idiots).

The first few minutes deal with Santelli, and then the good stuff starts. Watch the entire thing to see how utterly unaccountable CNBC is for the crap they spew daily. I think they are more responsible for bankrupting the average investor than all the crooked companies, CEOs, and hedge-fund managers combined.




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6 comments:

Jamie said...

LOL, Jon Stewart on Letterman tonight.

B L said...

LOL, about time they were on the other side of the fence. Justice is served.

Jerry said...

Jon Stewart cracks me up. Looking back at the calls by Cramer and the rest is really eye-opening.

Alex said...

FYI, Obama was a cokehead as well - read his autobiography. Apparently targeting the CNBC gang is the flavor of choice now in the media now that the Dow shaved off over 2K points since Inauguration Day. As sung by Milli Vanilli - Blame it on the rain (just don't put the blame on Obama).

Trader-X said...

Hey Alex - I am not sure what CNBC being held accountable for their calls and reporting has to do with politics. Why does it have to be a political issue?

As far as comparing a drug addict and an alcoholic (Kudlow) to someone who tried drugs and alcohol (Obama, as well as the vast majority of us at one time or another)...well, with all due respect, that is kind of ignorant.

And regarding the market shedding over 2,000 points since inauguration - well, ok...if you think Obama is to blame for that his first month in office, I am not going to expend effort to change your mind. But I will point out that it doesn't really compare to the 7,000 points the Dow shed in the last 14 months of Bush's term.

But again, why did this have to turn into a political issue? CNBC is terrible and not held accountable for the bad advice and information they give the general public. That has nothing to do with Republicans, Democrats, or politics. I don't really know the political affiliation of any of them (except Kudlow).

Chad said...

That was hilarious!

I don't know if you've heard them X, over at the NPR radio show This American Life they've done some great shows that explain the financial mess. They've been my main source for understanding what's going on. Entertaining, too. You and/or some of the folks here may like to listen to those shows (free on their site.)