only one place that damning video exists, and that's the copy we archived way back when. Oooh. Guess who'll be on the Daily Show next week???????? LOL. Madoff will know people in the chow line by their first names.
The guy hung himself with that video John Stewart showed. He's an admitted stock manipulator. Legal? It's a gray area. Is it a modern day version of painting the tape? Not sure, maybe an expert can enlighten me. Anyway, I bet there is some hungry A.G. out there who would love to grand jury Cramer and see what sticks. Is CNBC just going to ignore the fact that their biggest star is an admitted stock manipulator?
My friends were there before anybody. And in retrospect, they had it nailed, didn't they? Now, we all pay: New Bunny: "Jim Cramer Called Onto The Carpet By Jon Stewart" http://www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/764/Default.aspx Jim Cramer Called Onto The Carpet By Jon Stewart Location: Blogs Bob O'Brien's Sanity Check Blog Posted by: bobo 3/13/2009 8:28 AM Everyone needs to watch these three segments of the Jon Stewart show. They are remarkable, because they show an intelligent, reasoned man confronting the intellectual dishonesty, if not larceny, that is financial reporting in America. What makes them so remarkable is that Stewart is not a top economist, nor a seasoned DA, nor an expert on financial markets, nor a skilled attorney. He's a comedian. He makes funny remarks about things, and mocks the world, and is generally hysterically funny in his efforts. And yet, this guy can sit down, and in a few minutes, articulate the obvious - that CNBC, and Jim Cramer, are a touting mechanism for the Wall Street interests that have ruined the American capital markets. And that further, they don't do any real reporting, they just parrot whatever the line of the day is from Wall Street. In other words, they sell a fiction - one of a safe market where your money will grow over time - when they KNOW that reality is the large special interests that spend billions lobbying for their agendas use the markets exclusively as a mechanism to remove wealth from the population and transfer it to Wall Street. I love the clips he plays of Cramer describing precisely how he used to engage in market manipulation. Now, of course, Cramer claims "he misspoke" and never actually did any of these bad things himself. But the clips come across a whole lot differently. My point isn't that Cramer is a crook or a liar or a sociopath or an angel. My point is that Stewart correctly says that the financial media are active in selling a lie that they know to be untrue. That of a safe, regulated market where a Chanos can't get analyst reports and frontrun them for profit, or where a Bear or a BofA can't be run into the toilet via rumors and manipulation and options shenanigans. What the nation has taken away from the current financial maelstrom is that fiction is clearly a lie, and those entrusted with covering Wall Street are part of the problem of propagating the lie, not exposing it. Jon just says it simply and clearly. Good for him. What is astounding to me is that this sort of interview was even allowed to happen. It's rather shocking, actually, and likely only slipped through because it's a comedy network, and not one of the primary delivery systems for Wall Street's agenda. We've seen Patrick demonized lately in third string pubs and obscure blogs, as the methodical, factual reporting at DeepCapture.com is attacked by the few left still willing to tout the stock manipulators' disinformation campaigns. This is probably because of the traffic DeepCapture is getting, and the awards that it has received. The attacks all have one thing in common: they don't rebut or refute any of the well-researched claims at the DeepCapture site, but rather use ad hominem attacks against Patrick as their basis, and engage in "reporting" that amounts to, "The financial journalists shown in writing to be crooked claim that they aren't, and they are journalists so we believe them." The Huffington article even goes so far as to only link to sources who ARE the miscreants accused so convincingly, or their channels - taking great care to not give the reader any chance of actually seeing the true accusations, but instead only friendly sources describing the accusations. Do they really believe that people are this stupid? That they can't see through this? Apparently they do, as this sort of repetition of big lies is part and parcel of the attack on the nation's wealth by the financial special interests looting the country; interests now so intertwined with organized crime that to make a distinction is largely meaningless. This is also part of the problem that Jon Stewart is battling - huge money, billions and billions of it, have been invested in the government and the media to ensure that the self-serving interests of the industries with the most money are advanced, and any exposure of their actions is quashed and mocked out or existence. It's common throughout history that those with the most gold would align themselves with whatever governments of the time controlled things, and then use their influence to get government to pass rules and regulations and tarifs and licenses for monopolies to further solidify their influence and to create more wealth - usually at the direct expense of those being ruled. Today is no different. It's just a bit more sophisticated, and those with most of the wealth in the nation understand that controlling the media is every bit as important as controlling the missiles or the floor of the Congress. So what we are seeing exposed here is actually just the 21st Century iteration of the last 100 years' worth of co-opting of the government, the regulators, and the media. It's extraordinarily obvious to Jon that something is deeply wrong with CNBC and with Cramer. It's extraordinarily obvious to any thinking upright biped. But it doesn't change, because the entrenched powers that are looting the nation in full view understand that this too will blow over, and if they ignore it away and keep repeating their lies, that over time the repetition will replace any memory of the truth. Look, 85% of the American population didn't want massive bailouts to go to Wall Street. And yet Congress voted for them anyway. Predictably, the bailouts did no good, nor have the trillions in loans the Fed Reserve feels we can't know about. Because in this final landgrab, it isn't about lubricating credit markets. It is about the banking cartels and the investment banking swindlers holding the country for ransom - extorting us with the threat that they will tighten credit further and kill the economy if we don't continue to give them the keys to the treasury. And because they have spent billions on Washington juice, they are prevailing. They are stealing the national wealth, and will likely plunge the US into a lasting depression, where the special interests will get to buy dollars for pennies as ordinary folks go under - just as they did during the last depression. Someone bought all those farms and land that were sold for near nothing. Depressions are good for those with lots of money, as everything is on sale, almost free. It's like being a Japanese tourist in Hawaii in the 80's - why not buy 4 Rolexes? They're so cheap it's like using monopoly money! This didn't happen by accident, folks. AIG has been acting as a black box to pay taxpayer dollars to Goldman et al while the bought-and-paid-for lawmakers refuse to call credit default swaps what they are - illegal insurance - for fear of cutting off the looting and redistribution from middle America to Wall Street's interests. Instead, Congress is going to get FASB to relax mark to market rules. Fascinating. Because it is an "emergency," 3+3 won't equal 6 now, but rather whatever the same banks who built this scam want the equation to read. So we will watch the integrity of the accounting go even further into the toilet so that banks that over-leveraged on toxic garbage can stay in business to demand further unending bailouts. We will continue to use the future earnings of the nation to pay these special interests unprecedented amounts of our money, and will change the math so that a doggie in the window isn't worth what you or I would pay for it today, but rather some fictional amount that doggies might be worth at some future point in time. Does anyone else get that this is a bad, bad idea, and may prop up overlevered badly run banks in the short term, but will destroy the last vestige of integrity of the banking system in the longer term? What Jon is butting his head against is the obvious. CNBC lies to the public on a daily basis, because Wall Street and the other special interests that represent the industrial/financial complex need the world to be inundated with their lies. Wall Street needs a fictional world where the insiders don't run the world's most crooked casino, where hedge funds don't violate the law every day with impunity, where financial marauders don't run the markets exactly as they did in the 20's and 30's. They need CNBC and Bethany and lilGW et al to lie, lie, lie, and are willing to pay handsomely to keep the fiction even marginally believable. Jon now apparently understands that the whole thing is a lie. But he is just a very funny, very smart man with a comedy show. If I had to bet money, someone is right now sitting down with somebody else connected with the show or the network and advising that Jon had his fun, but that it's time to move on to something lighter and cheerier. Check out the latest wave of attacks against DeepCapture and Patrick by the slow kids contingent of the media, and ponder why a single funnyman, and the occasional holiday rodent, can so easily see what the rest of the media and government claim to be unable to recognize, and then consider how much money is involved in maintaining that sense of see no evil.... As always, if you like the blog, Digg it and distribute it. Copyright ©2009 Bob O'Brien
We have a Mr. Cramer here whose turned himself in. Want to bet that the SEC doesn't do jack, same old SEC. CNBC has first amendment protection, but Cramer the trader doesn't. We're going to see a Martha Stewart situation here, I bet.
I am not a particular fan of Jon Stewart nor the cable network Comedy Central. The point is the media is by and large incestuous. They go out of their way not to criticize each other. Stewart's point was well taken, his job is to make fart noises not take CNBC to task. But in the kiss ass media world, Comedy Central seems to be trying to do the job most American media refuse to do, and that is ask questions and hold these too full of themselves CNBC talking heads to some kind of journalistic standard.
That video is pretty old. 2006 I think. It was all over ET a couple years ago and the SEC had their chance. So you are right, the admission is useless.
Satire is the literary/journalistic force that power fears most, as people can understand it. Ask Michael Moore. Come to think of it, Michael, you have to be thinking of a documentary on CNBC, right? C'mon.
and how do you think it got there? How do you think comedycentral got all those clips. We archived that stuff when we saw Cramer and Greenberg pull all of their stuff down. tsk tsk. He goes on Fox Business 7 o'clock hour. I think he'llhave some good stuff.