Any moron can run for office. If you got the Republican nomination in your district it would scare me, though. Couple of poli-sci classes at Northwestern. Okay, that pretty much says it all, no?
I agree with you for the fact that nobody can know ahead what will happen. The point is that Cramer had behaved as someone who know ahead with his many calls and therefore he got reality check, the same way as our stock_trader.
That's the problem in a nutshell. Instead of explaining randomness and discipline and how to be open to ANY possibility Cramer displays himself as a seer who knows all. I'm sure he ruined many lives on the way down.....
I think as traders we need to be concerned about the publicity this has received. It seems we already have a target on us with the whole DeFazio proposal. Remember sh*t rolls down hill... From the policy makers on capital hill, to the white collar criminals, to the individual traders, scrapping trying to make a buck it will roll.... There is blood on the streets... there is a witch hunt going on, people need to blame someone for the mess... we might just be that conveinent scapegoat.
I'm not really defending Cramer, I just don't like the way Stewart asserts that "Wall Street" and traders are responsible for destroying Joe Public's 401k. If the public begins to believe this, then things such as a transaction tax will start looking pretty good to the voters. As far as Cramer is concerned, I have no sympathy for anyone who is too lazy to do their own research, and blindy follows the screaming antics of a TV entertainer. I have watched Mad Money since the beginning and have made a lot of money trading his picks by figuring out the stocks he will pump before he gives the symbol, or by fading the picks which don't hold their gap on his recommendation.
This may be a good time for a reading break. http://www.nytimes.com/2009/03/12/opinion/12cohan.html Read and discuss amongst yourselves ...
i am so tired of hearing how short term traders caused this mess when they had little to do with it.. wall street played its part, but traders, really? i want to see some outrage aimed towards main street, the 99% of citizens that are financially retarded. not even smart enough to ask "what will my payment be after this crippling interest rate hike?" yes the banks were willing to let them take the loan, but the liquor store will let you buy enough alcohol to drink yourself to death too, you are just supposed to know better. this is leading to a more socialistic society and it makes me angry, but sadly, and it really hurts me to say this, it is probably needed. citizens as a whole can't control themselves. the fact that we have a popular show named "the biggest loser" speaks volumes of our inability to do even the most basic of things in moderation........
Agreed, to a point. We don't allow loan sharking (no civilized society does -- only criminal enterprises) but we do allow usurious loan interest rates. I just saw on a Discover card something like a 29% interest rate if I don't pay my bill. (Trust me, I do.) That to me, is emblematic of how the lack of banking regulation in the US led to banks taking absurd risks thinking that absurd charges would cover their ass if defaults rose and if they didn't they'd make a mint. Guess what bankers, you screwed up, even after bribing Congress to write laws advantageous to you. Now eat it, eat it all. Just like the homeowners. If everyone just eats their fair share of shit, this crisis will be over in 18-24 months. Otherwise we're Japan. No more Wall Street welfare. Everyone -- Wall Street and Main Street -- can use our quite generous bankruptcy laws. (And then we call all do it again in 10-15 years, and you know we will.)
If I was the conspiracy theory type, I might think this whole episode was just to get the masses behind the TT.