"Listen, you knew what the banks were doing and yet were touting it for months and months," said Daily Show host Jon Stewart to CNBC superstar Jim Cramer in their much-discussed confrontation last week. "The entire network was, and so now to pretend that this was some sort of crazy, once-in-a-lifetime tsunami that nobody could have seen coming is disingenuous at best and criminal at worst."
Awesome. Stewart is bang-on - to simply tell the public that "ooohhh...crap! We never thought this would happen!!!" is a freaking flat out lie. Search around - there were discussions about what might happen as early as 2006. But then suddenly in september/08 US congress must pass $700B because "CRAP WE NEED IT NOW AND WE NEVER KNEW!"
Find the interview between Stewart and Cramer - the unedited one as well. I somewhat pitied Cramer in how much he was thrown under the bus...til I remembered that he personally got rich by the ultimate Pump n Dump.
Sometimes I think: No bailouts, no stimulus....let it crumble and see what happens..:)