Friday, March 13, 2009

John Stewart - My Hero

Best line of last night's John Stewart/Jim Cramer interview: "I understand that you want to make finance entertaining, but it's not a... game," said Stewart.

Best opening - Cramer going on Martha Stewart that same morning and beating a piece of dough as Martha tells him to think of it as John Stewart.

A chastised Jim Cramer, apologetic, contrite, even a little fearful was a sight to see. You gotta give him credit for facing his toughest critic, going on the show and acknowledging he was wrong.

The real heart of the interview however, was John Stewart's relentless focus on the everyday investor. The millions of individuals who thought that saving their money in a 401K, putting it in mutual funds and maybe a couple of stocks, would serve them well for the future. (I'm raising my hand here).

We got screwed (Mom - would have used another word here, but I know you're reading).

Who is CNBC's audience he asked? Is it the Wall Street "insider" or is it the average American looking for sound advice. Stewart wanted to know why CNBC and all the other major financial news organizations did not see the problems in the market coming and warn the public. Cramer's answer: we were all seeing growth over a long period of time and thought it would continue.

When the company I work for moves to new office space, we'll be 4-blocks from where John Stewart tapes. I'm getting tickets.


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