Jon Stewart vs. Jim Cramer
I am sure that everyone has seen last night's The Daily Show with Jon Stewart, and I am sure you have been watching the back and forth words of war between Jim Cramer of CNBC and Jon Stewart.
Well, last night Jim Cramer appeared on the The Daily Show to make his case. Let me just say that he failed miserably and Stewart hammered him with out mercy!
Just like I have always blasted licensed money managers whenever I get a chance to discuss Wall Street, investments (especially mutual funds), and now the economy—it seems there are no shortages of conversations when it comes to the economy—I have always hammered Jim Cramer and his ilk many times as well.
Licensed money managers are more dangerous than Bin Laden and his followers. You think I am kidding? Bin Laden always wanted to bring down our economy and clueless people these days are giving him credit for that! They say that he got us involved in two wars and bankrupt us! What a pile of shit. The amount of money spent on these two wars is so small when compared to the real budgetary problems we have! The only huge elephants in the room are always the entitlement programs like Medicare and Social Security.
Our economy has tanked due only to greed with the help of President's like Bill Clinton and our self-interested monkeys in Congress.
Yes, you read that right. Bill Clinton! You thought I was going to start with George Bush didn't you? That's why I am so intelligent and you're not! LOL!
You see, Bill Clinton helped do away with laws like the Glass-Steagall Act. Now, you will hear all kinds of backpedaling by both parties, but they are both to blame for the repeal of this law (a huge majority of both parties voted for it). And Bill Clinton was ecstatic when it came time to signing and repealing it. (I just can't seem to find the video of that clip on YouTube.)
The reason licensed money managers are so bad for the clueless is because they give people bad advice because all they care about is making their commission off your invested dollars! There is no incentive for them to give you the correct advice.
For example, no retired person over an advanced age that should be retiring in a few years should ever been fully invested in the markets. That's insane. I have seen the stories of those who have had to go back to work. Have you read the story of that 70-year-old+ given a job by a WalMart store? For this poor schmuck to see his fortune again he will probably have to wait another 15-years, and that's if the companies he was in have not filed for bankruptcy or were bought out for pennies on the dollar. The odds are that he will be dead by then!
There are hundreds of thousands of these stories. I am not a licensed money manager, but if this elderly person had come to me I would have told him to get out 90% of his money from the market and place it in safe and secured places and the rest in municipal bonds generating tax free interest. But because the money manager of the mutual fund he was probably in, wanted to keep making his fee from the old guy, he never gave him the correct advice, there is no incentive to do so and because he was licensed the old fart thought he was in great hands!
Finally, here is my layman's advice to you.
Wall Street is not an entitlement system, it is a traders market. Whenever you hear a licensed money manager trying to get you to put your hard earned retirement money in Wall Street run like hell! There are safer places to keep your money in and Congress, if they really did care, could help private entities come up with a better solution than investing that retirement money in a Casino!
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