Sunday, March 15, 2009

Jon Stewart and Jim Cramer

I don't have much to say on the kerfuffle over Jon Stewart and Jim Cramer (I don't really like either - one being a partisan hack who admittedly is sometimes funny and the other being just plain annoying) but I'll highlight one commentator who wonders "Why Jon Stewart Really Attacked Jim Cramer":

Stewart really doesn't believe in the idea of a stock market where individuals can go to invest their money and build wealth over the long term. This, I think, is a revealing quote:

"Isn't that part of the problem, selling this idea that you don't have to do anything? Anytime you sell people the idea that, sit back and you'll get 10 to 20 percent on your money, don't you always know that that's going to be a lie. When are we going to realize in this country that are wealth is work, that we're workers."

So what is Stewart suggesting, that we "workers" just save insane gobs of money that we squirrel away into low-yielding savings accounts and rely on those savings and Social Security for our retirement? The only reason to do that is if you don't believe in the long-run soundness of the American economy. And if the American economy isn't dynamic over the long run, don't expect Social Security or Medicare to meet their meager promises.
Update (09.03.17): via JammieWearingFool: "Jon Stewart, the scourge of Wall Street and bane of CNBC, may have had a secret weapon in his corner to help him prep for his grudge match with "Mad Money" host, Jim Cramer - his older brother [...] What a routine they have. One brother pretends to kick Wall Street's butt by crucifying Cramer on his show, while the other brother is down on Wall Street kissing it."

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