Just as Rick Santelli FROM CNBC went viral a couple of weeks ago, this video of Jon Stewart ON CNBC has the potential to go viral too.
I would like to think that this financial meltdown heralds a new age of financial awareness and savvy among people in the future, but that would mean that people like me would somehow develop the ability to learn from their mistakes, so I really wouldn’t count on that.
Enjoy the video and I’d be interested to know what you think about it.
PS: My favorite part is Cramer at 4:46.
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A lot of this is out of context but the part about Cramer rattling off about buying overvalued shares which will go up is quite a good representation of the general advise dispensed by CNBC or even Bloomberg, when it comes to market predictions.
I think it is not so much a fault with a person than it is with the “role” of coming on television or writing a newspaper column recommending stocks every day. If they stop recommending stocks and start asking everyone to sell their holdings, no one would watch the show any longer.
If I were given a choice of getting fired tomorrow or dispensing advise that had a fifty-fifty chance of going wrong, but a cent-percent chance of keeping my job – I’d probably take the latter as well.
I thought it was a pretty funny video to sit back and laugh at. However, though it is funny, people need to keep in mind that some of this was just The Daily Show taking clips out of context and that financial news is only relevant for that day. It is impossible to predict the future, so in when you are trying to predict the market, obviously you are going to get things wrong. And while you make a statement on one day, it is suspect to change whenever. When you make a call on a stock, your support is only good for that day. The next day you have to take into consideration and see if the stock is still a good investment. In this market, things change everyday so it is near impossible to make a prediction months in advance.