You have to see this.

(midnight.  Guess what led off repeat week?  Springsteen tomorrow. – promoted by ek hornbeck)


So we’re at the point that a comedian has to take a break from fart sounds and funny faces to dish out some journalism.  Because otherwise, there isn’t any?  Journalism, that is.

Jay Ackroyd 07:28



Digby pays for it so you don’t have to

The lines are drawn pretty clearly: If you can help people make money to be able to retire, enjoy life, pay for college, pay down debt, etc., you are a “good guy,” so to speak. If you take the other side of the trade, you are, well, let’s say, a less favored fellow. And if you gun for the gigantic investor class that is out there that includes 90 million people in one form or another, whether it be 401Ks or individual stocks or pension plans, then you are on my enemies list.

Now some would say, including Rush Limbaugh, I am on someone else’s enemies list: that of the White House. Limbaugh says there are only a handful of us on it, and if I am on it for defending all of the shareholders out there, then I am in good company. Limbaugh — whom I do not know personally, but having been in radio myself, know professionally as a genius of the medium — says, “They’re going to shut Cramer up pretty soon, too, but he’ll go down with a fight.”

Huh? Backup? Look at the incredible decline in the stock market, in all indices, since the inauguration of the president, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the document sowed: Raising taxes on the eve of what could be a second Great Depression, destroying the profits in healthcare companies (one of the few areas still robust in the economy), tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world’s morass and certainly the devastation affecting our banks, and pushing an aggressive cap and trade program that could raise the price of energy for millions of people.

The market’s the effect; much of what the president is fighting for is the cause. The market’s signal can’t be ignored. It’s too palpable, too predictive to be ignored, despite the prattle that the market’s predicted far more recessions than we have.

How much I wish it were true right now that stocks played less of a role in peoples’ lives. But stocks, along with housing, are our principal forms of wealth in this country. Only the people who have lifetime tenure, insured solid pensions and rent homes but own no stocks personally are unaffected. Sure that’s a lot of people, but believe me, they aspire to have homes and portfolios. If we only want to help those who have no wealth to destroy, we are not helping the majority of Americans; we are not helping the broader population.

But Obama has undeniably made things worse by creating an atmosphere of fear and panic rather than an atmosphere of calm and hope. He’s done it by pushing a huge amount of change at a very perilous moment, by seeking to demonize the entire banking system and by raising taxes for those making more than $250,000 at the exact time when we need them to spend and build new businesses, and by revoking deductions for funds to charity and that help eliminate the excess supply of homes.


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  1. It’s not “financial” reporting.

    It’s reporting.

  2. Last night I almost had a little sympathy for this twit.

    After reading digby not so much.

  3. So we’re at the point that a comedian has to take a break from fart sounds and funny faces to dish out some journalism.  Because otherwise, there isn’t any?  Journalism, that is.

    I think Jon Stewart does a far better job as a financial analyst than Cramer. Ethical, well informed, and still funny without throwing a single bovine.

    Maybe they should switch places for a while, eh? ;-7

  4. that want to see the demise of the so-called middle-class!

    BTW, ek hornbeck — the figure for the Spec. Prosecutor is now at over 45,500.

  5. Since Cramer claims he’s:

    “…on someone else’s enemies list: that of the White House…”

    Apparently Stewart’s new job is making “hits” on the WH’s enemies?  CNBC has been attacking the President since the election, but I guess that it’s just journalism when they’re the critics, right?  

    Oh, and, of course, we all must keep taking Cramer and CNBC seriously because they say they’re experts–despite the fact that none of them–none of them–saw the collapse of the housing market and its consequences coming–or if they did, they wouldn’t admit it publicly.  In fact, they kept denying it and telling people to “buy, buy, buy” this stock or that stock, during a time when lots of real financial experts were warning people that things were bad and going to be getting a lot worse.  


  7. of ‘wealth creation’ being the only function of the economy  is really starting to irritate me. So where’s the wealth they created? They cry ‘Soaking the rich’ while they are like a giant sponge that has soaked up all the wealth and now is begging for more. These people and even Obama need to get over their insistence that they ‘believe’ in this out of control form of capitalism that’s only product is debt.

    Just like the rationale for the Iraq war, we are told it’s sooo complicated, just like the war a cooked up crisis. Greed and fear are hard to whip up in this case, the bad guys who were propping up, instead of being Islamofascists are our own fascists. Actually not much difference as the democracy we spread is just another arm of crisis capitalism, just another sponge for the funny money.                    

  8. it must be mad cow.  Lately, I can’t understand anything I read…  Digby here, as with so many others, is quite coy and needlessly obtuse.  So:

    dish out some journalism.  Because otherwise, there isn’t any?

    I think there just isn’t any.  But wait.  What was the question again?  And why?

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