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CNBC gives financial advice

Published:

Last Edited: March 7, 2009, 12:22 pm

Did you catch Jon Stewart's Daily Show piece the other night about CNBC?

The eight minute segment can be found at link below on Comedy Central's front page.  Very funny response to the Rick Santelli blow up and his subsequent no-show on Stewart's Daily Show.

http://www.comedycentral.com/

Had you done the exact opposite of what all the CNBC crew and their guests advised and played their buy recommendations SHORT, you would have made a ton of money in the last two years.  Hmmm...wonder how the CNBC crew actually traded.  Then I came across this article about how Jim Cramer uses CNBC to manipulate the market:

http://www.opednews.com/articles/Jim-Cramer-Uses-CNBC-to-Ma-by-the-web-090306-905.html

My favorite part of CNBC is the viewer call-ins.  They let anybody talk endlessly about anything.  They can be characterized as a pretty good cross section of the average Joe and Jill, with a little market knowledge mixed with blind trust.  ('They' wouldn't lie would they?)

It is those people I feel sorry for.  They assumed the media to be honest and lost a lot of money because they were misled.  Is a CNBC buy recommendation a codeword for "sell short" to those in-the-know?

That's the main problem with futures trading.  It should be abolished as a public trading venue.

Entry #183

Comments

1.
justxploringComment by justxploring - March 7, 2009, 12:54 pm
Rick, without getting too specific or personal, I've unfortunately met a few financial "experts." When I was a little younger and a lot greener, I listened to a couple of people in fancy offices driving (probably leased) luxury cars tell me how rich I could be if I'd just do...blah, blah.   Then I went to school and learned a lot and those words by Bob Seger "I wish I didn't know now, what I didn't know then" kept haunting me.   If investors had crystal balls, why would the hedge fund run by T Boone Pickens lose almost a billion? Investments go up and they go down, but if your stomach (or your budget) can't take the roller coaster ride, it's not a game for the faint of heart.
2.
time*treatComment by time*treat - March 7, 2009, 12:56 pm
As the old question goes "Where are the customers' yachts?"
3.
konaneComment by konane - March 7, 2009, 2:50 pm
Latest propaganda handed down ... don't sit on your wallet, get out and spend [like we're doing].
4.
Rick GComment by Rick G - March 7, 2009, 5:58 pm
@ justx....many options investors do have "crystal balls" (pun unintended) ...it's called insider information. The options game is the best way to make easy money on Wall Street.

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