On the bail out no less! Are you kidding me? CNBC the cable program that supposedly helped people navigate the markets while their proxy’s were profiting from it.
Just look at some of their line up! Jim Cramer, Rick Santelli, Mark Haines.
What do you think Cramer was all about? He lured naïve, inexperienced investors into buying his “favorite” stocks. “After hours” of course so they would not influence the market during the day. That’s right “after hours”, that is the key to this scam. The market still functions perfectly well “after hours” when the market is still in full swing for another two or three hours but without the big institutional investors, it is called extended hours so volume is lower and it is easier to manipulate.
Have you ever looked at a price of one of the stocks Cramer recommended “after hours” on his show? The price went up you will say of course and it did, but when did that price go up and who drove it up and when. Whenever I looked at the price of a stock he was recommending on a real time basis, even while his serenading of the stock was in progress, the price of that stock had already risen to such absurd proportions that I never bothered to get in.
That was the key! The stock had performed perfectly benign during the day but mysteriously rose in after hours trading even before Cramer recommended it! How is that possible you ask. Well first of all the program is taped earlier in the day, there is problem number one, number two I am convinced that these recommendations were designed to help “buddies” who happened to be in the stocks to make a profit or recoup their losses and get out. It is referred to as “pump and dump”
The stock market has since collapsed; I guess that takes care of Cramer.
Then there is Rick Santelli at the commodities exchange, leaving his caffeinated demeanor aside for the moment, we all thought that was his enthusiasm for the anal job he performed day in and day out. This guy managed to “explain” the wild fluctuations in the oil and other commodity prices by somehow relating them to supply and demand of oil and commodities, when all the while these prices were driven by derivatives! The supply and demand of derivatives determined the prices of these commodities which is why they tanked just like the economy when derivatives were identified as lethal weapons!
It took a CBS program like 60 minutes to explode the myth when they aired a program explaining the erratic swings in the price of oil and tied them to the supply and demand of derivatives driven by speculators; not the supply and demand of oil itself. In fact the price of oil should have come down during the period during which it went up to $140 if it had been based on the demand for real oil, the commodity.
The price of commodities and oil has since collapsed, I guess that takes care of Santelli
And now Haines has joined these idiots by pontificating about Obama’s housing plan, and how it teaches the American people bad behavior. Haines, a so called market “expert” who not once warned his viewers about the impending implosion of the entire housing market two years ago and its consequences. He did not understand the symptoms and never saw it coming! But he does understand the “bad” consequences of Obama’s plan? Be serious!
Where do these people find the nerve to preach to the people they have misguided for years; how dare they criticize a plan proposed by a man who has the best for American people at heart; have they no shame! They clearly have no knowledge of the market so what gives them the right to use their huge platform in such a ruthless and irresponsible manner?
They reveal themselves for what they are, low level followers and “crooks” but certainly not the sophisticated opinion makers that they try to make themselves out to be.