Originally Posted by JoeWoah
I did back in 2003 as did many others in the Econ policy arena. All the predictors were there and yes, I have have the policy papers to prove it. I called for the downturn to really hit in '05 and I was correct. At that point the market was being artificially propped up by housing and creative market instruments with a giant rotting cavity in the middle. If you sold out before Summer of '06, you did pretty well, anything beyond that was a crap shoot. As for the rest of your post, so sad. Have you kissed Rush Limbaugh's pinky ring today? I can't say CNBC is to strictly blame, nor is Cramer. While the channel can't be taken too seriously for a number of reasons far and beyond what Stewart pointed out, it did present the daily business news. The first rule of investing is to never take a stock tip, so if these new, young, hip investors with too little time to do their own research did then that's their own problem to an extent (laws were broken, lies were told, etc...). The tools and resources were out there and they still are. Besides, any real trader knows to watch Bloomberg, CNBC is all flash and no balls.
I'm sorry but why does my post mean that I need to kiss Rush Limbaugh's pinky ring. My post had absolutely nothing to do with my political beliefs. I believe in personal accountability and not blaming news stations for our financial collapse. I find that ridiculous. It's sad that I believe that if you want to blame people blame the leaders of the banks, other financial institutions, the people who bought homes by lying about how much they made, Congress, the SEC, GWB, etc. etc. etc. Don't go around on a publicity stunt by blaming CNBC. If you must know I'm not a conservative at all and if there is one journalist in this country I despise more than any other it is Rush Limbaugh. Every economist and financial advisor in this country wants to say they predicted this financial collapse. I find that pretty unbelievable. They also want to state that they knew all the risks associated with these CDO's but then when asked to explain what one is they can't even do that.