Ripping off the public
You gotta love this.
In the first segment, Kramer preaches free enterprise and paints a ridiculously rosy picture of stock trading for amateurs.
In the second segment, he instructs hedge funds on the fine points of how to scam the public by creating false signals in the market.
You'll know the bear market is over for real when this guy and CNBC is off the air.
Not just his show, but the entire network - gone.
People are going to lose so much money in the next leg down and become so disgusted with scam artists like Kramer, they'll leave the market for decades just as their grandparents did from the 30s to the mid 60s.
Fallacies in Kramer's BS arguments:
1. What normal person had $10,000 in cash to buy and hold Merck stock in the 1950s? That was more than the average annual salary for a professional.
2. The stock market would have eliminated the possibility of Karl Marx and communism? Not quite. Stock and commodity trading has been going on since the 1600s. It's always been an insiders game and one that non-professionals enter at their peril.
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