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Saturday, March 14, 2009

Putting the "Con" in The Economy and the "Mark" in The Market


This may come as a shock, but the financial system which drives the American economy, commonly called "the Market," is a swindle, a con game in which the average investor is the "mark" or victim. Specifically, it's a version of the old Shell Game, and it's rigged so that those running the game cannot lose.

Jon Stewart, host of the Comedy Channel's The Daily Show exposed this fact in his March 12 interview of Jim Cramer, host of the CNBC's Mad Money.

This is a must-see video.

In the interview, Stewart points out, and one-time hedge fund manager Cramer admits, that behind the public façade of "the open market" there exists a private club comprised of well-heeled players who game the system, lining their pockets with profits derived from playing fast and loose with the retirement accounts of others.

You may recall that it was Stewart who single-handedly brought down Crossfire and its hosts, Tucker Carlson and Paul Begala, by going on their show and calling bullshit on its shallow format, which consisted primarily of the two hosts shouting at each other and claiming they were presenting informed political discourse.

Stewart is a comedian, and his "schtick" consists of lampooning actual news stories. Yet in an America where "news" consists of talking heads talking about what other talking heads are talking about, and the line between news and entertainment grows as fuzzy as a sandwich left in the refrigerator for six months, The Daily Show joins The News Hour with Jim Lehrer (PBS) and 60 Minutes (CBS) as just about the only broadcasts presenting in-depth reporting of the news.

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