In discussing the recent Jon Stewart/Jim Cramer going-ons, MyMoneyBlog channels my thoughts about the financial industry:
Even Stewart admits Cramer isn’t the real problem, which is that the purpose of 99% of the financial industry is not to make you rich. It’s too extract money from you, while you think they might make you rich. From brokers to hedge funds to bloated 401(k) plans….
CNBC is financial porn. It’s air-brushed to look better than reality, and is scripted for your entertainment. Do people really want to watch responsible reporting on CNBC? Invest in index funds. Don’t trade too much. Don’t look at the Dow ticker every five minutes. I’m not so sure that would sell.
Well said Jonathan.