The Land of a Thousand Bull Dances, Or Not
The Progressive Change Campaign Committee has delivered a 20,000-signature petition to CNBC headquarters hoping to pressure the company to hold Wall Street more accountable in its financial reporting. The FixCNBC.com campaign comes not a moment too soon: Last week, the inimitable Jim Cramer, on his aptly named "Mad Money," declared the Depression "over."
"We have reached the land of a thousand bull dances – phoney maroney, why? Because the market swallowed its Prozac."
Seems he has too. Tell it to the jobless, the health-care-less, the tent city denizens.
Cramer repeated his hopeful mantra throughout Apr. 2 on several shows. He insisted the financial markets were on the verge of a bull run and credited President Obama, who had at one point expressed a mildly pro-stock market sentiment. A month ago, Cramer called Obama a Lenin-like figure reponsible for "the greatest
destruction of wealth I have ever seen by a president.” Now, "we have a president who has gone from bear-in-chief to bull-in-chief, and that's why we like him."
Is this what you call responsible journalism? Is this reporting, or hyperbolic cheerleading? Is this related to the fact that Jon Stewart eviscerated Cramer on his March 12 show for Cramer's "ingenuous at best, and criminal at worse" reporting on the financial crisis? Beware the bull, and for more go here