I am not going to divulge any actual material from the show,
but will provide this general description:
Decision: Stewart by TKO
Cramer was still standing at the end, but Stewart annihilated CNBC.
And yes the latest tape does come out!
In case you missed it:
It is MUST SEE TV tonight.
Comedy Central should have thrown it up as a pay per view special.
They would have made a killing.
UPDATE: Huffington Post put up a link to excerpt on Youtube and
Dailyshow.com has FULL INTERVIEW up. (see bottom)
I offer my own little rant on fancial services below the fold.
Dear Financial Services Industry;
Do me a favor.... DON'T INNOVATE!
It seems whenever you innovate, with a CDS or derivates, Me and my 401K end up getting f@#ked!
We people who work and produce things for a living don't need much from you. In fact, the products we actually NEED from you have been around for hundreds of years
We want to get insurance so we can worry less.
Hire some actuaries to figure out the likelihood my house will burn down or my car will get crushed, then sell me a policy with a slight markup.
We want to lend and borrow money.
When I give you money give me a slight annual return on my money.
When I borrow money check that I'm a good risk then give me loan that doesn't rake me over the coals. I think 7 percent is a good usury limit.
The spread between those two number will be your profit.
We want to support group initiatives with cash.
Offer us some bonds that will support these public and private works that we believe in.
We want to invest in each others companies and share in the rewards of a growing economy.
Sometimes we want a say in how the company is run sometimes we don't offer us two kinds of stock. And because this stock market should be geared toward building real wealth, and helping good companies, you should be penalized harshly for speculation, day trading, and short selling. Profits on shorts and short term capital gains should be taxed at 50%.
This would force out all the leaches on in the market.
Company insiders should have to file a public record and wait four months before selling any shares of their own company. Take a commission on the sales.
The main beneficiary of all the other crap you sell 99.9999% of the time it's only you.
Financial services should be like my plumbing. We all know how it should work and you don't F@ck with it. "Innovative" ideas like "let's see if cherry bombs work better than Drain-O" will ALWAYS end badly.
It's not rocket science. The only reason we need very intelligent people at the treasury right now is to untangle the giant cluster f@ck you've created with your "innovative" products. In the future however we are going to need our best and brightest in Medicine and science and education.
So again: PLEASE! NO MORE INNOVATION!
End of rant
Slightly off topic: You all have to watch Evelyn Davis on CNBC last week.
The perfect example of a privileged old fool totally enamored with CEOs and the entitled class. Here's link it won't embed :
She brings up the French Revolution like it was a bad thing.
Very much a let them eat cake moment on CNBC.
The interview ran almost 45 minutes, so this will span multiple shows.
The taping did not end until almost 7pm (usually over by 6).
Was a Twofer for the Studio audience.
RE: my rant
I have a lot of trader and broker friends since I live in NYC. When I talk to them about "puts" "straddles" "options" and the like, inevitably when I ask "how does that work" their answer always includes:
"Well, what you betting on is...."
I have no problem with gambling just don't cal yourself a Investment Bank, call yourself what you are... a Casino.
Now, you could argue that buying any stock long term is a gamble, and that even bonds are bet that a municipality won't go bankrupt.
Maybe so, but at least there is a redeeming social value to these long term investments. Bridges get built, people get hired, innovation that actually effects are lives is spurred.
Sell a stock short, starting a negative rumor about it, then dumping it all in the same day has NEGATIVE social value.
It's certainly a free county though so if you want to set up a market where those activities are legal then call it a casino and expect to be taxed on profits at a different rate than guy who actually contributes something to society.
LIVE BLOG HERE:
Huffington Post posted a first peek on youtube:
LINK TO FULL INTERVIEW: