One of the first rules people are taught in investment is "Don't Be a Pig." I've never even studied it, and I'm a complete know-nothing when it comes to thinking of where to put my (nonexistent) money, but even I know that. A lot of people have been enormous pigs for the last few years.
The only people who deserve sympathy in all of this are the millions of working people who, through no fault of their own, may well be dragged down by the stupidity of Wall Street firms.
I hope Bernanke raises rates and bankrupts these assholes. I'm proud of his stance thus far, and I'm thrilled by Bill Poole's words. Poole is right: They got what they deserved. As for Bernanke being an "academic," -- did Cramer not know he was an academic prior to his appointment? -- it's certainly preferable to the Greenspan Put.
Forget this business of acknowledging the chaos on the Street. As an occasional (read: when channel-surfing) CNBC viewer, I can think of only two words I want to hear from Bernanke (after the rate increase): "Booyah, Jim." Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
In my home country, I watched TV news the previous week looking for market news a day after a bad Thursday. They reported a fall in the local share market, but gave no mention of the global context whatsoever! The reason they gave was that investors were cashing in after mid-year reports - asif it is normal that these regular and predictable occasions cause markets to jitter!
It is not that they don't know what they are talking about. Just a month ago they were explaining low volumes of summer trade. Hey, if this storm is happening mid summer, what we are to expect in the autumn?!
