Driving through the Pennsylvania countryside at 7:30 one morning, here’s the news I hear on the radio (read breathlessly): “And in the morning business news, Dow futures are down 300. S&P futures down 40. Nasdaq futures down 80.”
I’m amused by such announcements. Futures prices at 7:30 a.m. are the equivalent of a donut with your coffee: pure junk food.
At long last, someone called Jim Cramer out. It wasn’t the mainstream press. In fact, it was one of the leading faces of the “fake” press, Jon Stewart.
In a widely publicized feud and subsequent joint television appearance, Mr. Stewart took Mr. Cramer to task for being (in Mr. Stewart’s view) a cheerleader for those who watch his Mad Money television show. While this encounter may have been as much about entertainment as about substance, I still give Mr. Stewart credit for raising the issue at all.
