I don't see much in the way of American cable news anymore - and I think I'm better for it - but I did happen to catch a snippet of Mad Money the other day. It's that show hosted by a hollering insane man named Cramer in a studio that looks like the set of Mystery Science Theater 3000. The hollering insane man had a bit part on Arrested Development, upgrading Bluth Family stock to "don't buy." But you probably already knew that.
Anyway, Cramer was trying to strike a populist note by declaring that President Obama "just doesn't get" that what normal Americans really care about is the stock market. I'm pretty sure the truth is that most Americans just don't care that they don't get the stock market, but then I'm not the host of a market advice show on MSNBC.....
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Basically the average American doesn't use the stock market. As of 2004, less than half of all Americans used the stock market in any form (including 401K's and the like). Most people use their house and equity as financial security, which is why this current recession (depression?) has affected such a number of people.
ReplyDeleteThe stock market is for the rich to get richer. Maybe Cramer is just trying to help out the common man to break into the rich man's club, and that is comendable (if true), but the reality is that even most of people who do invest are in it for small amounts, and don't rake in the massive profits that corporations do.