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MOB #83 – Three Up Weeks & Financial Media (Reloaded)

March 30th, 2009 · podcasts

(Sorry to anyone that gets this show twice. It had to be reloaded to deal with an issue with Feedburner.)

In this week’s episode of Millionaire or Bust, the main topic was the financial media. Since so many people get the financial education they use to make their financial decisions from the media, I thought it was important that we discussed the financial media a bit. But first, we started the show off with the news:

  1. Wall Street slid Friday at the end of its first 3 week rally of the year.
  2. In housing news, existing home sales spiked 5% and new home sales spiked 4.7% in February.
  3. In the bank failure watch, we had our 21st bank failure of the year.
  4. In auto news, General Motors CEO Rick Wagoner resigned.
  5. Shopping malls cut hours as Americans watched their wallets.
  6. And in world news, laid off French workers kept a 3M manager hostage to get a better severance.

Then I talked about the financial media and some things you need to be watchful of when getting your financial education from them. To open your eyes a bit more, I assigned the homework of watching Jim Cramer being interviewed by Jon Stewart of the Daily Show. Some good points were made by Jon Stewart about how the financial media isn’t properly educating people and in fact may be putting them in financial jeopardy. If you haven’t watched the interview already, please do and tell me what you think by voicemail, email or comment on the shownotes of this episode.

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3 responses so far ↓

  • 1 Shawno // Apr 1, 2009 at 2:30 am

    Stewart pwn3d Cramer in that interview.

  • 2 David van Sunder // Apr 5, 2009 at 3:49 pm

    I just can’t believe the things that Cramer admitted on What, did he not think that anyone ever went on the internet? Worse, he actually did some of those things. Just disgraceful.

    If this interview shames him into doing a better job of educating the public instead of just entertaining them, it will have succeeded. He does still need to entertain people a bit though so that they continue to watch long enough to be educated.

  • 3 Maria Isabel // Apr 7, 2009 at 12:53 am

    It is amazing how the media can lead us to believe in so many things through funny shows. I was shocked when I saw the Cramer show.

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