robert wrote :
And here's the rub, Stewart did not demonstrate that Cramer is scamming people on his show
and neither did i .
i wrote :
when i listen to "car talk" and similar programs , i sometimes do pay attention to them since all i now about an automobile is how to drive it .
so i do appreciate some of the advice given . i would not think that they are trying to scam me .
imo the financial commentators are "holding themselves out to be qualified" to give financial advice .
i have not noticed that the programs are prefaced with a warning that the advisers/commentators/performers are NOT qualified to give such advice .
sometimes there is a minuscule written comment at the end of the program - but i've never been able to decipher it - it's what one sees when cars are being advertised .
robert further writes :
That is the problem then, not Cramer. With or without Cramer that kind of person is screwed. Financial advice is inherently very risky business. Anyone giving any kind of financial advice in any kind of format can cause the undiscerning investor to lose money.
imo if the advice is risky (but not only that , it is likely given by people that are not qualified and therefor likely do not have to subscribe to a code of ethics) , the NETWORKS should have the responsiblity to make that clear .
expecting the "ordinary" listener to have to sift through that is , if not "scamming" , at least "unethical" (and i'm not sure what is worse) .
of course , it is an easy escape for the networks and the "performers" to claim that since they are NOT qualified through any governing body , they also do not have a code of ethics to subscribe to and can therefor not be blamed for anything they ever say .
personally i believe i have at least a bit of understanding of the financial market and am not likely to be swayed one way or the other by any commentors , but expecting every "ordinary" listener to be aware of the fact that these people likely are NOT qualified , is stretching things a bit (hence my comparison to such shows as "cartalk" ) .
if those financial shows would have no effect upon "ordinary" investors , i'm sure they would no longer find any sponsors .
no investment professional is likely going to pay any attention to the "talking heads" ; they get their information directly from the market .
those shows are squarely directed at the non-professionals imo - they are like those old-fashioned "flycatchers" .
and they did catch plenty of "flies" .