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Pastimes : CNBC -- critique. -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (2790)	5/29/1999 5:32:00 PM
From: The Barracuda™	Read Replies (1) \| Respond to of 17683

I agree. I suspect that cramer was taking shots at Joe and David. Cramer I think at the IPO had shares worth $333MM they are now worth a lot less. He's probably got shares worth about $150MM now. Cramers making a mistake all amateurs do; that is thinking that CNBC can change the valuation of a company. A CNBC report can cause a short-term price change but cannot do anything lasting. If CNBC could by reporting on a company, change the market value, then instead of a Greenspan standard, the country could go on the Dave and Joe standard. Here is how it could work. Every mourning over coffee,doughnuts and the sports page, Dave and Joe would decide how much they wanted to expand or contract the world economy. "Hey Joe," says David. "Yo," says Joe. "I think the Argentine economy needs to slow down a bit,” says David. "Ok" says Joe. "I'll pan some Argentina stocks,” says Joe. "Hey Bond Babe," says Joe. "Yes?" says the Bond Babe. "I think world interest rates are to high,” says Joe. "I know, I'm planning on knocking the new World Bank 6 1/2's of 2030" "Good got that covered" says Joe. "Hey Mark," says the Bond Babe. "Yeah, whada you want," says the Mark. "The small cap sector needs to raise money to expand," says the Bond Babe. "Grumble, grouse, and moan," says Mark. Ok, I'll talk up the sector at Squawk," says Mark. If Cramer thinks this is how the market works, he is as nutty as the goldbug conspiracy folks. Unless of course cramer knows that there is no reason for the net stocks to have their current valuation and CNBC's reporting has clued in folks that don't yet know it. Which means that cramer would not be able to sell to unknowing suckers at a high price.