by Winsip Custer, CPW News Service
When Mad Money's manic money man, Jim Cramer, appeared on Jon Stewart's The Daily Show in 2009 to have that appearance repeated the week of Jon Stewart's last week of The Daily Show on Thursday, August 6, 2015, it was a repeat of Cramer's hat in hand appearance to deliver an apology to the American people for his part in the bamboozling of the U.S. investor through the period of 1999 to 2007 that culminated in the Hank Paulson bailout in 2008. The entire media sponsored event including Stewart's part was disingenuous according to economist Frederick M. Mellon. Mellon believe that Stewart had pulled up short of really helping the American people. "Cramer should have just said 'I'm a hedge fund manager. What do you expect," said Mellon.
"Societies and cultures are amoral. Individuals living within them have an obligation to be so. In the waters of life anything goes, but ethical, humanitarian ambitions provides a calming oil....a biodegradable and non-environmentally corrupting oil on potentially troubled waters. Do oil and water mix? No. They never mix, except through periods of supreme agitation, but life on earth is brutal without the regulation of human-made limits and controls on run-away bamboozling . This means, of course, that the simple implementation of a firewall between banking and investing that was implemented after the Great Depression in 1929 with the Glass-Steagall Act that was removed after the arrival of Ronald Reagan's chief economic charlatan, Milton Friedman, and the period of runaway deregulation that Bill Clinton signed into disorder with the 1999 repeal of Glass-Steagall provided for an artificial, devil-may-care 35 to 1 leveraging that Jim Cramer described on Stewart's show. Clinton was as complicit in the corruption as Obama has been in the abandonment of his early campaign promise to correct the issues that face an empire in free fall as real as those facing the rise and fall of the Roman Empire," said Mellon.
"This period of deregulation was aided by the dark knights of disorder like son of Columbia University's leading sociologist, Robert Merton. Mertons' son, also named Robert Merton, of Harvard and MIT, provided what his teacher, uncle of Lawrence Summers, Paul Samuelson, said was the bizarre financial metrics-dogma of Black-Scholes that ushered in the unimaginable Frankensteinish, devilish credit default formulas that provided MSNBC, NBC, CBS, ABC, CNN, Cramer and other financial charlatans of the major media outlets and newspapers.... a clear deception based on the new mind science manipulation methods of Robert Merton's "applied sociology" which severed the nation of its long-term memory. This same mind science used was by Madison Avenue across town to push the housing bubble on the American bimbos nurturing a nation that forgets its past so that it is doomed to repeat it as Santayana said."
Mellon by-in-large believes that such laws and regulations are unnecessary in a world where people practice a universal "Golden Rule". "Unfortunately in an imperfect world we rely on the rule of law around which the snakes slither....and slither they do! Remember....if it slithers it's a snake!"
"Did either George W. Bush, Obama, Cramer or Stewart encourage the replacement of Glass-Steagall so that, at least, the snakes would have to slither harder? Nope! The whole show is therefore a big disingenuous and continuing game in my opinion. Caveat Emptor!" said Mellon.
Few within the judicial system have followed through in recreating the Glass-Steagall firewall that protected the public from the what Mellon calls the "parasitic, microbes of the credit default swaps," but he did site an article by Lohman Willy titled Judge Rekoff's Recking Ball as an example of a "movement in the right direction."