Friday, June 01, 2007

The Invisible Hand Revealed

James Cramer is a Wall Street type I could like. He tells it straight. A former hedge fund whiz, he now comments on the Street of Broken Dreams at his financial news site, and is host of CNN's Mad Money where he waves his arms and paces manically as he touts stock picks. This quote is from a video feature on the web site:
Who cares about fundamentals? Look at what people can do. The great thing about the market is that it has nothing to do with the actual stocks. Now look, maybe two weeks from now buyers will come to their senses and realize everything they heard was a lie...It's just fiction and fiction and fiction. I think its important that people recognize that the way the market really works is to have that nexus: hit the brokerage houses with a series of orders that push it down, then leak it to the press...It's a pretty good game, and it can pay for a percent or two.