It’s funny to watch CNBC’s idea of a guru: the stockjobber with a picture of Lenin. Jim Cramer is pretending that nothing has changed for stock consumers. Here’s the truth, boo-yah. In this Fed boom, just as in the 1920s, far too many people were drawn into stocks instead of saving. Now, the Wall Street scamsters, ballooned beyond all reality by the Fed but now punctured too, will fool fewer of us for the next few decades, and that is all to the good. The same with purchasers of residential housing, another consumption expense. Far too many people were drawn into something they had no business doing. No longer. They don’t call it a correction for nothing.
