What is Digg?66 Comments
- eatporktoo, on 07/07/2009, -3/+19Ben Stein...
- rasher, on 07/07/2009, -1/+15How much did Bernanke pay to stay off this list?
- inactive, on 07/07/2009, -0/+14I hate watching Suze Orman. "If you want to save money, stop going out for your morning coffee!" No *****! Really? Got any other advice I wouldn't be able to figure out on my own? I have no idea why she's considered a professional.
- grapesofbaath, on 07/07/2009, -0/+13I clicked on that thread just to see if "Rich Dad, Poor Dad" Robert Kiyosaki would be on there. And he was! My dad enthusiastically made me read that book 10 years ago when I was still in high school. Even then, I knew it was a crock of *****, and patiently tried to explain to my dad everything wrong about his ideas. It's a book of vague, half-baked ideas simple enough that the dumbest Americans can "understand" them and feel a little bit more empowered about their financial lives. He's selling empowerment. But no sound financial advice to back it up.
His only idea was "don't go to college it's a waste of money, and invest all the money you made in your crappy non-degree job in real estate. You can get low initial interest variable-rate loans to finance buying more and more real estate to then resell and make so much money! That's how I became rich, not by selling books to idiots, where'd you get that idea?! Oh PS make sure you sell all those properties before all those variable rates turn to high interest loans and mortgages, or else you'll have to start selling sham self-help books to recoup your losses." That one idea repeated over and over. The most repetitive 70 page book ever. - 3tcp, on 07/07/2009, -0/+10It is disingenuous to mix con artists, specialists, policy makers with whom the author disagrees and entertainment focused writers/tv show hosts all together like this.
- Cramer & Trump are specialists with only a vague understand of the stuff outside their field of expertise.
- Madoff & Cook are crooks.
- Ormann & Kiyosaki only know how to convince stupid people to not spend their money stupidly.
- Dobbs & Kandel are just journalists. Dobbs isn't even a financial reporter.
- Greenspan & Kudlow are experts and policy makers with a long history of civil service. Disagree with them if you like but to try and discredit them by throwing them in with these other people is ridiculous. - Nick217, on 07/07/2009, -0/+10cramer can't catch a break! which is fine.
- kemp34, on 07/07/2009, -2/+11Please explain how you think Ludwig von Mises, who was expelled from Nazi Germany and had his entire early career and library destroyed because he spoke out for freedom against the Nazi totalitarianism, and whose motto was "do not give in to evil, but proceed ever more boldly against it" was a "nut".
This should be rich.
It kills me when folks blatantly spout their folly in public. - Kate1240, on 07/07/2009, -2/+10Suze Orman is full of sh*t! Seriously.
- MMusick, on 07/07/2009, -1/+9I never thought I'd see a list where Donald Trump was the one I like the best.
- RumpleForeskin3, on 07/07/2009, -0/+7Glad to see Robert Kiyosaki on there.
- inactive, on 07/07/2009, -5/+12Greenspan is probably the single most responsible person for the downfall of the US economy.
- cybrguy, on 07/07/2009, -2/+7Reading this makes me thankful for people like Peter Schiff. Its just too bad that the bad sort of financial advisers are usually the majority.
- loki49152, on 07/07/2009, -1/+6Non-sequitur alert... being friends with Ayn Rand had very little to do with his professional behavior, particularly in the last 20 years or so.
- inactive, on 07/07/2009, -0/+5It's not really funny if it's not an actual quote.
- TheSarf, on 07/07/2009, -3/+7You're kidding, right?
- 3tcp, on 07/07/2009, -0/+4I agree. The people who watch her show and read her books are even stupider than she is though and that's all it takes to have her kind of success.
- JordanTW90, on 07/07/2009, -6/+10To be fair, Alan Greenspan understands decent economic theory. The problem is, the people behind the scenes aren't interested in good economic theory.
- pinchduck, on 07/07/2009, -1/+5The article refers to content, not delivery, and telling people to get out of debt & stay out of debt is pretty solid advice. There are lots of people upside-down on their mortgages right now to provide the counter example. He can be a bit bombastic, but his advice is spot-on, IMHO.
- cybrguy, on 07/07/2009, -3/+6You did see the daily show interview right? He is also a borderline criminal for some of the stuff he pulled back in the day.
"Foment" ring a bell? - kingmanic, on 07/07/2009, -0/+3On the way up in a bubble a monkey could make money. It's surviving the bust after that is key. Kiyosaki just rode the real estate bubble and the hype behind it. He probably makes far more with his books, and seminars than real estate. It's far easier to milk idiots than to gauge the market.
- yocouchdigga, on 07/07/2009, -0/+3you are kidding, right?
- FritoPendejo, on 07/07/2009, -0/+3I actually like Dave Ramsey and think that for the most part he is giving helpful advice to people who are in debt. It's simplistic, but "don't spend so much money" is the main lesson most people in debt need to hear. What bothers me about people like Dave is that it's implied that they made their money from practicing what they preach, when in reality they made their money by giving the advice.
- LinuxPerson, on 07/07/2009, -1/+4Ron Paul haters still exist on digg? And here I was thinking ignorant half wits only exist outside the web.
I'm not going to even bother with hopeless morons like this... - Sideshowslob, on 07/07/2009, -2/+4Robert Kiyosaki sounds like a funny guy.
- chupavacas, on 07/08/2009, -0/+2Bernanke, Hank Paulsen and Tim Geithner
- inactive, on 07/07/2009, -0/+2I don't think he has a trillion dollars.
- DerangedPenguin, on 07/07/2009, -1/+3They left of the United States House and Senate their multi-trillion doallar Ponzi scheme called Social Security makes Bernard Madoff look like a penny dealing school yard hustler.
They also left all all of Obama's financial advisers - cybrguy, on 07/07/2009, -0/+2He understands Keynesian economic theory. Important to differentiate.
- FritoPendejo, on 07/07/2009, -2/+4Rich Dad, Poor Dad was one of the most outrageously stupid books I have ever read. The stories told in the book are so obviously made up that it's hard to believe its popularity.
- MRRRKING, on 07/17/2009, -0/+1Great to see Robert Kiyosaki here
- inactive, on 07/07/2009, -0/+1Any "advisor" who is on TV or any other media (corporate owned) outlet is there for only one reason.
Tell the public what to buy in order to increase profits for their masters.
most of these people are not really "gurus(advisors)" - CrazyChair, on 07/08/2009, -0/+1I read "Rich Dad, Poor Dad" and it doesn't really offer anything except maybe some motiviation that will make people to want to get out of the rat race. There are some okay insights, but the guy basically got rich by selling mostly fictional books about his life.
- WMurderface, on 07/07/2009, -1/+2Don't listen to anyone who claims to know what the stock market will do in the short term, as in the next 5 years or so. Though a strategy that might work is to do the opposite of what the most popular "financial gurus" say to do.
- pt4117, on 07/07/2009, -1/+2And they are calling him out for problems that happened almost 8 years after that quote. Who's to say he wouldn't have made adjustments to correct things years earlier.
- johnnyg113, on 07/07/2009, -3/+4@cybrguy
He's a Monetarist, not Keynesian. Hell, he's good friends with Ayn Rand. - CharityChic, on 07/07/2009, -1/+2Being a financial guru is one of the most overpaid jobs in america, many people don't even possess the experience they tout themselves as having: http://blog.moneydesktop.com/financial_planning/ov ...
- cor315, on 07/07/2009, -0/+1Is that font really hard to read or is it just me?
- elektronjunge, on 07/07/2009, -0/+1Greenspan was not for government intervention....
- mikemil828, on 07/07/2009, -0/+1//Don't listen to anyone who claims to know what the stock market will do in the short term, as in the next 5 years or so. //
I know what's going to happen with the stock market in the next 5 years, it's either:
1. Going to go up
2. Going to go down
3. Going to stay roughly the same
Invest wisely - ShiftyBizniss, on 07/07/2009, -0/+1grammar fail in the first sentence:
"Specialists plays an important role..." - psykiv, on 07/08/2009, -0/+1obvious troll is obvious
- ericthesalmon, on 07/08/2009, -0/+1It has a lot to do with his being a horrible person.
The best thing about William F. Buckley was the fact Ayn Rand stormed out of any room she saw him in. - noblepaladin, on 07/07/2009, -1/+2If you make a lot of calls every day like Cramer does, you'll get a lot of them wrong. The question is, can you get a good amount of them correct? Cramer is actually a genius who makes money, after all he did make ridiculous returns over many years when he ran his hedge fund, but amateurs who follow him often lose because they don't know the basics of stock trading and investing.
A good fund manager knows when to cut his losses and he knows to diversify. If a fund manager can bat .600, he'll make a lot of money assuming he doesn't put huge amounts of money into any one position, causing him to go bust when he inevitably makes a wrong call. There have been studies that show that Cramer is right more than he is wrong, but if an amateur bets big following Cramer, he'll eventually put a huge chunk of his money onto a loser and then lose such a huge amount that he can never come back. For example, if Cramer is running a fund and he buys 1% of his fund's portfolio onto Bear Sterns, he lost 1% of the money. An amateur watching Mad Money may have lost 20% or more, he doesn't have enough money to "buy buy buy" 100 different stocks, and that is something that is very tough to recover from. Cramer's books are actually not too bad.
These guru's play very different games than investors. For example, Warren Buffett does a lot of long term "buy and hold" investing. When he was young, he didn't do that, he changed positions very quickly. He would buy an undervalued company, and when if it goes up significantly to overvalued, he'd sell right away even if it is only one week. He can't do that anymore because he has too much money, when he buys/sells, the entire market moves cause he moves billions at a time. He has to play long term because his positions are not very liquid because he buys substantial percentages of a company at a time. Cramer's game is like a hedge fund (after all was a hedge fund manager), just go lightning fast and it is okay to pick some losers if you get more winners. This probably isn't a good idea for individual investors who do not have a lot of money or enough time to follow all the short term movements.
If you are going to follow a guru, you have to make sure you understand what game the guru is playing. Some styles are effective, but might not be suitable for you. - 3tcp, on 07/07/2009, -1/+2You do realize that he hasn't been chairman of the federal reserve for many years, don't you?
- chupavacas, on 07/08/2009, -0/+1I agree. Stein is a fool.
- 3tcp, on 07/07/2009, -0/+1That's why people who know what they're talking about don't tell you which stocks to buy, they tell you how to diversify it. Spread it around to different sectors and different parts of the world. People who try to time the market tend to get fleeced. Buy low sell high is not an investing strategy, it's just the mechanism that produces money.
- chupavacas, on 07/08/2009, -1/+2Greenspan is public enemy #1. Artificially setting interest rates away from where the free market would place them send a green light to investors to speculate. Greenspan made all the lights green, raised the speed limit to 85 and gave all the drivers cocaine.
- Deausx, on 07/07/2009, -0/+1Eh, there are plenty of well made, well researched predictions on the market. And 5 years is plenty of time to see a return from a properly researched stock.
While some of the ***** on the list were talking straight out their backside, saying "no one knows anything" is the other extreme of the spectrum, and just as unhelpful. - 3tcp, on 07/07/2009, -0/+1The president has little control of the economy. Really he best serves the country by acting as an optimistic cheerleader in public. If the president comes out and says "things are going to *****, I think we're *****" then he'll be right. People will hear that, panic, start pulling all their money out of everything and that will cause the economy to go to *****.
- pathouston22, on 07/07/2009, -0/+1Nice post, but way too thoughtful to be posted on Digg.
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