Back on Christmas Eve of 2009, Obama's Treasury Dept. said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking Congressional permission.
Very few reporters noticed, except for The Washington Post's Zachary Goldfarb who reported the story on Christmas Day and CNBC CME Group reporter and tea party inspiration Rick Santelli, who later pleaded for the public to take notice. With that occurrence in mind, Santelli scoffed at Sen. Chris Dodd's, D-Conn., legislative proposal of financial system reform that did not include reforms on both Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE).
"You know, I can't believe, first of all - you said, may not be included. They are not going to be included," Santelli said on "Fast Money" March 12. "And I think to put a moniker of reform on something that doesn't include Freddie and Fannie is very disingenuous. And I think that to pass something - what I heard Mr. Dodd say, Sen. Dodd, was, you know, it's the 101st senator. In other words, you know, we'll pass anything we have to show that we're doing something, no matter if it's the right thing or not, you know, I'm not buying that again."
Roubini, often called Dr. Doom and known for crazy parties, predicted back in 2005 the speculative housing bubble would be the eventual undoing of the economy - and he was correct. However, as Jeff Macke, founder and president of Macke Asset Management and panelist on "Fast Money" explained May 11, being two years early with that prediction wasn't something to hang your hat on.
"Let me give you a little hint on trading," Macke said. "If you're two years early on any idea, what you are mostly is dead. You're a professor, as opposed to a trader. And if we still have time to talk after the five-minute butt kissing we gave the guy, I'll tell you what - he hasn't made anyone a cent. Until he does, as far as I'm concerned, it's a nice opinion but it's not making me money."
It's really frightening to imagine that people who get the bulk of their news from Comedy Central's "The Daily Show with Jon Stewart" will be making what they probably think are educated decisions at the ballot box come Election Day.
Stewart, who is now a self-proclaimed economist, said on his January 23 show, "Our economy is tanking." And now you can add financial media critic to Stewart's list of titles.
"For insight, I turned to the two major financial networks to find out what is going on, or as they're known around here, ‘hot ladies talk economy with bald dudes,'" Stewart said.