This morning, my wife got an e-mail from Overstock.com, enticing her to buy cheap stuff. She’s an Overstock fan (I rarely buy anything there), so she actually pays attention to the deals. Nothing out of the ordinary here. Right?
Well, tacked onto the bottom of the e-mail is a message from Overstock CEO Patrick M. Byrne. It reads as follows:
Dear Honored Client,
We take seriously our duty to save you money. We know the current financial crisis is of concern to many of you. If so, you may find this interesting. Otherwise, please just enjoy your shopping.
If that sounds hard to believe, please see this video (which Jim did not expect to reach the public) of Jim Cramer bragging about using the press to manipulate the stock market illegally. For a full analysis of the career of Jim Cramer, please read my essay: “Jim Cramer is a Complicated Man.”
Warren Buffet says that, “If you ever sit down at a poker table and in 15 minutes haven’t figured out who the pigeon is, you’re the pigeon.” Similarly, if you are getting any advice from Jim Cramer or CNBC, you are the pigeon. CNBC is a 24/7 hedge fund infomecial designed to trick you into making bad investments for the benefit of hedge funds. Again, watch the tape of Jim. Then read the critique. Then turn off CNBC.
Or else, just ignore this message and enjoy your shopping.
Patrick M. Byrne, PhD
Whoa. As Brooke says, we’re in a whole new era.