In Lay Terms

Random Ramblings From a Church Nerd

Saturday, March 14, 2009

What I Learned in Finance Class

Since it has made a lot of news, I thought that I would link to Jon Stewart's interview with Jim Cramer. These are the unedited (and uncensored) versions, so beware if you don't like a few cuss words slipping out.

First, a little context. This is Jon Stewart's show on March 4:

Then, the interview on March 12 (in 3 parts):

That's some good schadenfreude, isn't it? Jon Stewart is good for that. At times, he's been underestimated. Since he's not a "serious" news guy, he can go on the attack pretty easily. He's done this before.

However, what does it help? Not a lot. Even as I write this, I am reading an article about the $100 million bonuses at AIG. We are continuing to lose money, while others can walk away richer than ever.

I think it makes me madder, because I'm in an MBA program. I really like my classmates, and there are a few financial traders and advisers in my class. I believe that they are people that don't want to cheat people out of money. However, they (and all of us) get caught up in a cycle where we are seeking a short-term gain, while losing a long-term benefit.

I'm not sure what's going to happen in the future, but I'm still hoping that we are resetting ourselves to look for the long-term. And when I say "we", I mean ALL of us. I don't want to be planning for a retirement in 30 years, while someone is figuring out how to make a buck on me today.

Sometimes, I wish I hadn't studied finance.


Blogger Scott Alan said...

We had to turn off that particular episode because it was like watching a train wreck in slow motion. I, for one, am GLAD someone with your ethical stance is in an MBA program; it can only help those who might be sitting on the fence between long-term holistic good and short-term selfish gain.

8:58 PM  

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