One of the best questions in the GOP debate was offered by Jim Cramer, the hyper CNBC host, near the end of the event. Interestingly, it came from a viewer. Unfortunately, the Republicans with a chance to answer it had no answer.
“I’m going to be quoting Joanne Kornbly (ph),” Cramer said. “She e-mails us. She says, ‘Our stock market has turned into a casino with high- frequency computerized trading comprising 70 percent of all transactions and hedge fund speculation resulting in market swings. Before privatizing Social Security, how would you make the stock market safer for individual investors?’”
This is a question that is on the minds of millions of Americans who want to see the American system of capitalism succeed and have investments in stocks. Last year, in the famous flash crash of May 6, the stock Accenture dropped from $44 dollars to one cent per share within 15 minutes, and recovered back to $41. Apple computer dropped 60 points in 15 minutes. It went from $258 down to $199 and then recovered to $248 within a 15-minute period.
Cramer introduced the question by saying that he was directing it to Herman Cain and that “This does not lend itself to 9-9-9 or any other number.” He asked the question and then said, “…how do we restore faith in the markets for the little guy?”
After Cain responded with another statement about improving the economy, Cramer followed up: “When the economy was going great, sir, there was no trust. When the economy was going great, people were getting ripped off and there was insider trading. When the economy was going great, people were getting hurt in the stock market. Forget the economy. Talk about the way the market is regulated.”
Read More at aim.org By Cliff Kincaid, Accuracy in Media