CNBC Video - Cramer Destroys Geithner - Nov. 2008
Pretty funny clip - Runs 3 minutes. Given this morning's Bubblevision extravagance featuring Geithner and Cramer, here's a look at a happier time between the clownish duo.
Ignore Cramer's nonsense about saving Lehman. Letting Lehman fail was the only thing they got right during the entire financial crisis. As the Valukas Bankruptcy report showed, Lehman was an over-leveraged cesspool of deception, fraud and criminal malfeasance with a $600 billion hole in the balance sheet. It deserved to fail. The initial bankruptcy process was flawed certainly, and demonstrated that Paulson and Bernanke were clueless about the ripple effects, but the decision to let Lehman go was the only thing they got right.
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