Is America in need of a little Mary-J? Not Blige … marijuana.
Mad Money's senior writer Cliff Mason (Jim Cramer's nephew) thinks so. Here's what he wrote on Jan. 15, 2009:
"This may be apocryphal, but when FDR was running for President for the first time in 1932, he said something along the lines of "What America needs now is a good, stiff drink.
Then he won and went on to help end prohibition.
Last week the Business & Media Institute released its annual Top 10 list of the worst economic myths the media spread in 2008. The list was broad, ranging from “killer tomatoes,” to the collapse of Fannie Mae and Freddie Mac, to the death of capitalism.But it was myth number 2 “Welcome to 1929: Great Depression II” that touched a nerve with Cliff Mason, senior writer for Mad Money, because of its criticism of CNBC’s Jim Cramer. By the way, Mason is also Cramer’s nephew according to the disclosure at the end of his bio.
On Dec. 12, Mason wrote:
Superhero economist and top-notch investor John Maynard Keynes famously told one of his critics, "When the facts change, I change my mind. What do you do, sir?"
On Mad Money we happen to share that same philosophy. And unfortunately, it's still something of a radical position.
On Thursday, the Business and Media Institute released its list of "The Media's Top 10 Worst Economic Myths of 2008." Jim is mentioned in three of them, but it's myth number 2, "the news media drew hundreds of parallels to the Depression, despite economic data that is not even close," that reminded me of that Keynes quotation.