I’m sure this has been on the mind of many as the news unfolded today, but today has been a “Day of Justice” for the recession.
First, Bernard Madoff pleaded guilty to 11 counts including fraud, perjury, and money laundering in perhaps the largest Ponzi scheme in American history, over $65 billion.
Next, the DOW continued a three day rally and saw a gain of nearly 240 points, making it over a 600 point gain over that period of time, reversing nearly a 1,000 point slide over the last month.
Finally, Jim Cramer appeared on the Daily Show with Jon Stewart. There, the feud that I first talked about last week that the media picked up on this week (haha, I beat them!) hopefully came to an end, but not before Cramer (representing CNBC mind you) conceded that some of the advice they gave in the past few years was misleading and Jon basically told them what’s up and how they should change things in the future to avoid it.
It might have been that I don’t listen to Jim Cramer a whole lot, but I think I detected a whimper in his voice halfway through their “interview”, which was mostly lead by Stewart mind you. The recession is probably far from over, but its good to see that some of the people who got us into (or didn’t help us much to not get into) this mess face the music.
A day of justice indeed! :)