I listened to a lot of Monday morning quarterbacking on the radio this weekend by the longest-running syndicated business show host, Bob Brinker, of "Money Talk," who has been broadcasting for two decades.
Brinker was largely blaming the current crash on Senator Phil Gramm (R-Texas) and President Bill Clinton for a 1999 bill that repealed the 1933 Glass-Steagall Act, which prevented banks from owning other businesses and creating a conflict of interest.
No problem there. Deregulation has allowed bank and money CEOs to play fast and loose with the American people's money, and is now letting them continue to have their jets and mansions, funded by the taxpayers.
But here's my question. I don't recall Brinker complaining about this in 1999 and encouraging his listeners to take action. Nor did I hear the man, who is a market timer, warning his audience to get out of the financials six months or a year ago.
But I admit, I may have missed these things. I'm not a religioius enough listener, so I need your help. Did any of you get warned by Brinker or another analyst to sell before the crash? If so, drop a comment here, so the rest of us can start listening to a prognosticator with a real clue, not just another person with 20-20 hindsight.
Brinker claimed yesterday to run a nonpartison show, but that's a lot of bull. I listened enough over the years to know he was a huge Bush supporter over the past two elections, so clearly his future money vision isn't that great, unless you consider flushing 10 billion a month into an Iraqi toilet a smart move.