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Politics | 01/16/2009 11:50 am

Bethany McLean Discusses Ignorant Investors on 'Daily Show' (Video)

By The Staff at wowOwow.com

Journalist Bethany McLean’s finally getting the recognition she deserves. McLean, who broke the Enron scandal story, recently penned a Vanity Fair piece on Fannie Mae and Freddie Mac. That said, this lady’s got a real handle on the nation’s economic situation, and that knowledge landed her on Comedy Central’s "The Daily Show."

Though she certainly understands the current climate, McLean tells host Jon Stewart that she’s absolutely astonished at how Americans choose their investment tracks. When asked what went through her head when she discovered Enron’s corruption, McLean remarked, "At the time, I thought, ‘Wow, this is just shocking. I can’t believe people could behave like this. I thought it was a revelation that investors — you shouldn’t put money into things you don’t understand. If you don’t understand how it’s making money, maybe it’s not making money." This leads perfectlyinto a conversation on Bernie Madoff, who, Stewart jokes, "defrauded everybody who’s ever gone to a seder," and how he’s still living the high life while awaiting trial. Wonders Stewart, "Why is it so difficult — why aren’t the white-collar crimes penalized in the same way we penalize crack?" We have a guess …

Watch what else McLean had to say:

4 Reader Comments (so far…) Sign In or Register to comment

Belinda Joy
“What do you need to do to go to jail for a financial crime? Do you need to do a financial crime and then punch a baby in the face!” Okay, that’s the funniest thing I have heard! LOL!!!!!
By Belinda Joy on 01/16/2009 1:25 pm
mitzi morris
Why we haven’t taken to the streets down Wall St way, or anywhere we can protest reveals our apathy and guilt. We’re mad at Madoff and the theives of Wall street, but what are we the people doing? Nothing. Just waiting for Obama to save us.
By mitzi morris on 01/16/2009 5:46 pm
Sherrie Crews
Suzanne, Deb, remember back when WOW first started getting hot. It was before the primaries, before the campaigning had really even started. We had a few good discussions on the economy on here and I remember a few times when we and a couple others here whose names I can’t think of right now (forgive me) were saying pretty much what this Ms. McClean and John Stewart were saying here about our economy. There was a poster on here who claimed to be in a financial related business who was very obviously trying to lure us into deep philosphical, pseudo-factual discussions on the economy so that she could tout the make-believe merits of the republican economic ideology. She didn’t last long, at least not under that personna. Anyway, it seems to me we’ve been proven right. An economy isn’t driven from the top down. It has to be supported from the bottom up to survive. What we’ve had for the last 8 years is a smoke and mirrors economy just like the smoke and mirrors executive branch of goverment. They tore away the foundation of our economy when they paid their corporate cronies to take all the manufacturing jobs out of the country and put 10,000,000 Americans out of work at the same time that they were tearing away the foundation of our government, or Constitution. The Bush regime has been one huge “smash and grab” operation. They stunned us with a war while they picked our pockets and snatched our purses.
By Sherrie Crews on 01/17/2009 12:45 pm
Diana T
Very well put, Sherrie.
By Diana T on 01/18/2009 12:56 pm