By: Matthew Arndt, CFA, CPA, CFP | December 9, 2009 | Investor Information

Where do you get your financial advice? The newspapers? Financial Media? Journalists? Wall Street analysts? You may want to be careful about where you get your information and about those who advertise themselves as “experts.” There is a serious “expert” problem in the investment industry. There are some who can be quite insightful, but the vast majority are just pretenders.

The video below dates back to early March of 2009 and demonstrates how the mainstream financial media and Wall Street Analysts are as clueless as the next guy. When the financial markets were teetering on the edge and ready to wobble off the cliff, the media and the “experts” were completely oblivious to what was about to take place. They didn’t realize that the financial markets were ready to hit the skids; they couldn’t identify a Ponzi schemer when he was staring them right in the eyes; and they had no clue that the largest U.S. investment banks were about to go bankrupt just days before they did.

So it begs the question… Why the heck do investors still watch and listen to these actors? These glorified cheerleaders?

I couldn’t make this stuff up if I tried. Its good comedy. I am not telling you to stop watching these fools on TV, but just to realize that they are nothing more than mere entertainers to poke fun of. By all means, watch them for entertainment; not insight.  Take a look and decide for yourself: CNBC Financial Advice

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