Partners - Stock market, economic and political commentary by Patricia Chadwick

Maria Bartiromo Versus Michael Moore

I woke up in Milwaukee this morning to see Maria Bartiromo on Morning Joe challenging Michael Moore on the subject of capitalism. Go Maria!!

I had to laugh out loud listening to Mr. Moore freaking out about the top 1% of the population owning 99% of the wealth in the country. It’s not that I support a vast skewing in the distribution of wealth in a capitalist society. Rather it was absurdity of the messenger who seemed oblivious to where he fit into the pyramid he decried. As no one else was in my room, I could only talk back to the television, “Well, count yourself in that group, Mr. Moore.”

Then Mr. Moore went on to compare the Dow Jones reaching 10,000 to the tragedy of the current 10% unemployment rate in the country. Maria challenged him, pointing out that the pension and 401K plans of millions of Americans have benefitted from the stock market over the years. He pooh-poohed her intelligent and totally correct response.

Next he lambasted the big banks, begging people to take all their money out of the big banks and to put it into the small, local banks in their communities. What he seemed to fail to understand was that the big banks are the ones that employ all the people at the bottom of the pyramid, so if people follow his absurd advice, the unemployment rate will rise, not fall.

Mr. Moore is a mogul in the entertainment industry. He is a successful capitalist who has benefitted from the deep pockets of capitalism. That is fine and it is a good example of how capitalism works and how it allows people to make big money.

Mr. Moore’s hypocrisy is in neglecting to tell his audiences that he himself is included in the class of people he deplores.

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14 Responses to “Maria Bartiromo Versus Michael Moore”

  1. chris a. Says:

    You must be joking. First off, many people I know, including clients, have had to close or withdrawal money from 401k and other retirement plans because of unemployment or underenmployment. Moore may or may not be correct, but the nonsense of what you wrote and of Maria B. is really silly. This is the same Maria who challenged a congressman about him Not being on Medicare, when he was under 65. Really sad. A much better approach to Moore exists, but for cheerleaders and the brain dead it will not be found.

  2. Dan Says:

    Come on. The author has a predisposition to worship at the alter of Anglo/American capitalism. There is no doubt that capitalism and free markets produce results. What is not clear is if when they are unregulated/ improperly regulated and/or result in very small minorities controlling the vast majority of a nations wealth that the results produced are the best for the nation. This is particularyl true where wealth determines political and or judicial outcomes. In short where the wealthy and powerful are perceived to be taking advantage of the rest. The current model is unsustainable not becasue it fails to perform as expected but rather becasue the results produced are ultimately intolerable for the majority of society. Situations similar to ours inevitably result in social upheaval be it nonviolent or violent. Read your history lady.

  3. Dan Masters Says:

    The fact that Moore is a millionaire doesn’t make him a hypocrite or take away his right to criticize the corrupt system that we all witness these days. Actually, I have all the respect for him and others like him who recognizes the failure of our capitalist system. If you have something of substance to attack him with, please go ahead and do it. Go ahead and defend the bankers and investors that brought this country to the brink of bankruptcy while they gave each others millions in bonuses out of the TARP money. But of course you can’t do that and all you have left is to call him names. Moore is a millionaire because he makes movies that people want to see, not because he took risk and when he lost, went crying to the government asking for money. This country will be much better off if we had a few more like him!

  4. Steve Pennington Says:

    I hope that one day CNBC and its contributors will wake up and realize that markets are not perfect and people are not always rational. In the mean time, most of us will continue to be amused by those at the network who cling to the notion of “free markets” and align themselves with the increasingly discredited Chicago school of economics.

  5. Scott Says:

    You totally miss the point–Mr. Moore did not say capitalism is inherently evil, only that it has been hijacked by those at the top who cry out for “free markets” during the good times, and beg for government hand outs after they bankrupt the system. I am drawing my money out of the bank in which I lost tens of thousands in stock losses (Wachovia before it was bought by Wells Fargo) and depositing it in credit unions that still loan money to local businesses. They are as capable of hiring people to work at their institutions as B of A, JP Morgan, or Wells Fargo, and they are more likely to pay a living wage. What credit unions don’t offer are billions of dollars of bonuses to their government bailed out employees who are “top talent” we cannot stand to lose. Maria B. is a shill for the markets and the minority of money changers who have ruined our financial system.

  6. Chris Says:

    1st Maria vs Michael:

    Good line. Bailing out ultra rich banks with taxpayer money isn’t capitalism!!! Having the gov’t come in an take over GM, Fanie and Freddie isn’t Capitalism! To bad they didn’t fail because had they failed maybe a good comapany with GOOD management would have bought them and turned them around.

    Capitalism for the POOR and Socialism for the Rich!

    Wow…what would our Founding Fahers think of these 2 parties:(

  7. P Walsh Says:

    Response to RuFus – Your comment is uncalled for. Vulgarity lends nothing to the discussion; it only detracts.

    Response to the blog – Just because people’s pension plans have benefited from a robust stock market in the past, I ask (1) what is the percentage of Americans who actually have pension/401K plans which realize a gain from a robust stock market; and (2) how does a robust stock market benefit poor, working-class people? A robust stock market doesn’t translate into lower unemployment rates; as a matter of fact, I think it works the opposite way. What about all the money we just lost in our 401K plans? Who knows what will happen to those plans in the future if Wall Street goes ahead again, as it is now, in the same dangerous direction without some regulation of its worst behavior.


    Mr. Moore may be part of the greedy capitalistic system, but he is honest enough to attack the system he profits from! You however are not that honest and attack one of your own for exposing this greedy self serving system that has destroyed our economy. Shame on you Chadwick!

  9. Basha Truk Says:

    Come on, You are just attacking Moore to make the bunch of you greedy capitalists feel better. Capitalism has created a society of greedy uncaring people who “ME” is the only thing that matters. 1% of the population should not be controlling 90% of the wealth in a democracy. This must and will change even if it takes a revolution to do it !

  10. JP-OC Says:

    It’s only fitting that Bartiromo, of CNBC, would criticize Moore. CNBC is becoming more and more like the Fox News of financial reporting everyday, it sickens me. The Fox Business channel seems to be more even keel these days. These nut jobs at CNBC like Larry Kudlow and Rick Santelli amongst others have changed the face of CNBC for the worst, yet for the better of the jackmonkey cash grubs who absorb poor financial advice but fickle facts they want to hear. And Ms. Chadwick, you fit the bill.

  11. Dr. Fernando Arzola Says:

    It is pretty clear now how stupid and ignorant about the world around you have to be in order to have either Maria’s job or Patricia’s.
    How in the world these people get to be on TV or manage or money ??? Patricia should be fired form her firm for being so ignorant.
    Fernando Arzola, MD
    Dallas, TX

  12. Mitch Says:

    The position that Mr. Moore is hypocrite is both a boring and lazy assesment.

  13. TJ Says:

    Ms. Chadwick’s ia an aopogisst for Ms. Bartiromo. Watch Mr. Moore’s movie and/or talk to your friends and neighbors about the bailouts to Wall Street. You’ll find that it was welfare for the rich. Take a look at another less biased viewpoint than Ms. Chadwick’s http://videocafe.crooksandliars.com/heather/michael-moore-schools-maria-bartiromo-capi

  14. TJ Says:

    oops, I guess there is no editing function here. I meant to say apologist…