Jim Cramer And the Martin Shkrelli Show

I just watched the House hearing with Pharma executives.  The highlight so far was of course the appearance of Martin Shkrelli.  House members of both sides put on their best clown costumes to ask him questions, having been already informed that he would invoke the 5th Amendment, in an attempt to make him look foolish or ridiculous.  Now Shkrelli does in fact look foolish and ridiculous on a good day, but these house members really discredited themselves with their nettlesome, fruitless and largely rhetorical questions which just kept coming.  And then they would pause after inane and stupid questions as if they really expected Shkrelli to answer or at least go through his rehearsed statement that he was invoking the 5th Amendment (Shkrelli is already under indictment in New York so his 5th Amendment assertion was real and necessary given that prosecutors no longer exercise any discretion appropriate to their status as representatives of the Bar, and will use any statement to support any absurd theory they can conceive of to get a Jury to provide them an indictment or a conviction).

A brief word on Pharma.  In general, they operate in the free market like everyone else.  If they see an opportunity and find a way to take advantage of it then great.  They do not have a duty to anyone other than their shareholders.  If they want to price a drug at a certain level then they can do so.  If the people these Congress people seem so concerned about, then that is too bad until the patent runs out, a circumstance Congress DOES has control over.  That said there is a huge built in problem with the incentive structure in Pharma.  That is that Pharma companies DO NOT have an incentive to cure any of the diseases they attack.  Rather their incentive is to fashion a chemical palliative that needs to be taken over and over to create a utility like stream of income.  Cures obviate the need to buy anything in the future.  It would be like selling a car that never breaks down.  Great the one time you sell it but as soon as everyone has one then you are out of business.  For this reason it is right to be skeptical of Pharma executives, they are not the good guys usually.

Any way back to the hearing.  So here comes Cramer commenting on the hearing, and I really need to do a separate piece making fun of how he talks, who goes on about how shameful Shkrelli is (yeah pretty much) but then goes on about how these are elected representatives whose very stature demands a modicum of respect, not smirking.  Whoa!!!  Urnnnhhhht.  Stop right there Jim.  These ARE our elected representatives in Congress.  People who are so brazenly stupid, duplicitous and absolutely worthless that you would have to be a cretin to assert they deserve ANY respect whatsoever.  They do not.  They deserve scorn, smirking and frankly to be strung up and then beaten until nearly dead.  Pretty much just about every last one of them.  So do the world a favor Jim, and just shut the hell up.  Moron.

Congress thought they were going to embarrass and discredit Pharma executives.  They succeeded only in discrediting and embarrassing themselves.

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