OT: Jim Cramer "butchered" by Jon Stewart face to face last night

[Beastfeast]

Stewart only let Cramer "have it" cause Jimbo had some not too nice (but true) things to say about the President's policies effects on Wall Street. Cant have that now!

 

I think it was caused more by CNBC being retarded than some leftist grudge. Entertainment disguised as news (i.e. some of Fox, some of CNN, some of CNBC and all of the far left and right talk radio hosts) is so much more dangerous to the "average" person than news disguised as entertainment.

[rednalsram]

Cramer is a entertaining guy. If you know nothing about the market and

invest strictly by what you hear from him you get what you deserve.

 

A disclaimer is posted before he begins his show. Cramer does some good

by telling his audience to research before investing (sound advice of-course).

 

He brings on Ceo's and top professionals in the field. I don't understand the

ill feelings for this person. If Stewart really believes that Cramer walked people

down a path of lies for investing in November, then he is giving Cramer way

too much Wall Street savy.

[ArAich]

Stewart only let Cramer "have it" cause Jimbo had some not too nice (but true) things to say about the President's policies effects on Wall Street. Cant have that now!

 

I think it was caused more by CNBC being retarded than some leftist grudge. Entertainment disguised as news (i.e. some of Fox, some of CNN, some of CNBC and all of the far left and right talk radio hosts) is so much more dangerous to the "average" person than news disguised as entertainment.

 

 

Never underestimate the power of a "leftist grudge"...

[delekkerste]

Finally got around to watching the interview. If this was a debating match, no question Stewart won by knock-out. I think Cramer was pretty much in a no-win situation, so the PR advice he got to appear sober and contrite was probably not the worst move I can think of.

 

I do take issue with a number of points Stewart made in this interview and the others that ran this week:

 

 

1. There is no shortage of blame to go around. Wall Street has been villified to no end, but Stewart keeps defending those on Main Street who, when they got their chance to exploit the system by way of no-doc liar loans and other criminally lax lending standards, only too happily piled on debt that they knew they would never be able to repay. And don't tell me that they were all suckered by greedy bankers and mortgage lenders, because plenty of their responsible neighbors with an ounce of ethics and common sense didn't partake in this fraud.

 

2. CNBC is not a financial advisor nor a financial regulator. Could they have done a better job of investigative reporting and journalism? Sure. But, there were severe lapses of judgment and oversight everywhere, from the highest levels of government in Washington, D.C. to within the industry itself. Through the magic of compiling 10 minutes of videoclips out of the past 18 months of coverage, it's easy to scapegoat CNBC and make them look like total buffoons.

 

3. It's easy to look in the rearview mirror, question these assumptions that we once took for granted, and make a lot of these accusations with the benefit of hindsight. Nobody questioned the 30-to-1 leverage, for example, because it made everyone so much money (including anyone who had a 401(k)) for so long. This wasn't an intentional scam, people really did believe this was "normal" as it had worked for many years.

 

4. I don't think anyone else has commented on this in the media, so I'll be the first. I think America's "permabull" culture deserves a share of the blame. Every CEO, politician, sports coach, analyst and even the media is this country is, by default, a cheerleader. Have you guys ever watched a press conference with an English soccer team manager? They will tell it to you straight up - "The other side is in amazing form. We have no chance on Saturday, but we'll give it a go." You would NEVER hear that in America. On CNBC Europe, the talking heads ask much more incisive and critical questions to analysts and fund managers who come on the show. And, they'll tell it to you straight - business is bad, the market is hopeless, whatever. It's much more frank and truthful. In the U.S., everything is scripted like a mini-commercial. This American culture of cheerleading and always appearing optimistic (insert Larry Kudlow reference here) really did everyone a huge disservice that we are now paying for.

 

5. That Cramer interview with Aaron Task was taken out of context. It was a segment on exposing how markets can be manipulated. After it came out, the SEC investigated and cleared Cramer after it realized this.

 

6. Virtually no one profited from this collapse. To frame the debate in a Wall Street vs. Main Street context, or thinking that Wall Street got one over on the small fry is just not even remotely close to reality. I know the little guy is hurting in this downturn, but most of them didn't lose half or 2/3rds or all of their fortunes like many/most of the wealthy did (half of Americans don't even own a share of stock!) The market mechanism actually does work over time - wealth inequalities reached an unsustainable extreme and now we just rolled back the entire bull market through this market collapse and shrank the disparity dramatically.

 

7. Cramer got it wrong last year, but so did 99.999% of people. Everyone from the most connected insiders, like Warren Buffett and most of the top hedge fund managers, to Joe Sixpack was completely blindsided. There was no secret message that went out that said "let's screw the little guy". I can sympathize with the anger of people who lost half their 401(k)s and felt like they did nothing wrong and that the system is rigged against them. However, most firms are not engaging in abusive short-selling and the other practices that Cramer describes. Virtually everybody lost a lot of money as a result of what happened. It's also wrong to villify an industry in which the overwhelming majority of people who work in it do not get paid egregious salaries and did not have anything to do with the collapse that occurred. All the armchair quarterbacking, demagoging and finger-pointing isn't actually doing anything to help the present situation and may actually be making things worse.

[Nostalgic Attic]

hmmm......when I click on the links, I get the message that "this video is no longer available".

 

I just checked links again (4:45 EST) and they are all still there

 

 

Video no longer available...I would love to see Cramer toasted.....

[PEP]

Cramer didnt have a chance, he went on Stewarts hometurf and looked like a person_having_a_hard_time_understanding_my_point trying to be civil and in the past when Stewart doesnt like his guests answers, they are edited out.

 

I lost what little respect I had for Cramer since he seemed one of the few to actually call out some of the wacko policies trying to be implemented but in the end showed he cant back the talk.

[Ghost Town]

hmmm......when I click on the links, I get the message that "this video is no longer available".

 

I just checked links again (4:45 EST) and they are all still there

 

 

Video no longer available...I would love to see Cramer toasted.....

 

It's still on comedycentral.com.

 

link

 

 

 

[dekeuk]

Video no longer available...I would love to see Cramer toasted.....

 

 

aaaarrrgggghhhhhhh !!!!!!!!!!!!!

 

you are correct, sir.

 

ok, looks like I goot borrow the link from the guy who bashed me over the head like this earlier in this thread

 

if you wanna see it, check the linky below

 

 

linky

[JohnT]

Good post, D. You're right about everyone being blindsided. I have a friend who is the lead lobbyist for home builders in my neck of the woods, and he told me point blank that no one saw the foreclosure crisis coming. Yes, there was lots of talk of a bubble, but the people with money at stake--builders--simply didn't believe it and didn't protect themselves from it, and many were ruined.

 

I think Cramer has taken it on the chin because he's obnoxious and loud. If you're going to act like a know-it-all you're going to get hammered when you put your foot in your mouth. I don't think the humiliation Stewart dishes out is necessarily a bad thing. We've got to learn from this disaster.

 

I like your "permabull" term! Those who run financial system (CEO's, brokers, politicians, consumers) have such direct stake in growth they'll do anything to keep it going, basically focussing on short term gains rather than long term growth. Hopefully we'll learn that from this and put more value on our long term financial health.

[dekeuk]

Finally got around to watching the interview. If this was a debating match, no question Stewart won by knock-out.

 

 

what surprised me most is how Stewart caught Cramer lying to his face and immediately smacked him down with grainy video footage proving what he had just said 5 seconds ago was a lie

 

 

I don't know how Stewart got that video footage, but he knew they had it ready to roll. He set Cramer up with questions designed to catch him lying and Cramer took the bait.

 

He sat there and lied to Stewart about shorting stocks, and them got immediately person_without_enough_empathyh slapped across the face.

 

Cramer should have learned a lesson from when John McCain agreed to appear on Letterman after being Letterman attacked him every night for several weeks. DON'T TAKE THE BAIT. The comedian is NOT your buddy. Appearing on their show will not smooth everything over and make it go away.

 

 

 

[dekeuk]

 

I think it was caused more by CNBC being retarded than some leftist grudge. Entertainment disguised as news (i.e. some of Fox, some of CNN, some of CNBC and all of the far left and right talk radio hosts) is so much more dangerous to the "average" person than news disguised as entertainment.

 

 

 

The irony of CNBC is that all their cheerleading of the market for the last 13 years has led to exactly a 0% gain in the market (and a lot less after mutual fund fees, trading fees, inflation adjustments, etc.)

 

It just seems like such a waste of time ....... 13 years of constant daily chatter about the market ...... and for what? This 0% gain?

 

I'm putting my money (well some of it) into ultra high grade pre-1984 Batman slabs. Let's see if my "Batman slab portfolio" can beat Wall Street in the next 10 years. At least they are more fun to look at than a mutual fund statement.

 

 

 

 

 

 

[JohnT]

hmmm......when I click on the links, I get the message that "this video is no longer available".

 

I just checked links again (4:45 EST) and they are all still there

 

 

Video no longer available...I would love to see Cramer toasted.....

 

It's still on comedycentral.com.

 

link

 

 

Thanks Ghost Town.

 

Wow. Utter destruction of a person before your eyes. And the best part was, Stewart was completely fair and rational in his destruction. In 30 minutes he exposed how our permabull culture led us down this path.

 

[DR.X]

 

I think it was caused more by CNBC being retarded than some leftist grudge. Entertainment disguised as news (i.e. some of Fox, some of CNN, some of CNBC and all of the far left and right talk radio hosts) is so much more dangerous to the "average" person than news disguised as entertainment.

 

 

 

The irony of CNBC is that all their cheerleading of the market for the last 13 years has led to exactly a 0% gain in the market (and a lot less after mutual fund fees, trading fees, inflation adjustments, etc.)

 

It just seems like such a waste of time ....... 13 years of constant daily chatter about the market ...... and for what? This 0% gain?

 

I'm putting my money (well some of it) into ultra high grade pre-1984 Batman slabs. Let's see if my "Batman slab portfolio" can beat Wall Street in the next 10 years. At least they are more fun to look at than a mutual fund statement.

 

 

 

 

 

 

 

I'm putting my money (well some of it) into ultra high grade pre-1984 Batman slabs. Let's see if my "Batman slab portfolio" can beat Wall Street in the next 10 years. At least they are more fun to look at than a mutual fund statement.

 

 

Ive thought about the same thing. I think if Id put the money into comics the last fifteen years Id probably have million dollar collection. Instead Ive gone nowhere and lost over 120,000 to add to the pain. And I thought it was an outrage when Fantastic Four # 1 was going for a grand.

 

DRX

 

 

 

 

 

[dekeuk]

 

And I thought it was an outrage when Fantastic Four # 1 was going for a grand.

 

DRX

 

 

 

 

 

 

[MR.COMICBOOK]

I wonder how many people ever got rich by taking Jim Cramer`s stock advice?

[AtlasFan]

Stewart only let Cramer "have it" cause Jimbo had some not too nice (but true) things to say about the President's policies effects on Wall Street. Cant have that now!

 

I think it was caused more by CNBC being retarded than some leftist grudge. Entertainment disguised as news (i.e. some of Fox, some of CNN, some of CNBC and all of the far left and right talk radio hosts) is so much more dangerous to the "average" person than news disguised as entertainment.

 

 

Never underestimate the power of a "leftist grudge"...

 

Looks like the President is taking a page out of Richard Nixon's book of "Dirty Tricks"...having his left-wing media thugs pounce on anyone who dares say anything negative about current policies. Cramer is now on the new "enemies list".

[Beastfeast]

Stewart only let Cramer "have it" cause Jimbo had some not too nice (but true) things to say about the President's policies effects on Wall Street. Cant have that now!

 

I think it was caused more by CNBC being retarded than some leftist grudge. Entertainment disguised as news (i.e. some of Fox, some of CNN, some of CNBC and all of the far left and right talk radio hosts) is so much more dangerous to the "average" person than news disguised as entertainment.

 

 

Never underestimate the power of a "leftist grudge"...

 

Looks like the President is taking a page out of Richard Nixon's book of "Dirty Tricks"...having his left-wing media thugs pounce on anyone who dares say anything negative about current policies. Cramer is now on the new "enemies list".

 

How is a cable talk-show-host-comedian (who, by the way, has done this same type of thing since he started with The Daily Show) harassing a group of people who might as well give out an extra chromosome with their advice, have ANYTHING to do with the President?

 

Are you that far gone in your random, partisan conspiracy theories that's even a genuine concern for you? That mess is crazy.

 

 

[Paratrooper]

They're both tools...

 

Damn, never thought I'd be agreeing with you about something like this.

[Bosco685]

I got to this thread late, but so glad the Comedycentral.com link is still active.

 

And I thought I had seen a great butt-whooping when Steve Colbert took care of George Bush at the 2006 White House Correspondents Dinner to the point Laura Bush told him to "f" off. Stewart slammed this dog!

 

I met Cramer's old partner years ago at a party (Gary "The Chart Man" Smith), and as smart as these fellows are, they truly are snake oil salesmen.

 

This was the accountability Cramer never experienced in his face. "Financing is not a game!"

 

Touche!

[JohnT]

They're both tools...

 

Damn, never thought I'd be agreeing with you about something like this.

 

What's wrong with Stewart?