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

Started by dekeuk,

66 posts in this topic

DR.X

DR.X

Posted
Posted

 

 

What's wrong with Stewart?

 

 

She can't resist insider trading? (shrug)

 

 

Im posting this link again in case anyone missed it. Not anything to do with Cramer but lends insight to the core of this mortgage crisis. Everytime I watch this it gets my blood boiling. Enjoy! :o

 

DRX

 

 

http://www.cbsnews.com/video/watch/?id=4502673n

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AtlasFan

AtlasFan

Posted
Posted
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"... 2c

 

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.

 

 

Just sayin...Stewart didnt attack Cramer until after Cramer's remarks about the President. I wonder if Stewart will attack Barney Rubble..er...Frank with as much vigor?

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dzminn

dzminn

Posted
Posted
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. :mad:

 

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. :sumo:

 

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. :eek:

 

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. :juggle:

 

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. :whistle:

 

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. (shrug)

 

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 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. hm

 

Great post! (thumbs u

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JohnT

JohnT

Posted
Posted
The idea that Stewart only attacked Cramer after Cramer criticized the President is just flat out untrue. He was critical of him and CNBC long before that.

 

Yeah, that whole interview didn't even mention politics. Stewart's criticism of CNBC was pretty focused on the fact that they knew about all the dubious manipulation of the market but they didn't tell viewers.

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Timmay

Timmay

Posted
Posted

6. Virtually no one profited from this collapse.

 

Well, the money went somewhere. I know it didn't go into my pocket. Who's pocket did my 401K end up in.

 

It's not like it just evaporated into nothing or something like that.

 

:baiting:

 

 

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Aman619

Aman619

Posted
Posted

yeah. billionaires losing billions isnt nearly as bad as the little people bankrupted by the collapsed economy that ate their jobs, or the victims of Madoff swindlers. You have to show me th elong list of former billionaires, or hundred millionaires, that are now contemplating the meal stretching possibilities of Nine LIves tunafish. Or sweating healthcare payments.

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Timmay

Timmay

Posted
Posted

It's not like it just evaporated into nothing or something like that.

 

:baiting:

 

 

Yes, that's exactly what happened. The stock market is not a zero-sum game.

 

If it evaporated into nothing, then it was probably never there to begin with.

 

Unfortunately, the money I put in was there to begin with.

 

hm

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Timmay

Timmay

Posted
Posted

It's not like it just evaporated into nothing or something like that.

 

:baiting:

 

 

Yes, that's exactly what happened. The stock market is not a zero-sum game.

 

Enlighten me, because it should be.

 

:sumo:

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Bosco685

Bosco685

Posted
Posted

It's not like it just evaporated into nothing or something like that.

 

:baiting:

 

 

Yes, that's exactly what happened. The stock market is not a zero-sum game.

 

Enlighten me, because it should be.

 

:sumo:

Fellas, could we not go there? It's never going to end pretty with all the financial loss that took place for most of us.

 

guillotine.gif

 

Just didn't want to see this end badly as nowadays, it may be better to be sensitive to those that took a bath financially rather than rub their noses in it.

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Timmay

Timmay

Posted
Posted

It's not like it just evaporated into nothing or something like that.

 

:baiting:

 

 

Yes, that's exactly what happened. The stock market is not a zero-sum game.

 

Enlighten me, because it should be.

 

:sumo:

Fellas, could we not go there? It's never going to end pretty with all the financial loss that took place for most of us.

 

guillotine.gif

 

Just didn't want to see this end badly as nowadays, it may be better to be sensitive to those that took a bath financially rather than rub their noses in it.

 

Well, maybe I should start a poll of who didn't take a bath in this market.

 

Financially speaking, because I already know most of you don't bathe.

 

:sick:

 

 

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