Friday, March 13, 2009
What happened to Jim Cramer last night? He went on the Jon Stewart Show and got eaten up. He did not need to take all that blame on himself. He let Stewart peg everything on him. Jon says "We're all snake-oil salesman here," Jim responds, "I'm not gonna disagree with that."
Yes, you can disagree with that. You honestly try to make a good show, don't you? You give advice based on what you think is best. That's not snake-oil. Its commentary. Snake-oil is claiming to have all the answers, knowing that your a fraud. Why would you let someone put that on you. Every night you tell your viewers that these are just your opinions, and that you might be wrong. You are right way more than you're wrong, and that's why people still trust you. They trust your encyclopedic knowledge of stocks. That's not snake-oil.
Stewart says, "It feels like there's a market that you all present to us, and you tell us our money is safe. And then there's this other market in the back room, where our 401ks are being used to finance dangerous, ethically dubious adventures. It's a game you know, and one that you pretend is not going on."
Your answer Mr. Cramer? "Yea, I believe we could be doing better. There's a lot of shenanigans. I'm tryin."
Wtf? No that is not correct, Jon. We did not know about the complexities of some of the trades that were going on. We still don't know exactly what happened behind closed doors. There are investigations going on right now about that. How could you say that "we knew? We did not know that AIG was in over its head. All we have is their financial statements and their word. If there was fraud it will be found out. But you can't blame that on us. Cramer looked like a fool. He made CNBC look like a bunch of moronic, doe-eyed cheerleaders.
Stewart flat-out called his antics bullshit; mentioning that in the 2006 clip he looked like a sober smart guy and on his show he's an idiot that says sell one day and then comes back the next day saying I should have told you to buy. Stewart added that CNBC wasn't to blame for not seeing the catastrophe but guilty for encouraging it, thus becoming one of the culprits. What does Cramer say to that? "Okay, maybe I'll try it your way."
If I was a CNBC producer I would've prayed for the feed to get cut. Cramer didn't fight. He didn't defend himself at all. They should've put Steve Liesman or Santelli on there. Cramer was too nice. He didn't have to eat all that humble pie.
CNBC cheers the market on. Yes. They're permanently bullish on America. Yes. And the Daily Show cheers on Obama. Fox news cheers on the republicans. So what responsibility does CNBC have to the nation? Deliver financial news. That's it. And they do that every day. Everyone cheered on the prosperity of the millennium.
"I know you want to make finance entertaining, but it's not a f***ing game." Does Cramer say anything to that? No. Jon continues, "...it shows me that you all know. You can draw a straight from (your comments about manipulating markets) to what Bear Sterns and AIG were doing." The idiot Cramer walks right into it and answers, "Don't you want a guy like me who've been in it, to show the shenanigans?"
Wrong answer, sir. The correct answer is, "We all know shady things happen in every industry. You cannot put what Bear did on me and the network because the knowledge of fraud doesn't mean that you are to blame when fraud happens. If that was the case, then we'd all be guilty for what Madoff did. We all know how a Ponzi scheme works. So if what your saying is right then we should've known that Madoff was going to bilk his investors. What you're saying is absolutely false."
"You knew what the banks were doing. Your whole network knew." Pause! Umm, excuse me, No we did not know what they were doing. Why does Cramer let him pin all that crap on him and the network.
"These guys were on a Sherman's march through their companies, financed by our 401ks, for short-term profit. They burned the house down with our money and walked away rich as hell. And you guys knew that that was going on." (Claps and applause)
Rich who? Rich where? Those guys are broke. People talk about the fatcats on Wall Street. There are no fatcats anymore. And, no, we didn't know it. There was no "it" to know. No one thought the house was going to burn down. What are you trying to say? That the evil CEOs purposely destroyed the economy, knowing full well all its implications? Are you insane?
Jim Cramer is a financial genius and he has dispensed a lot of knowledge about markets on his show. He is not about Wall Street, instead he defends the common man every night. He blasts CEOs that overstep their bounds all the time. Too bad he didn't show any of that last night.
Want more? Here's a great post from Businessweek. Jon Stewart Thrashes Cramer
Posted by p at 4:56 PM