Cramer and Stewart
If you want to watch Jim Cramer self-destruct on live TV, watch here. Stewart is the truth squad this country needs. That the rest of the MSM ignores this story, that we have been trying to expose for a long time, is the real crime. CNBC is an "inside job" wink, wink network. I'm glad Stewart and (inadvertently) Cramer made that clear. But the chance that CNBC is going to change their reporting and commentary style on Monday because John Stewart has proved the emperor has no clothes, is close to zero.
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Welcome to the Reader Posts Bandwagon:
# Jon Stewart is my hero -- and he should be yours, too
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# Jim Cramer on Jon Stewart: Holy Cow!
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# Cramer Gets Creamed: The Liveblog (w/ video)
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20 comments, 13 recommends
# When did insanity become a virtue ? (Random thoughts about Jim Cramer)
by Obey
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# Stewart's Triumph: What it says About "Journalism" and Government
by oleeb
1 comment, 2 recommends
March 13, 2009 8:34 PM | Reply | Permalink
Don't forget Josh on the main page, who makes a pretty good point about CNBC not reporting to NBC's news division (as MSNBC does) and therefore being free to set its own "journalistic" standards.
And there were other early-bird posters than the ones you list. The number who thought the show worth blogging about suggests that yes, it is that important an event.
March 13, 2009 9:27 PM | Reply | Permalink
Yeah, I missed several other Reader Posts, just grabbed some obvious ones as links to further thoughts, since this is an official Cafe thread...
March 13, 2009 9:52 PM | Reply | Permalink
"That the rest of the MSM ignores this story, ..."
You nailed it there. That IS the story. When Brian Williams lead with the Santelli ran as if that was NEWS, now that was the story. Stewart hasn't made a fool out of Cramer, he's made a fool out of Brian Williams and the rest of the supposedly serious network anchors.
Why don't we let Stewart host MTP and Gregory can do comedy.
March 13, 2009 9:11 PM | Reply | Permalink
Finance is about numbers and credibility. The analyst must read and understand a lot of numerical data. Then the analyst decides what he/she believes and whom he/she believes. This is serious work. A cool head and numerical ability are essential especially in credit markets.
Irrationality barges in when people, traders, run in packs or herds. The behavior of a herd is unlike that of any individual. The smartest number-cruncher will be wrong if the herd stampedes to the exit while he/she fights it.
Financial news could provide coolheaded analysis but the audience would tune it out. Theorems and equations are for the very few.
Financial news therefore appeals to the herd or pack. What's up - what's down - red faces - loud voices - splashy graphics - big names - big deals.
Cramer decided to become a TV clown like Trump. They bluster, they crack wise, they have opinions about everything, they offer little quantitative. Entertaining, some think.
March 13, 2009 9:19 PM | Reply | Permalink
Jon should get an Emmy. Alan Grayson should get the Medal Of Freedom. Found this at Huff Po.
Regulator: Before Banks Collapsed, They Pleaded With Feds To Let Them Fudge Their Books
http://www.huffingtonpost.com/2009/03/13/regulator-before-banks-co_n_174850.html
March 13, 2009 10:11 PM | Reply | Permalink
Capitalism is about the efficiency of markets.
Both sides, buyers and sellers, acting in "self" interest --- and out of this tension "emerges" the real benefits...a moderation of both sides and a sustainable growth.
But that occurs in the long run....so government moderates this and makes adjustments to preserve the tension and balance for the actual living beings going through this in real time.
That's the theory (to some extent) as I see it.
But in practice we see the same old battle. The steady concentration of wealth and power into the hands of a few who use war to protect their self-interest, cast as National interest.
Perhaps it is time to maximize our Self-interest instead of our self-interest.
March 14, 2009 7:13 AM | Reply | Permalink
For many, many years I have kept CNBC on as a companion in my office. In the last few weeks, I've switched to Bloomberg for much of the day because they give you the business news as well as having guests etc. and I am never aware of any reporter's personal political beliefs. As Jack Webb (Dragnet) would sya, "Just the facts, Maam." On CNBC all you get is a continuous right-wing, conservative diatribe from so many of them - Caruso-Cabrera, Melissa Francis, of course Kudlow, recently Cramer and his anti-Obama agenda, and from Erin Burnett, a kind of childish, "salacious" patter, chattering on about "Hogan's bottom". She's very bright, but behaves like a child, and then, they put her on "Meet the Press" and Chris Matthews. For guests, they bring on a conservative has-been like Dick Armey and their favorite spokesman, Senator "let 'em fail" Shelby, with his Alabama drawl.
The place is a mess and Jeff Immelt, CEO of GE should be fired for not defending the stock and permitting this negative entertainment. In all fairness, David Faber is quite good and honest as well. On Bloomberg I have rediscovered Kathleen Hays, who is extremely knowledgable without a political agenda.
March 14, 2009 5:21 PM | Reply | Permalink
You're right, Jonathan. CNBC will count on having a a different, rabid audience that will support it no matter what. It's like destroying Rush Limbaugh in an interview. His followers won't really care, they'll dismiss it.
March 14, 2009 5:54 PM | Reply | Permalink
If the stock market is a giant casino (it is)then Cramer is the guy that sells "the winning system" book. Anyone, got a winning system to recommend. Don't they call it, "play the market?"
CNBC is the marketing arm of the giant casino. They pitch the snake oil.
Stewart has hurt them all big time. Not only has CNBC ratings gone down 11% but how many in Stewart's broad audience will be "playing the market" anytime soon.
Personally I'd put a warning label on CNBC programs like a on a pack of butts or medicine, "Following the advise of this program could cause financial ruin, death, or both."
March 14, 2009 6:25 PM | Reply | Permalink
Oh brother. I guess it inescapable that this crew, truly is too dim to handle money. Put the cash down and back away from it slowly.
I had avoided watching the three outtakes so far, but they became something to listen to, during a chore. I've seen this before.... This is just "they lied about the intelligence" part 2.
The theme is familiar.
We were lied into real estate,
we were manipulated into the stock market.
The powers that be, ahem, the reporters surrounding the powers that be, should have taken us by the hand and lead us away from ever lurking danger and into Sunnybrook Farm. Indeed, the pundits should have saved us from ourselves.
Ah, the joys of twenty-twenty hindsight. If makes every man a noble pillar of infallibility. Heh.
Should we make everyone that opens a brokerage account take a test? How do we find out if someone is smart enough to buy real estate? Obviously the average investor is too stupid to be allowed to make his own decisions.
But Lord knows there have been people talking about the real estate bubble for years. Alarm bells have been going off. Hell, even Cramer says it's not "buy and hold," it's "buy and homework."
Look people, this is what happens when you expect someone else to take of you. If you don't to put the effort into understanding investments, don't make them. Duh. Come to think of it, doesn't CNBC disclaim Cramer as not representative?
Now, when is Stewart going to haul in Robert Rubin for deigning not to regulate derivatives? How about Maxine Waters to explain why she helped block efforts to reform Fannie and Freddie? You know the actual people that caused this mess, not just the ones who report on it.
Sorry I forgot. IOKIYAD
March 14, 2009 8:27 PM | Reply | Permalink
If you don't to put the effort into understanding investments, don't make them. (sic)
The point is, the people being paid to understand and make investments violated their trust to their clients and shareholders.
In addition, I'm less interested in what Clinton's officials did in their time, than what Bush - with six years in office where his party had majorities in both houses of Congress, and an active contempt for regulation of any kind - did in his.
March 14, 2009 10:33 PM | Reply | Permalink
Second, our problem is no longer mortgages, as much as it is derivatives. The vehicle which remained unregulated thanks to Rubin.
Lastly, the attempt to reform Fannie and Freddie WAS done in '94 and blocked by Democrats. In short Bush tried to regulate and was denied.
I have to say I'm fascinated to see a public demonstration of a partisan civil servant more interested in noting a grammatical faux pas than understanding the material discussed. Tsk.
March 15, 2009 8:36 AM | Reply | Permalink
You emphasize Rubin, while not mentioning Phil Gramm. Tsk.
You imply Democratic complicity in deregulation while ignoring Clinton's crippled status and the opposition Congress, in control of GOP. Tsk.
The GOP was in charge of the Treasury until 2009, and Congress until 2007, (excepting the two-year Senate interregnum, with a nearly even split, cowed by national-security browbeating). Back away slowly.
March 15, 2009 12:59 PM | Reply | Permalink
Also, don't forget the infamous Republican plan to 'save' Social Security, by having everybody give their money to Wall Street. That was a peach!
Hey, Shooter, why don't you make us laugh for a change, and give us some of your hot hot hot penny stock tips?
March 15, 2009 10:50 PM | Reply | Permalink
Not a chance, Dave. If you screw it up and lose money, you'll blame me and institute a suit. Like Cramer says, "it isn't buy and hold, it's buy and homework."
March 16, 2009 9:36 AM | Reply | Permalink
wow. you completely missed the point of the whole exchange. but then i suppose that's inescapable. you just can't pass up an opprotunity to blame the victims regardless of whether it has anything to do with the conversation.
it isn't about smart investing or 20/20 hindsight or let the buyer beware or assuming risks.
it's about the market being a rigged game. and that no amount of homework can prevent you from getting assraped by the crooks and creeps that dicks like cramer call friends and encourage you to drop your pants for.
investors don't mind taking losses congruent with the risks. but they do mind being cheated in a game that has a different set of rules and even a different playing field that they can't protect themselves from, let alone profit from.
but... nothing to see here. pay no attention to the shenanigans and goings-on behind the curtain. this is obviously jsut a case of sore loserism...
March 16, 2009 1:52 PM | Reply | Permalink
I always considered CNBC something those in the WS biz watched for entertainment. Surely no one would take their so-called news seriously. The nerve that Stewart hit was one running through us all and if CNBC was the whipping post, so be it.
As a capitalist society, we trusted that while our participation in the nation's business may hold a certain amount of risk, we thought it was relatively stable and monitored by something. We were wrong -- and that is what Stewart nailed. We, through our investments of IRAs and hard-earned money, naively financed the WS Games. The fact that our trust was distorted and criminally manipulated is why we are outraged. How ironic that a comedian had to be the one to articulate the issue.
I would like Mr. Stewart to moderate "Meet the Press" or some other (once) respected news program. He has proven a much better interviewer and commentator than most we rely on.
March 15, 2009 1:23 PM | Reply | Permalink