Holy $h1T did anyone watch the daily show lastnight???

BanningZ · 03-13-2009, 10:43 AM

Wow Jon Stewart ripped Jim Cramer a new one. The interview was intelligent, insightful and brutal to watch, I recommend anyone interested in our economy and the current market situation to watch this. Just wow!
BOO YAH!!!

Watch the full 3 part episode here >>>> Maintenance on www.thedailyshow.com

Quote:

Jim Cramer takes his lumps on 'The Daily Show'

NEW YORK — There were laughs, but in the larger sense there was nothing funny about CNBC stock picker Jim Cramer's widely anticipated appearance on Comedy Central's The Daily Show with Jon Stewart Thursday night.

In response to aggressive questioning by Stewart, Cramer said that he was "chastised" and wished that the financial news network had done more to expose Wall Street corruption.

Stewart repeatedly blasted the channel for cheerleading Wall Street in the run-up to the worst economic downturn since the Great Depression. He questioned whether it was "selling snake oil as vitamin tonic" in a way that was "disingenuous at best and criminal at worse."

"Absolutely, we could do better," Cramer said. "There are shenanigans, and we should call them out. Everyone should. I should do a better job at it. I'm trying."

The interview capped a week-long series of comic jabs at CNBC, with Stewart zeroing in on Cramer's call for investors to buy and hold Bear Stearns stock in the weeks before it collapsed. Cramer, at the time, said that he had been taken out of context, and dismissed Stewart as a mere comedian who "runs a variety show."

Stewart was one of many people who challenged CNBC following a fiery Feb. 19 attack on President Obama's stimulus package by On-Air Editor Rick Santelli. White House press secretary Robert Gibbs chided Santelli, who referred to people who can't pay their mortgages as "losers."

"I think it was bad, what he said," Cramer told Stewart. "It's a terrible thing to be foreclosed on. They're not losers. They're fighters."

Stewart said that he was troubled by "the gap between what CNBC advertises itself as and what it is."

Cramer said that he tries "to make as many good (stock) calls as I can."

But Stewart confronted Cramer with clips from a 2006 interview where Cramer said that, as a hedge fund manager, he manipulated futures trades and encouraged that "because it's legal, and it's a very quick way to make money, and very satisfying."

Stewart concluded by urging CNBC to cut its ad slogan "In Cramer We Trust" and "get back to fundamentals on the reporting, and I can go back to making fart noises and funny faces."

"I think we make that deal right here," Cramer said.

Jim Cramer takes his lumps on 'The Daily Show' - USATODAY.com

frost · 03-13-2009, 11:49 AM

Started slow, but damn, Cramer ended up taking a lot of hits as it went on. I do believe Cramer was held accountable for the actions of CNBC as a whole, which I'm not sure was fair or not. But he was responsible for many of the things discussed.

SoCal 370Z · 03-13-2009, 11:51 AM

Cramer has to take his lumps if he is to keep his show's audience, and his show. He, and his buddies have successfully manipulated the markets formerly, and now people are pissed-off. Cramer's background and education make him no dummy—quite the opposite.

frost · 03-13-2009, 11:54 AM

^ He is quite smart on the market, but he also runs a goofball, shtick show; and I can't think one of person who actually takes it too seriously. If the answer to the question "where do you get your financial advice" is "I get it from the guy who who screams all the time and has all the buzzers and sound effects" ... you should maybe reconsider your strategy.

BanningZ · 03-13-2009, 11:58 AM

I hate to admit this but I watch 'Mad Money' and I still will. I take everything with a grain of salt.

SoCal 370Z · 03-13-2009, 12:01 PM

Quote:

Originally Posted by frost

^ He is quite smart on the market, but he also runs a goofball, shtick show; and I can't think one of person who actually takes it too seriously. If the answer to the question "where do you get your financial advice" is "I get it from the guy who who screams all the time and has all the buzzers and sound effects" ... you should maybe reconsider your strategy.

To make money on the market you must to be connected on the inside, period; if not, you are at the mercy of others. It has to be the biggest oxymoron in the financial world throughout history as there has been no regulation that can successfully break this system based on ethics. Unfortunately, that game has ended, as the average investor would rather put their money under their mattress. Cramer has admitted to manipulating the market to his advantage, but to do so requires about $10M plus.

BanningZ · 03-13-2009, 12:04 PM

I don't mind admitting it....this is hard....I've lost $35K+ of my own money and I'm pretty on top of things with the markets. This is not a 401K either this is other personal investment. Just gotta sit on it I suppose.

If I would have cashed out a year ago as of March 16th 2008 I could have had a fully paid off 09' Z, purchased the same amount of stock and been in exactly the same position I am today but have a paid off shiny car in my garage. Oh well. C'est la vie.

frost · 03-13-2009, 02:48 PM

Quote:

Originally Posted by SoCal 370Z

To make money on the market you must to be connected on the inside, period; if not, you are at the mercy of others. It has to be the biggest oxymoron in the financial world throughout history as there has been no regulation that can successfully break this system based on ethics. Unfortunately, that game has ended, as the average investor would rather put their money under their mattress. Cramer has admitted to manipulating the market to his advantage, but to do so requires about $10M plus.

No one should be listening to financial advice from people on TV, whether it be Cramer or not. Cramer makes millions, and it's not off his TV show. Cramer doesn't have our best interests at heart, he has his own. And if he buys some low stock, then touts is as being great on his show, profits go up by 10%+ and he makes money. Are stocks competing with his stocks? A bad word from him drops the competition.

frost · 03-13-2009, 02:49 PM

Quote:

Originally Posted by BanningZ

I don't mind admitting it....this is hard....I've lost $35K+ of my own money and I'm pretty on top of things with the markets. This is not a 401K either this is other personal investment. Just gotta sit on it I suppose.

If I would have cashed out a year ago as of March 16th 2008 I could have had a fully paid off 09' Z, purchased the same amount of stock and been in exactly the same position I am today but have a paid off shiny car in my garage. Oh well. C'est la vie.

In a word, ouch! I've lost a few grand, but nothing like you!

03-13-2009, 11:51 AM	#3 (permalink)
SoCal 370Z A True Z Fanatic Join Date: Feb 2009 Location: US of A Posts: 2,842 Drives: Answers Rep Power: 33	Cramer has to take his lumps if he is to keep his show's audience, and his show. He, and his buddies have successfully manipulated the markets formerly, and now people are pissed-off. Cramer's background and education make him no dummy—quite the opposite. __________________ ( Click to show/hide ) Why I NEVER say NO to the Panda Lou Fusz!!!

03-13-2009, 11:58 AM	#5 (permalink)
BanningZ A True Z Fanatic Join Date: Nov 2008 Location: nowhere Posts: 5,478 Drives: 06' Nismo Frontier Rep Power: 28	I hate to admit this but I watch 'Mad Money' and I still will. I take everything with a grain of salt. __________________ Become a Premium Member: Click HERE MB 06' Nismo VQ40DE

03-13-2009, 12:04 PM	#7 (permalink)
BanningZ A True Z Fanatic Join Date: Nov 2008 Location: nowhere Posts: 5,478 Drives: 06' Nismo Frontier Rep Power: 28	I don't mind admitting it....this is hard....I've lost $35K+ of my own money and I'm pretty on top of things with the markets. This is not a 401K either this is other personal investment. Just gotta sit on it I suppose. If I would have cashed out a year ago as of March 16th 2008 I could have had a fully paid off 09' Z, purchased the same amount of stock and been in exactly the same position I am today but have a paid off shiny car in my garage. Oh well. C'est la vie. __________________ Become a Premium Member: Click HERE MB 06' Nismo VQ40DE Last edited by BanningZ; 03-13-2009 at 12:43 PM.

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03-13-2009, 11:49 AM	#2 (permalink)
frost Retired admin Join Date: Dec 2008 Location: Winterfell Posts: 106,613 Drives: Your Wife Crazy Rep Power: 0	Started slow, but damn, Cramer ended up taking a lot of hits as it went on. I do believe Cramer was held accountable for the actions of CNBC as a whole, which I'm not sure was fair or not. But he was responsible for many of the things discussed.

03-13-2009, 11:54 AM	#4 (permalink)
frost Retired admin Join Date: Dec 2008 Location: Winterfell Posts: 106,613 Drives: Your Wife Crazy Rep Power: 0	^ He is quite smart on the market, but he also runs a goofball, shtick show; and I can't think one of person who actually takes it too seriously. If the answer to the question "where do you get your financial advice" is "I get it from the guy who who screams all the time and has all the buzzers and sound effects" ... you should maybe reconsider your strategy.