i’m pissed at Jon Stewart, president Obama, and you, the public.
first, Jim Cramer and Jon Stewart. some background. Cramer hosts a hugely popular CNBC (business news) show on stock market investing called Mad Money. he has a frenetic, ranting style of speaking (yelling, really) that he employs all the time. he rails against companies he hates and fawns over companies he loves and he does it all the time, everyday, at maximum volume. he’s a former trader at Wall Street’s Olympus of the hour, Goldman Sachs, and is currently some kind of non-profit fund manager or something like that. basically, he’s been around and knows what’s up.
his show is pretty well known not only for the stock market expertise that he offers, but also because he does it with such animated style. the dude’s a total nutcase. he brought entertainment to what was once the wasteland of numbers and cold, quantitative evaluation, and using that entertainment value he brought stock market investment culture to the masses. sometimes he gets his shit right, sometimes wrong. who the hell knows what his success rate is. but if you ever watch his show, you’ll know that he is a constant proponent of everyone doing their due diligence before investing in a stock. “do your homework” is a common mantra of his.
and i’ll just assume you already know Jon Stewart and The Daily Show, a show i watch pretty frequently and appreciate for it’s usually insightul and funny take on some element of bullshit in the news.
i don’t know how this started but Jon Stewart and Jim Cramer started having a back-and-forth and it culminated with Jim Cramer’s Daily Show interview. stewart played many clips of cramer cheerleading the market and certain stocks right up to the major bust that started this fall. back then, i’m sure it looked like just another day at the office for cramer, but now with the benefit of hindsight cramer looks like a prime jackass. i think he was telling people to buy Bear Stearns stock just a few days before Bear Stearns literally died.
now watch the daily show interview here. it’s kind of long, but interesting. watch.
so, here’s my big gripe. actually there are several and they are all based on Stewart’s criticisms of Jim Cramer, many and scattered as they are. seriously, he went in so many different directions here, but here is what i think were his main points:
1. Cramer’s loud and crazy style belies the seriousness and complexity of investing.
2. CNBC, Cramer and all financial journalists are either implicit or direct conspirators in the current market crash.
in response:
1. no one ever said Cramer was a reporter or a journalist or was ever bound to hunt down the evil-doers to uncover the hidden truths about investing. he delivers commentary in an entertaining way, and it’s up to the individual to listen to what he says. he’s not Tom Brokaw or some shit, purporting to deliver the objective and honest news. he’s an insider who feels he has an expertise that many people want to hear and he sells that shit, and people buy it. News and Commentary, two completely different animals here. AND he never tells people to jump into any investment with both feet without a net. he’s always telling investors to look shit up, do their homework, diversify and to dollar cost average into stock positions. that’s what comes out of his mouth everyday. to mistake his on screen yelling and cow throwing as wild investment coaching, is not only unfair but completely ignorant.
2. using the old video of Cramer explaining how to use the media to manipulate the market, to me, is a disgusting example of sensationalism and intellectual dishonesty on jon stewart’s part. stewart is full of shit. somehow this video, however distasteful, is supposed to implicate Cramer in the world economy going south? the video shows that there are market tricks that insiders use to drive a stock price down. i’m not an insider but i’m willing to accept that these tricks exist and are used all the time by many people in charge, so i’m sure financial journalists know about these practices too. but stewart’s accusation implies that these market manipulations are reserved solely for wall street insiders to their exclusive benefit, and can have permanent effects on a stock price. i’m not sure either assumption makes much sense to me.
my 401K contributions go into a giant fund managed by a wall street insider who might have equal access to the same tricks that people like Cramer know about. and if my fund manager decided to go all shady and lie to the press to drive a stock price down before a market-moving event — in Cramer’s case Macworld –, how long would it take the market to figure out that the manipulation was incorrect and then correct itself? probably about thirty seconds after Macworld ends. there’s nothing permanent nor exclusive about it.
and that one instance of exploiting the media for a short position gain really doesn’t have any bearing whatsoever on the current crisis from what i can tell. how did that somehow create our current problem today? i don’t know. but i think stewart is counting on a little bit of that icky feeling from watching the video to seep over into blame at Cramer. a pretty nasty trick, if you ask me.
“you knew what the banks were doing yet you were touting it for months” say whaaaa? if news reporters and Cramer knew what the banks were doing and knew it was such a terrible thing, how come they’re not floating away on several hundred billion dollars made from short-selling Citigroup? no one knew, you hindsight-genius motherfucker! now get off your populist high horse and stop villifying the wrong fucking people.
and debate coherently, you damn grand-stander! i swear, he’s the worst interviewer ever. he almost never fails to railroad his guest with some loudness and obnoxiousness.
speaking of villifying the wrong fucking people… AIG. everyone please STFU about the $165M bonuses. the bonuses were passed by Congress and is bound by contract in this country that i still like to believe is ruled by the law. you might not think the bonuses paid to employees of a publicly owned company are fair or right, but the people you indirectly put in charge of that company thought it was the right thing to do. so much so that they signed a lawful contract and Congress even went the extra step to protect those contracts with a LAW.
what happens to the rule of law when the United States Federal Government’s word fails itself? in this instance it might fail twice. once for not upholding a lawful contract and twice for going back on the spirit of the law it itself legislated and signed into law. this debate is almost as absurd as the Catholic church selling tickets to heaven for money, aka Indulgences.
i think the world is hung up on the semantics of it all. “BONUS” as opposed to something more fitting these payments like “DEFERRED SALARY”. the world thinks AIG is rewarding itself for a job well done, when it’s really something more like “Here’s your payment for the last twelve months of not getting paid.”
“BAILED OUT” do you really want to waste the entire AIG bailout package by limiting their employee retention tools, thereby guaranteeing an AIG implosion. how about this one? “APOCALYPSE” starring The Four Horsemen?
i thought this was an interest Op-Ed piece. it’s a letter written to the AIG chief from an AIG VP who is quitting, because he thinks this is all a bunch of shit. personally, i can’t not agree with this guy.
seriously. are we a nation of laws or are we a nation of pitchfork crybabies? Obama is the biggest dissappointment here. he was one of the first people to publically form the “Hang AIG” bandwagon. once he got on, it became an AIG-burning party. shame!






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