I’m sure everyone’s been following this story all week now, but if you haven’t, there’s been a spat between the aforementioned Jon Stewart and CNBC’s correspondent Jim Cramer. The spat in question came about earlier in the week when Jon Stewart took a shot at Jim Cramer, pointing out all the times Jim Cramer had been wrong over the last two years leading up to our current economic meltdown despite the fact he leads a financial show known as Mad Money. Jim Cramer took umbrage with Jon Stewart’s assertions (read: truth) and fired back. The news picked up the feud, and about a week later Jim Cramer appeared opposite Jon Stewart in the belly of the beast: Jon Stewart’s own show: The Daily Show.
To me this all seems a ploy on Jim Cramer’s part to get a bit more recognition. Everyone knows Jon Stewart’s name and the Daily Show (at least the drunks I hang around with do), but who’s heard of Jim Cramer other than people with enough money on their hands that they care about things like “the market” and the like. You know, people rich enough to feel entitled.
But I think Jim Cramer’s playing with fire going head to head with Jon Stewart. I assume everyone remembers when Jon Stewart was on CNN’s Crossfire. You don’t? Well, he went on and basically made the hosts look like slobbering idiots. Then shortly afterwards the show was canceled. So let that be a warning to you, Jim Cramer: If you mess with the bull, you’re going to get the horns.
If that last statement seemed like it was a pun on economic terms, let me assure you it was intentional… I just don’t know what it means exactly. And below you’ll find not only the three part Jim Cramer/ Jon Stewart discussion on last night’s Daily Show, but the whole Crossfire clip I alluded to earlier.
PT 2
PT 3
Crossfire
Want to hear more of my (probably) drunken ramblings? Check it out here at gossip.gather.com!
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Comments: 6
Jon Stewart could not have said it better, IMO. He hit all the points concerning the sleeze balls in the industry that make all us ethical people in the investment industry look bad. I loved when he referenced friends of his who work on Wall St. but do NOT participate in that kind of crap, yet their reps and their clients suffer from it. Shortselling should be closely regulated and watched. Futures trading should be closely regulated and watched. These guys know exactly what they are doing when they dump large sums on the market in a particular stock or sector. They are playing a game and Stewart was right in saying that its the small investors in their retirement accounts that end up paying for these slimy games.
And he was right on the money when it came to the sub-prime issue. It's not the individual who was sold these mortgages that brought the global economy down. It was the greedy thieves on Wall St. in the large investment banks that demanded more and more of these so they could slice and dice them into investment instruments and sell them all over the world - and into your pension and 401k plans. That's what is making it so hard to fix - people could refinance, if they could only locate their mortgage and determine its value. Since these geniuses manipulated and sold and re-sold them, it is virtually impossible to do. AND these guys made billions doing it - which they still have.
I think they should all be indicted, made to give back every penny that they essentially stole with their criminal scheme, and put in jail for life.
If you want the REAL story about the downfall of the economy, just read this:
http://nymag.com/news/business/51402/
The irony is that these guys are now working for the government, trying to sort out the mess they created. But, they still own their private jets. Don't worry.