Foo - Cramer faces the Music

On the J. Stewart Show on Comedy Central. Very classy move by Cramer. I love watching Stewart. I love watching Cramer. You have to admire the transparency and straightforwardness of Cramer going on Stewart's show after JS hammered Cramer so bad.

Cramer's not perfect. He's made some big gaffes. But I do believe he is sincere, and I do think he does try. He's quite entertaining and informative, and I have learned a few things about investing watching his show. Like every other successful stock picker, he's only right 2/3 of the time. That means 1/3 of the time he's wrong, and when it comes to stocks when you're wrong, you do tend to crash and burn rather spectacularly. At least Cramer tends to admit it. Most of the time anyway. That's more than I'd ever do.

Cramer's not perfect. He's made some big gaffes. But I do believe he is sincere, and I do think he does try. He's quite entertaining and informative, and I have learned a few things about investing watching his show. Like every other successful stock picker, he's only right 2/3 of the time. That means 1/3 of the time he's wrong, and when it comes to stocks when you're wrong, you do tend to crash and burn rather spectacularly. At least Cramer tends to admit it. Most of the time anyway. That's more than I'd ever do.You're right about entertaining; for a little while at least. But he's wrong way more than 1/3rd of the time. The market doesn't care if you're "right" or "wrong" and the only thing that counts is whether you're making money or not. It actually has more in common with Vegas strategies than any kind of banking. Here's more info on Cramer:

http://club.ino.com/trading/jim-cramer-mad-money-boolyaa-a-monkey-and-nascar/
http://www.prleap.com/pr/33859/
http://www.discursivemonologue.com/2007/04/10/jim-cramer-watch-tv-get-poor-orig-04-january-2007/
http://media.www.signal-online.net/media/storage/paper771/news/2007/02/28/Features/mad-Moneys.Cramer.Is.Bananas.Falls.To.Monkey-2745774.shtml

The surest way to make money is to do the opposite of what Cramer recommends. :)

That was one of the more thoughtful conversations regarding the role of financial news TV that you'll see on television. It's almost funny that you have to tune into Comedy Central to see such a frank discussion, but that's the pathetic (and ironic) truth.

I always thought that Jim Cramer was a bit of a fanatic, but given that this was his selling point, that doesn't say much. I thought that his ranting and raving got annoying fast, and made me even less inclined to learn about "the market."

surprised this is not in P&R so I'll be the tipping point by saying this was timed well to coincide with Maher vs. Coulter (http://leisureblogs.chicagotribune.com/the_theater_loop/2009/03/coulter-maher-at-chicago-theatre-politics-as-entertainment.html)

I loved Jon Stewart getting the Viacom posse to strike back at Cramer's NBC family.

I'm like the youngest person here at work so everybody's kids are in college if they're even still at home, so I haven't been able to talk about the wonder of Dora the Explorer and Boots kicking some CNBC ass:

http://www.thedailyshow.com/video/index.jhtml?videoId=220510&title=basic-cable-personality-clash&byDate=true

(Dora's at the 7 min mark)

He's done more to damage himself than anyone else can do.

http://alexobrien.net/Seinfeld/kramer057.jpg

i just watched that interview about 10 minutes ago on MSNBC...website.

He's done more to damage himself than anyone else can do.

http://alexobrien.net/Seinfeld/kramer057.jpg

Speaking of damage... :roflmao2:

Two points:

1. Listening to anybody's predictions about the stock market or even a company's prospects is foolish. I wouldn't even listen to Warren Buffett's predictions. Predictions are just that: predictions. Cramer predicted stuff that was dead wrong. So did millions of other brokers, commentators, investors, etc. BFD. See also: Greater Fool Theory.

2. Jon Stewart is a comedian. Cramer is a commentator. Since when does a commentator have to answer to a comedian?

Since when does a commentator have to answer to a comedian?

I don't think the distinctions are as clear cut (or meaningful) as you are making them. Is Rush Limbaugh a commentator or a comedian?

Two points:

1. Listening to anybody's predictions about the stock market or even a company's prospects is foolish. I wouldn't even listen to Warren Buffett's predictions. Predictions are just that: predictions. Cramer predicted stuff that was dead wrong. So did millions of other brokers, commentators, investors, etc. BFD. See also: Greater Fool Theory.

2. Jon Stewart is a comedian. Cramer is a commentator. Since when does a commentator have to answer to a comedian?

I think Stewart's as much a commentator as Cramer, and Cramer's as much salesman as commentator. Bottom line, they're both entertainers out to gain eyeballs and Stewart pwned Cramer this round.

Since when does a commentator have to answer to a comedian?

Peer review, it's the standard.

I don't think the distinctions are as clear cut (or meaningful) as you are making them. Is Rush Limbaugh a commentator or a comedian?

Neither, Rush is a bloviator.

Neither, Rush is a bloviator.

Yeah, he does blow. :D

Yeah, he does blow. :D

Bet he spends too much for it too.

I think Stewart's as much a commentator as Cramer, and Cramer's as much salesman as commentator. Bottom line, they're both entertainers out to gain eyeballs and Stewart pwned Cramer this round.

I think this is right. Stewart said himself in the course of the interview that he and Cramer are both snake-oil salesmen. The difference is that Stewart outright admits as much (i.e. that The Daily Show is "fake news").

I think Cramer wasn't ready for this, at all. He thought he was going to come on and say that the market meltdown was a once-in-a-lifetime occurrence that no one could have seen coming and then they'd have a few laughs and it would all be over. Instead, he walked into a buzzsaw.

Bet he spends too much for it too.

Yeah, he does blow, but he really BLOWS too. ;)

"Snake oil salesmen" or not, anybody who goes out and acts on something they heard the likes of cramer say (or scream) on TV is a monumental dolt.

JS pretending that cramer has any power to change the market is cynical grandstanding. JS is probably just upset and acting out because he knows that the colbert is infinitely funnier than he is.

JS is taking cramer to task for his predictions being wrong? What's next for JS? Rooting out every commentator who has made an incorrect prediction? Wow. I'll make popcorn and stuff.

"Snake oil salesmen" or not, anybody who goes out and acts on something they heard the likes of cramer say (or scream) on TV is a monumental dolt.

JS pretending that cramer has any power to change the market is cynical grandstanding. JS is probably just upset and acting out because he knows that the colbert is infinitely funnier than he is.

JS is taking cramer to task for his predictions being wrong? What's next for JS? Rooting out every commentator who has made an incorrect prediction? Wow. I'll make popcorn and stuff.

JS was going after CNBC, Cramer was merely the poster child.

JS pretending that cramer has any power to change the market is cynical grandstanding.

So the entire reason this guy is part of a financial news network is what again? people pay to advertise on his programs for charity?

i actually like cramer. and i think he did the right thing by admitting mistakes and was an overall good sport for going on the show. he had to save face, both for himself and for cnbc. i'll never follow his stock advise, but i'd have a beer with him. ;)

however, i think steward is pretty much spot on with regards to CNBC. it's a nonsense network and they don't give a damn what information goes out... as long as it keeps people watching. most of it is just self promotion for their guests and cnbc is a willing platform.

So the entire reason this guy is part of a financial news network is what again? people pay to advertise on his programs for charity?

He's there to get people to watch advertisements, the thought being that those people might just go buy the advertised products. (Just like every other bozo on commercial TV: advertiser supported.)

Please, don't tell me you went out and bought stocks because somebody on TV told you it was a good idea.

He's there to get people to watch advertisements, the thought being that those people might just go buy the advertised products. (Just like every other bozo on commercial TV: advertiser supported.)

Exactly and the advertisers wouldnt be dishing the cash if it didnt work.

Please, don't tell me you went out and bought stocks because somebody on TV told you it was a good idea.

Rest assured I am not one of those people who tried to do something he said or endorsed. I have not even watched more than 5 minutes of msnbc in one stretch to be honest with you. I am a skeptical investor and I dont pick stocks much.

Exactly and the advertisers wouldnt be dishing the cash if it didnt work.


Rest assured I am not one of those people who tried to do something he said or endorsed. I have not even watched more than 5 minutes of msnbc in one stretch to be honest with you. I am a skeptical investor and I dont pick stocks much.

Whew. I thought I was going to have to give you my ShamWow pitch. :D

Dennis Miller is by far funnier than JS. JS appeals to those who are misinformed about public events and wish to stay that way. In my area DM runs against Limbaugh, so I almost never listen to Limbaugh.

But neither holds a candle to Al Franken. Franken is the funniest MF ever born.

Franken and Miller are both lame...almost as lame a Limbaugh, Beck, Cunningham and the rest of the right wing hit parade. JS is funny and doesn't need to be a partisan hack to do it.

Jon Stewart is one of the only things I miss about TV. I loved it when, like in this case, he got pissed off enough to be dead serious, leaving his guest sputtering and wondering where the jokes went.


It's almost funny that you have to tune into Comedy Central to see such a frank discussion, but that's the pathetic (and ironic) truth.Agreed.

JS pretending that cramer has any power to change the market is cynical grandstanding. JS is probably just upset and acting out because he knows that the colbert is infinitely funnier than he is.


You should watch the entire video that Stewart showed outtakes from during the interview. It's not Stewart saying Cramer has the power to change the market; it's Cramer. Or, at least, he certainly explains how he manipulated the market as a hedge-fund manager. He also recommends to other managers that they do the same. The extraordinary part is that he says they should be prepared to do this, not just to raise the prospects for their own funds--which is bad enough--but to prevent the market from getting too good and thus ruining the hedge fund's business. Yes, in other words, he's talking about ****ing over his own investors to whom he owes a fiduciary duty under law.

Seeing the whole of that interview (not the Stewart interview, but the outtakes one) convinces me that Cramer is, indeed, not very smart. If I were a sharp-eyed prosecutor, this would be sufficient to launch an investigation into the guy's activities, assuming limitations hasn't run.

Here's a link to the interview: http://www.huffingtonpost.com/2009/03/11/jim-cramer-shorting-stock_n_173824.html (see bottom of the page)