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After days of building (1, 2, 3), last night was the much-anticipated meeting between The Daily Show's Jon Stewart and CNBC's Jim Cramer. Cramer was well-behaved and contrite—granted, he was on Stewart's home turf—but Stewart did an excellent job of questioning Cramer's and CNBC's role as "financial experts" and wondering why CNBC can't do more investigative reporting, instead of cheerleading.
For instance, Stewart said, "It feels like we are capitalizing your adventure by our pensions … It is a game that you know is going on, but you go on television as a financial network and pretend it isn’t happening." Cramer did accuse CEOs who appeared on his show of lying. Here's the entire show (with an initial clip about Madoff) so you can judge for yourselves; after the jump are the uncensored videos of the interview, by clip.
Also after the jump, the "Moment of Zen," which was a clip of Cramer on Martha Stewart's program (she talks about Twitter).
Part 1:
Part 2:
Part 3:
Moment of Zen, with Martha Stewart:
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John Stewart was awesome, but it could have been funnier. Maybe there would have been more laughs if Jim Cramer tried to defend himself.
Cramer is nothing without his sound effect buttons. CNBC has to be the most worthless tv network ever created - Its not a news network, its a BullSh!t & Hype factory, like the rest of Wall Street. CNBC studios should be turned into a shelter for the people they made homeless in this financial crisis.
It was quite a beating for Jim Cramer, but kudos to him for going on the show knowing it would go down that way.
The "Financial News" industry aren't asking the right questions and they know it. Jon Stewart pointed out several issues that a lot of us have with CNBC and other media channels.
I thought it was a great interview. Jon Stewart uses humor to point out some of the more ridiculous things being "reported" on these finance shows.
Me, I hope Jim Cramer comes back on the show in better times.
I give Cramer some credit for going on The Daily Show. Was one of the weirder things I have seen in a long time, Cramer not standing up for himself at all and Stewart continuing to push the points. Kind of like watching a student getting lectured by a teacher. Kind of cathartic, but not particularly funny.
Yeah, it was a good show. Stewart was really going after Cramer for a while, but Stewart did have an easier position, speaking as a regular person who doesn't know the markets as well as the folks on CNBC are supposed to. Overall, I thought Cramer did fine, but it was more of a victory in showing how CNBC is ridiculous, especially the way they market Cramer.
Think they ditch "In Cramer we Trust" logo??
;)
CNBC is a fear-driven sensationalist reporting. I don't understand why anyone would give it any credibility, much less bother to watch.
As always, Jon asks the questions the other networks don't have the balls to.
Kudos.
I do wish Cramer defended himself and tried to explain the financial side of the situation more, and how things specifically need to change. He came across like he had no expertise in finance and he's just a broadcaster, which is certainly not the case. He just let Stewart have at him.
Cramer was in lose/lose situation: He had to defend his firms average-at-best financial reporting of companies (that are doing everything they can to make things look better than they are) while not claiming his show, Fast Money, Kudlow Report are, at the end of the day, entertainment. CNBC is generally about as informative as CNN -- 20% news and quality information, 80% fluff for the masses.
I like Jon Steward and I use to watch his show every night. Also, I don’t like Cramer as I think his show is a farce. That being said, Steward has annihilated me with his Obama cheerleading. Don’t get me wrong, I’m more of a liberal then not but it’s important to me to always consider both sides of an issue. In some respects, I find that the Daily Show has become the fox news to liberals; self serving one sided views.
As for last night, I again found that Stewart was self serving portraying himself as the people’s savior. He kept on referring to the average, middle America person as we...please, your salary is 8 digits and I’m sure your financial advisors are well plugged into the wall street crowd that your suddenly lambasting. It felt that it was more of display of Jons debating skills then anything...
That being said, I think he served a big blow to Cramer; it was not a good idea for him to go on the show...
Jon Steward annihilated you?
John Stewart was super smug and self righteous at the end. Like everything wrong with the economy was Jim Cramer's fault and he'd just sorted it out.
That's untrue. Jon Stewart made a point of saying that it's not just Cramer, but the entire scope and tone of the CNBC and its get rich quick themed shows. Cramer happens to be the most visible face (and, therefore, the most important voice) on the network.
I loathe Jim Cramer. I think he's a two-bit huckster and a borderline criminal.
In his defense, however, as a former securities analyst, I have had CEOs and CFOs answer my questions with bald-faced lies. Lies in answer to direct and clear questions upon which I trusted and wrote research reports that I signed my name to.
Obviously, once the truth came out those companies were completely dead to me and I issued immediate sell orders b/c in my mind the execs were criminals.
Unlike me, however, Cramer was not bush league and probably couldn't burn bridges to that extent. There's a symbiotic relationship between management and analysts.
All in all, though. Cramer sucks and deserves a good beating.
Great show last night (and the rest of the interview that did not air last night is on the Comedy Central website). I, too was surprised by Cramer's lack of defense. I also wonder if the SEC is going to go on him for his explicit comments that eluded to his market manipulation. We might have witnessed the end of Cramer on television. Further, I suspect that NY Magazine will not let him continue to write one or two articles a month.
It was one of the single best half hours of JOURNALISM I've seen in years. Stewart pulled no punches and was clearly not in the mood for BS, from Cramer or anybody else
Little Jon Liebowitz trying to be tough. I blame the people who are responsible for this, people who cant pay their mortgages. Here is a news flash, nothing goes up forever, not oil, not tech stocks, not housing. Nothing. You wanna treat housing like an investment? Fine. But guess what, when you get $400K at 2% down, and walk into a house for $8,000...at a low rate, thinking you can refinance when the ARM re-sets..well, you cant, b.c prices have come down. Why? Um..its called overbuilding ie Miami, Phoenix, Vegas. So after treating you house like a cash machine and taking out equity loans, b/c ya know, housing prices will go up forever, obviously, now you have a loan you cant pay. And guess what, you dont own the house, the bank does. So now you should be foreclosed on, b/c, you dont actually own anything. You know what happens when you dont make car payments? It gets repossesesd, just like your house that you cant pay.
Besides, who cares about stocks, its just like a tracking poll.
"I blame the people who are responsible for this, people who cant pay their mortgages"
You do know that the economy has other issues than the Housing market, right?
I don't blame you for getting P/O'ed at people who get mortgages that they can't afford, but I think it is indicative of a serious problem in the Banking Industry that gave unqualified people mortgages in the first place.
The Banks only did it on account that if they default, the banks would get the valuable property. That only works when the Market is constantly going up. The Banks should have known better.
So...what was accomplished here?
Stewart convinced his 18-25 year old minions to not watch a show they never watch and nobody who watches Cramer or CNBC actually watched the interview.
Wow, way to go John Stewart.
And strangely, the NBC affiliates are playing this up themselves and giving Stewart the audience he wouldn't have had otherwise.
Stupid news is better than no news I guess.
Further, what sense is there making TV out of calling a spade a spade? Everyone knows Jim Cramer is an idiot. Even Santelli said so himself on HIS OWN NETWORK.
Stewart is doing this to get raitings just like Cramer. Sanctimonious bastards the both of them.
Agreed. Its all misguided and superficial drama with self-promotion as a by-product.
I disagree. This story has gotten national headlines and drawn more attention to the point that CNBC analysts knew the market's strength was actually artificial and doomed to fail. That is, it was a matter of when, not if.
Further, this short feud brought an awareness that Cramer, himself made his fortunate (in part) by manipulating the market.
I dunno. I watch squawk box regularly and they are very involved in interviewing both bulls and bears for pundits. I know that some of their shows are pretty crazy, but as far as news journalism goes, they really do go deep in their investigations.
If you watch the Frontline episode that just came out on the currentl metltdown they interviewed David Faber as being THE person who got out of the head of Bear Sterns that they were "not ok". Bear's stock tanked that day.
Stewart is showboating and by calling the entire channel illegitimate I think he undermines his own legitimacy (though "he's a comedian" so I guess he doesn't need any...or whatever that argument is about)
Matty sounds like a Cramer fan sourgraping that Stewart tore Cramer 3rd A$$hole to complement the one he Sh!ts out of and the 2nd ass hole he talks out of. Matty- in other news, there is no Santa Claus, no Easter Bunny, and the Tooth Fairy is your mom
What part of "Everyone knows Jim Cramer is an idiot " was I unclear on?
matty from chicago, Booyah!
I'm surprised cramer didn't go on with a flag patch.
but he did have his sleeves rolled up.
When have those "journalists" on CNBC ever challenged a CEO or a hedgefund trader? They know that the only currency they deal in is access and that the moment they ask the hard questions and pry into the shenanigans, they become teleprompter puppets reading from the Wall Street Journal. That access has allowed Maria Bartiromo to polish her star at Davos and Cramer to guild his 'guru' lily on his show. Wall Street has always been an exclusive private club and the price of admission is obeisance. That's why we have federal regulators to protect the public, not only from these corporate slimeballs, but from (hopefully) the likes of CNBC.You wouldn't have known that during the last 10 years but maybe Obama will change that also...
In fact, there was one "journalist" on the screen during that interview. We don't see it often these days, and don't expect it especially on a program like Stewart's, but that's what the interview was: a journalist putting a public figure on the hot seat, not tossing softballs but getting to the heart of an important matter.
There was no grandstanding, but there also was no celebrity-worship coddling. Seriously, this is what serious interviewers used to do. Kudos to Jon Stewart; I hope he keeps this up.
I dunno, i mean, do you watch CNBC? I really think people are giving this channel completely unfair assessments particularly that there is NO WAY 90% of Stewarts audience watches CNBC.
I personally think their programming is up to the minute with lots of talk about the markets for better or for worse.
All pundits can do is say that the market will go up or it will go down. That's all. It's all commentary.
Stewart is making it out as though these guys aren't doing there jobs when in fact they have been reporting day in and day out on the economy. Where did I turn to during the October crash? Not bloomberg, no, I turned to CNBC. Why? Because they interview EVERYONE and get just about EVERYONE's perspective on things.
It's a good channel and it doesn't deserve to be ripped like this from people who dont' even know what they are talking about.
"I personally think their programming is up to the minute with lots of talk about the markets for better or for worse."
Stewart's criticism wasn't about that segment of their programming, though. The focus with Cramer isn't "talk about the markets," it's prognosticating and buy/sell tips. Nothing wrong with that if it's what he wants to do, but there's also nothing wrong with Stewart or anyone else calling him out when he's spectacularly wrong.
"Cramer is nothing without his sound effect buttons"
Stewart, buttlicker of soros and obama, is nothing without his writers and his script.
Stewart IS a writer and continues to do very good stand-up after 20 years. No writing staff in the world can save a dullard from dying on stage.
The shows aired during the last writer's strike were remarkably good. It was all him, unless scabs helped out.
I agree NannyState.
Thanks Jon Stewart. Cramer & CNBC deserves everything they are getting -- and his lack of response on last night's show indicates that he knows it. CNBC acted under the cloak of journalism, but never - ever thought to double check what was being spoon fed to them.
Now they claim that they are "business entertainment". Stewart nailed it multiple times - it is not a "game" and CNBC can't have it both ways. Otherwise they are nothing but Snake Oil Salesmen.
I only wish the SEC would go in and examine their records. The anti-fraud rule prohibits false advertising and marketing. As I see it, many people followed Cramer's advice to their detriment. Their "advertising" was false and misleading and based on no substantial facts, and may in fact be outright lies by either Cramer, CNBC or their friends and CEO's. Time for a review.
Doubt if that can happen because of the constant disclaimers every program recommending or denouncing investments had at the beginning and ending. They did warn you as per their legal department.
I watch CNBC and aside from occasionally licking their fingers and sticking them in the air, they provide little more than idle speculation about forces driving the markets. remember that the mortgage crisis erupted in August '07. What did those boobs do between that time and March 15 '08 when Bear Stearns collapsed? They dry humped the markets through a Dow 13,500 ceiling while, as John Stewart noted, telling everyone that the financial system was in good shape -and to continue to invest in failing giants like Bear Stearns. They have a track record and it's dismal. Watch them for the lastest numbers and consider the rest as entertainment. The news is being reported elsewhere.
I watch CNBC all the time and completely rely on them to give me accurate information. Thank goodness Jon Stewart is around to attack these people.
Where are the indictments?...hmm...maybe there aren't any because 99% of this was completely legal. That this is caused because of virtually unregulated derivatives and credit rating agencies that put AAA on every piece of crap that came across their desk.
I'm so glad he's not attacking any of the good people from Moody's or S&P.; Or asking all his Dem buddies in Congress who actually could have attempted to pass laws to address these risk issues. I much prefer he attack CNBC, and the clowns who pander to their trader watching audience. But I guess Jon wouldn't know anything about pandering.
Jon Stewart had guests in the past to comment the good people from Moody's or S&P; are paid by the companies they are rating and it's conflict of interest. He's mocked the politicians who let this happen over so many years. The great thing about the show is he doesn't have to dig, he invites sharp people to tell us what's going on from the inside.
Give me a break. He attacked this guy so much that it's on every news channel today, even Gothamist posted it on the site. Don't act like that's a daily occurrence.
And if these "sharp" people are doing such a good job explaining from the inside. Why is he asking Jim Cramer foolish questions like where the indictments are? It's called grandstanding buddy.
"Grandstanding"? Nobody on CNBC ever does that :)
I only hope that after this they'll take this knucklehead's show off like they did "Crossfire" after JS tore THEM a new one.
there are just some guys you shouldn't mess with...and jon stewart is one of them
Simply Farkin Amazing. A media comedian guy from one network does a bit with a media financial guy from another network, everyone eats it up, massive headlines, ratings soar, in all the papers, the blogs, Youtube, etc., multiple secondary threads, White House likes it, this will go on for days. Hey people, this is farkin TELEVISION! To anyone who doesn't realize that all of this stuff is worked by writers, producers, PR people, hired media trolls, talking heads, I hereby revoke your privileges to snark at how idiots could fall for Madoff and Nigerian scammers. Goebbels (Hey, I waited til comment 44 to Godwin) couldn't have done it better. Now, time to sit down to some WWF pay-per-view for truth-in-broadcasting!
Forgot to mention, I really do like The Daily Show & Colbert Report. Watch 'em every night!
For all the small investors who have lost money by following Jim Cramer's advice, they should all get together and file a class action lawsuit against this phony investment guru.
* The stock market loves Jim Cramer because while his ill advice causes investors to lose money, it brings money into the stock market: One man's loss is another man's gain.
So many small investors have lost money because Jim Cramer is on the air and they listen to him. I bought a stock after Jim said it's a great stock. I lost everything I paid for. Giving financial advice on the air is a serious business. People do listen and follow Jim Cramer's advice and lose a lot of money. Of course, after I lost money listening to him, I made a point to never listen to him again. Whenever I see him or his name on the Internet, I can't click him off fast enough. Whenever I hear his voice on the radio, I either mute the sound or change stations.
I, too, have a real bone to pick with Jim Cramer. In fact, if there is ever a class action lawsuit against this evil investment / financial guru, I want to be notified and join in the suit.
In 2006, Jim Cramer had an one-hour radio program before market-close. It was cancelled due to too many caller-complaints to the station,probably from listeners who followed his advice and lost their money.
In 2006, Jim Cramer had an one-hour radio program before market-close. It was cancelled due to too many caller-complaints to the station, probably from listeners who followed his advice and lost their money.
Cramer should have known better than to criticize the Messiah. Stewart is just one of Obama's many winged monkeys in the media who will visciously attack any dissenters.
Cramer can't be too good an economist if he didn't know what a socialist president would do to the economy. I seem to recall he endorsed Obama. Cramer needs to bone up on his history a bit. He should also read Karl Marx and Saul Alinsky if he wants some insight as to where the country is going under Barack Obummer.