Mar 12 2009
Stewart vs. Cramer
Alright. I’m jumping on the bandwagon at last. As has happened in the past, I didn’t take this too seriously at its onset. I saw the episode of The Daily Show where Jon Stewart poked fun at CNBC. I saw the following episodes in which he detailed Jim Cramer’s umbrage at being called out. I thought it was some playful ratings-war that would disappear before too long. But when I heard that Cramer would appear on The Daily Show, I was intrigued.
Jon Stewart did not pull any punches. He rolled tapes from 2006 in which Cramer not only condones but recommends several unscrupulous methods of working the stock market. While I understand that digging up evidence from years prior is problematic, and while I understand that Cramer’s quotes are out of context here, the footage was damning.
My goat and I sat on the couch and discussed (during commercials) what is at stake here. How seriously should we take criminal charges of “insider information?” When do we cross the line from giving that insider information to influencing the stock market? Should Cramer’s show be on a different venue? Can we trust analysts and commentators to give us advice about our livelihoods? How much can anyone really predict what will happen in the stock market? Where does reliable information come from? Does it even exist? What is the responsibility of analysts? Of CEOs? Of stockholders?
I know even less about the economy than I do about stem cells; my main knowledge of money is my heightened awareness of how little I have. I would very much like some educated people to give me their thoughts on some of my questions, on the interview, and on stocks and the economy in general.
From where I was sitting, Stewart had the home field advantage, and Cramer squeaked and squirmed under pressure. Jon Stewart seemed prepared and articulate while Cramer was blindsided by his own words. And while I am suspicious of any statements taken out of their original context, I feel that Cramer’s discomfort is indicative of something larger at stake here.
Stewart tore him a new one alright… I give credit to Cramer for showing up though, in today’s pr-essential world most people would have just ignored stewart’s claims.
I agree! I was so excited when Cramer walked in, shook hands with Stewart, and sat down. I felt like, in many ways, Cramer’s presence seemed to validate The Daily Show as a news source as well as one of entertainment (to some audience demographics - as a twenty-something graduate student, I have considered the Daily Show a legitimate news source almost since its inception).
Also, I have to note, the goat commented on how smart Jon Stewart is. We tend to forget because he is also hilarious, but he really knows what he’s talking about.