Friday, March 13, 2009
Hurrah for Jon Stewart! Cramer finally gets dressed down for stunts, bad financial advice
It took Jon Stewart to do it, but someone finally put CNBC's silly entertainer Jim Cramer in his place. Now, this dressing down is becoming a celebrated clip on TV news and YouTube.
CNBC has been spreading Cramer all over its network lately like smelly manure, even though he gave incredibly bad financial advice about people investing in a friend's company during his Mad Money show last year. And Washington Mutual later went belly up and had to bailed out. Pity the stockholders.
I really don't know how someone can be allowed back on the network after that. Viewers lost money. They watch CNBC to make money.
But Cramer has now been unleashed even further. I think he was right on the White House having a Nixon-like enemies list. But if Cramer is on it, then that's actually good for the American people.
Stewart rightly pointed out that he and Cramer are both snake oil salesmen on television. But the Daily Show makes that truth clear. Cramer does not. Stewart told Cramer he should rely on more reporting and less theatrics.
Ouch! Wow! Right on! Kaboom!
Big Bad Jon took on the Cramer monster and slew it before a national audience. Hopefully, it won't have a second life.
And it's past time to bring Big Bad Jon to network television in prime time to slay some more monsters whose celebrity serves only themselves.
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2 comments:
I guess you and Jon Stewart must have been out of the country when Barney Frank (D. Mass.) made the same predictions about Fannie Mae and Freddie Mac.
While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?
China is now worried about their dangerous over investment in US Treasury obligations. Washington ’s long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.
The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts
Thanks,
Ron in NC with 30 plus years in the investment business and banking industry.
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