Friday, March 13, 2009
On the John Stewart/Jim Cramer back-and-forth
After a week or so of back-and-forthing between Stewart on The Daily Show and Cramer on just about every NBC network and talk show, Cramer finally appeared on The Daily Show last night. It was a surreal experience.
I must admit, I've never seen Cramer's show. I made the mistake of presuming that Cramer's was a serious program, but perhaps not. Stewart's show on Comedy Central is, well, comedy.
Stewart came off as a legitimate journalist, calling Cramer and more, CNBC, on the carpet for bad calls, misleading information and complacency/complicity in the events that created the current market woes.
"I understand that you want to make finance entertaining, but it's not a f*@king game. And when I watch that, I can't tell you how angry that makes me," Stewart told Cramer.
Cramer was defensive and conciliatory. "Don't you want guys like me who have been in it to show the shenanigans? What else can I do?"
Stewart shot back with, "I want desperately for that, but I feel like that's not what we're getting... now to pretend that this was some kind of crazy once-in-a-lifetime tsunami that nobody could have seen coming is disingenuous at best, and criminal at worst."
Cramer was clearly outclassed, constantly apologizing not only for himself, but for CNBC. "We as a network we produce a lot of interviews where there have been people who have not told the truth."
I have to wonder how CNBC feels about Cramer airing those particular opinions on a show that has so blatantly mocked and criticized it. In fact, I kind of wonder whether he'll have a job for long.