Jon Stewart Took Down CNBC and Jim Cramer - Hard Hitting - Awesome - Best

Originally posted by questioningall
reply to post by DarkSecret

 

Actually if you look at what Cramer's demographics were............. he had a major following of college kids.............. so YES - they looked to Cramer for HONEST investment advice!

I have to say.......... what you posted.......... gets me very upset........... that is like blaming a victim of phyiscal abuse for getting the physical abuse - and NOT the person doing the abusing!!!!!!!!!!!!!!!!!!

well first of all college kids probably don't have enough money to invest unless their parents are paying their bills. secondly college kids have lots of opportunities to take (free) classes that educate them on the market and economy generally. heck there are such free presentations at public libraries!

and third please don't compare a TV show that you tune into because you WANT to with any kind of physical abuse where the victim can't just skip the channel or switch off the aggressor... if TV for you is as close as physical violence then you've got a serious problem.

reply to post by questioningall


I was referring specifically to the accusations that he had CEOS on his show reporting that everything was fine. And then the next day they went under. Cramer said they lied to him too, JS thought he was playing along.

While Cramer is not innocent by any means, I think it is very possible that this part is true, that these CEOs were playing him as well.

He seemed hurt by it actually, I felt bad.

I believed they used him and his show to drive shares up before they went under.

I personally don't think Cramer is all bad. I really don't.

I would be willing to bet that he is more of the type like a hacker, he just does because he can, to see what he is capable of, then out of malicious intent.

And who knows, the clip looked old. He could of done these awhile ago. And has changed his tune since then.

He honestly didn't seem to remember all the clip and was caught by surprise.

And I also agree with Cramer that it is insane no one has been indicted by all this economic stuff.

I could just kiss that man. Thank you. Thank you for being what real journalism is about. Being the public's eyes and ears and diligent reporter of the going's on.

It is time for justice. Class Action type of justice. TPTB can do all they want about their kind of "law" and judgement. Let the SEC man up because they got dissed sternly as well and need to find their own kind of redemption.

What kind of justice does every person deserve who had their money stolen from them and then got tax bailout dollars taken to boot? They deserve it back. They deserve civil monetary restitution. That's justice.

This was conspiratorial, ass-covered theft of the low to moderate investor's retirement and hard-earned investment accounts. This was a pre-meditated consolidation of wealth tactic designed to pillage the equity held by the common man and woman from them. This was a financial plunder which guarantees economic servitude. This was done while it was recognized as morally reprehensible and illegal.

I believe the information given to Senator Dodd in that committee hearing prior to the initial bailout was that China and other's intended to begin calling into question America's credit rating knowing our financial house had been eaten from the inside out. They stalled. They stalled for time to take every last livin' dime they could on their way out The Wall Street Front Door. The holders of this paper want their property. The sellers of the paper made a killing. We Americans are left with depreciated value, depreciated opportunity and depreciated freedoms. As a great songwriter once wrote, "The rich get rich, the poor they stay poor."

Thank you John Stewart for being one of the few who will call this crap what it is and put it in terms the citizens can understand. I think every person out there instinctually knows and has known they "got taken". People just weren't clear on how this got pulled off completely. I think this helps explain it.

Cool...another ray of hope.

Bring on the class-action lawsuits on behalf of the people.

[edit on 13-3-2009 by DancedWithWolves]

reply to post by Jay-in-AR


I understand what you're saying but to me it's just dumb to turn on the channel and wait for him to name his picks and buy.
the only reason i watch the channel is for the live tickers on bottom of the screen i listen to what everyone says but in the end its my research and my findings that i base a decision to buy or sell on.

to me the all the msm is is a way of hearing things that interest you and then you fully look into whatever that is yourself to find the truth as it is mostly sugarcoated and not the full truth.

and every news channel and news show is entertainment now. mornings shows night shows all of it is crap.

Jon Stewart was really good, good video, big up to Cramer for showing up.

reply to post by seangkt


Well I wouldn't expect you to follow what they say closely. Afterall, you are registered on this site.
I'm speaking of the majority of the idiots that populate this planet that DON'T go to the internet for news and buy everything their propaganda masters tell them.

My point was that I knew he was a FRAUD when he was telling folks to buy into a construction company during the OBVIOUS collapse of the industry.
Idiotic.

They stripped all the unedited off of youtube. Booooooooo

reply to post by mybigunit


Go to the link in the OP. You can link from there to the entire episode.

But what you said reiterates what I said earlier. This story won't be broke in its entirety to the MSM, even through youtube.
They'll take this down and sweep it up.

Cramer may even find that his job is in jeopardy.
Or worse.

Cramer was blown away that rock solid companies that could never go sour went sour. None of us could have predicted the severity of either wall street or main street taking such a hit. The smart guys took their money out of stocks in October 2007. There were a few who saw this coming, as well as lots of government officials, who in fact caused it. The average guy continued to believe everything would continue to go up in value, homes, stocks, BANKS, the root of our society. I still say give Cramer a break on this one. He doesnt have a crystal ball. I can think of a couple MSN money editors who did worse.

Originally posted by wonderworld
Cramer was blown away that rock solid companies that could never go sour went sour. None of us could have predicted the severity of either wall street or main street taking such a hit. The smart guys took their money out of stocks in October 2007. There were a few who saw this coming, as well as lots of government officials, who in fact caused it. The average guy continued to believe everything would continue to go up in value, homes, stocks, BANKS, the root of our society. I still say give Cramer a break on this one. He doesnt have a crystal ball. I can think of a couple MSN money editors who did worse.

I think the point more so than picking right or wrong is the lack of cajones of CNBC. They didnt ask the hard questions, didnt investigate anything or follow up, I mean really they let them all off when they were finished interviewing these CEOs. The press has freedom because a good strong press works as a regulator. This was the whole purpose of freedom of press and anymore our press is worthless. They are in the entertainment industry. They dont ask the hard questions and they sure as hell dont investigate anything because if what they find is against the grain they might get ridiculed. Pathetic what our country has become.

If you cannot get enough of the interview with Jim Cramer and Jon Stewart, a highly recommend the following link:

www.deepcapture.com...

It is written by Patrick Byrne, CEO of Overstock.com, and talks a lot about how Jim Cramer learned to manipulate the markets through Karen Backfish (who eventually became assistant vice president at Lehman Brothers? hmmm, interesting...) and Michael Steinhardt (think Michael Douglas in the movie Wall Street). Cramer even boasted at one point that the character Bud Fox from that movie was inspired by an interview Cramer gave to the filmmakers. This is serious reading, and deserves to be looked at by any journalist interested in continuing to light the fire under the feet of these inner players after watching the interview he did with Stewart. In it, Byrne writes:

The first lesson I had in securities law was given me by Gordon Macklin, a revered figure within modern Wall Street history: he built NASDAQ, and was the Co-CEO of Hambrecht & Quist. I was fortunate enough to have Mr Macklin as a kind of Dutch Uncle to me from the time that I was a teenager until his passing in early 2007. When I was a lad I once asked Mr. Macklin, “Do companies ever do this-or-that in order to make their stocks go up?” Macklin replied, “There is one thing you need to know about securities law: anytime someone purposefully does something in order to make a stock go up or go down, he is doing something illegal. You can go to law school and study it for years, but that’s what it boils down to. You make bets on stocks, but you never purposefully make the price of a stock move in either direction. It’s manipulation. It’s illegal. That is the first thing you need to know about the stock market.”

Years later I went to work for one of the great Graham-Dodd value investors of Wall Street. From the behavior of him and those in his firm the same lesson was reinforced, and I internalized it to the point that it would have seemed strange even to mention it. In fact, I would put it on par with knowledge among health care workers that one is supposed to wash one’s hands between seeing patients, and when I left Wall Street I would have supposed it as rare to find someone there who did not know that one does not purposefully move the prices of stocks as it would be to find a nurse who did not know about germs.

Jim Cramer has spent his investing career manipulating stock prices up and down, and his career as a journalist explaining how he does it. Thus to this untutored eye, Cramer’s public statements appear to be confessions of wildly illegal acts. So my second prefatory remark is that Jim Cramer’s continued freedom bewilders me.

In addition, here is the full transcript of the interview Jim Cramer gave to Wall Street Confidential that Jon Stewart used:

Jim Cramer on Market Manipulation: In his own words

Enjoy. I've been reading this stuff all day....

I find it more ridicules watching Congress drill the banking CEO's they dont even know what questions to ask. I could do a better job. "raise your hands if you give loans" give me a break. These are are leaders. WOW. I guess the G20 will have a plan for recovery. They may devalue all currencies and the conversion begins. It's all about Prosperity, after all and solving all the worlds problems in 100 days.

reply to post by SphinxMontreal



Its a comedy show, but he uses the format to make very valuable points that otherwise would be totally missed.

He makes light of certain scenarios, but there is a very real truth to it.

It is often hysterical but mind opening at the same time. It is hard to explain, maybe someone can explain it better then I.

For example, he often makes a point of the fear mongering a lot of politicians use.

Here is a pretty good example.

Dive of Death

reply to post by nixie_nox


Exactly, he shows how other reporters can be absolute idiots and are not really reporting the important things.... and when they do report, how dumb lots of it can be. Just like last night the "150 year prison sentence possible for Madoff"... the reporter said "Oh, at his age... that is a life sentence"....... Whereas Stewart.........said "Duh - life sentence for anyone".

Stewart is able to show truth... and if you think about what is funny.... is it is how he shows things not being covered properly. The funny parts...... is when he gets down to the "real" information, everyone else skips......... and also shows clips from previous interviews people did to what they are saying now............. when we laugh and think it is funny........... is when he is exposing lies.............

So, yes he is comedy........ but he is comedy...... from exposing the truth!

I think Jon Stewart ("save Jon Stewart! He's our most important Jew!" - Family Guy) is very, very sharp indeed and the interview is yet another example of how good he really is.

It's a pity he couldn't get someone like Bernake or Greenspan on. You could hear Cramer's voice getting tighter and tighter as the interview progressed, but, as JS himself said, Cramer, though undoubtedly a snake-oil salesman, is not really the heart of the problem.

I used to work in IT for the Stock Exchange in London years ago. It involved learning enough about the markets to make me wonder, how long can they keep just funneling money out of the economy for nothing? Well, now we know.

As for those people on this thread who say "you can't take Stweart seriously because he's a comedian" - you might like to educate yourselves about the long and noble tradition of satire and its role in politics.

There was a show called Spitting Image on UK TV in the eighties and nineties. It featured latex puppets of politicians and celebrities and nailed certain issues so well, and certain personalities so fully, that it was hugely influential in the country's political life.

And there's a great tradition in the US of comedians who would really tell it like it is: Lenny Bruce, Bill Hicks, George Carlin. Jon Stewart, smart as he is, pulls his punches somewhat, because he likes his job. But he's every bit as smart and very nearly as funny as the others I've mentioned.

Oh yeah... nice to see my latest disinfo thread checked on the first page of this thread. Pity most people think I'm talking about ATS, means they haven't read more than the title. I admit the title is ambiguous but at least you can tell who's read the thread and who's on knee-jerk reflex when they're posting.

And to whoever posted the non-Comedy Central full ep links, thank you. CC doesn't let people from the UK see full eps over the net. Bummer.

I just finally got around to sitting down and watching it. I did not catch the uncut version... that's next.

I can only wonder if this is a type of viral pre-pitch for a new show on CNBC. Face it, in the middle of a terrible market his show is losing steam. People will be calling for accountability and folks at CNBC knew their hands were dirty. They set up this implosion, Cramer becomes the face guy and they start a new show aimed at hardball investigative journalism.

Face it, now that the markets are no longer the land of milk and honey, regular folks are getting a little more passionate about a disappearing retirement. This will sell big and Cramer will go from goat to hero.

I hope I'm wrong and I also hope that they don't get any smart ideas from me!

This just shows you how many idiots listen to other idiots on TV to make their financial decision, and that when times get tough people like to look for scape goats and place blame.

Stewart was basically revealing that all of America is retarded.

reply to post by rich23


"I think Jon Stewart ("save Jon Stewart! He's our most important Jew!" - Family Guy) is very, very sharp indeed and the interview is yet another example of how good he really is."

You are absolutely right here.
I had thought about throwing this in my initial response.
The REASON Stewart is able to pin it to Cramer is because he has a unique ability to be able to just block out the emotives that Cramer throws out. Look at how many times Cramer makes an emotive plea and simply sits there with his arms out to the side waiting for Stewart to follow up on his line of logic.
Stewart doesn't flinch. (I'm now calling him Stewart because I hate using "jon")... He takes the plea and winds it into his next question... All the while following a course he has set out before Cramer even set foot on stage.
Masterful.

There is a reason he is so damned funny and it is because he is so damned smart. Same with Colbert.
They are genuises.
Same with Carrell.

reply to post by Jay-in-AR


Stewart is awesome, but I have to say.... I have never gotten into Corbert - I just don't understand his stuff and I guess I have just never "gotten it"........ so I have not watched Corbert at all.

I do wonder how CNBC will change from here........... will they start being honest and asking hard questions?

NAH.... that is just wishful thinking............ they are owned by a big corp.... that is part of TPTB - so they will always, keep making sure the "regular" folks are screwed!

And here comes the fallout

Street.com CEO quits after Cramer’s TV flameout

Friday brought more tumult for CNBC anchor Jim Cramer, when the chief executive of his online financial news site, The Street.com, resigned.

The company announced Friday that Thomas Clarke, TheStreet.com’s CEO for the past decade, would be leaving, effective immediately. He’s been temporarily replaced by Daryl Otte, a longtime director on the company’s board, who will serve as chief until the search committee, which he is leading, finds a new CEO.

Outsized TV personality and chairman of the board Jim Cramer issued a boilerplate statement on Mr. Clarke’s departure, saying only, “I want to thank Tom for his long-time service to the Company and wish him the best of luck in his future endeavors.”

The abrupt nature of Mr. Clarke’s departure only adds to the company’s troubles in the current bear market. Its stock dropped below $2 per share this week, down from $9.50 per share a year ago.

The stock in recent years had traded as high as $16 per share in December of 2007, but has suffered with the decline in the media and advertising markets. Its success was tied closely to Mr. Cramer’s popularity, and the recent heavy criticism of his bombastic television personality may be reflected in the company’s performance.