Jon Stewart nails it (again)

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switters's picture
switters
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Jon Stewart nails it (again)

I'm beginning to think Jon Stewart is one of the few real journalists left in this country.  He exposes CNBC and Jim Cramer for the frauds they are. 

http://www.thedailyshow.com/video/index.jhtml?videoId=220536&title=jim-c...

http://www.thedailyshow.com/video/index.jhtml?videoId=220538&title=jim-c...

http://www.thedailyshow.com/video/index.jhtml?videoId=220539&title=jim-c...

SamLinder's picture
SamLinder
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Re: Jon Stewart nails it (again)

Chris,

Thanks so much for posting this. I couldn't find the replay in my local listings so I'm glad you took the time to make this available for us.

Wow! Wish I had known some of this before, my retirement portfolio might have been healthier!

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Re: Jon Stewart nails it (again)

It's horrible to watch mainstream crush the life out of Cramer, but he's the living embodiment of a climbing, growing economy, where bullsh*t still pays. A downturn economy creates a maze that people like this just cannot find the exit. He's all but an ant that you toy with before you crush him under your thumb by your sugar caddy, and is a built in product of this system playing the 'Patsy'.

Jon Stewart knows full well, as does everyone else with a video player and a blank cassette, that for years, Cramer has been making as many mistakes in the marketplace as the next man who puts his money into stocks. It's just a perfect man to blame when his head was so easy to shoot off when so visible above the crowd. Was all of the information that he gave really so infallible??

What I'm also guessing at is he's not accountable if he's innocently (?) reading the lines that he's fed; typically being something like one of the hands in an aside, like a card trick. In other words, while he's being publicly blamed, the real culprits have more time to shred up their lies and make their way calmly to the exits? Just a thought... 

If I was Cramer, I'd disappear, buy a real hair wig, shave my chin, invest in glasses, lose 50LB's at an ex-minor-celeb'-clinic on the other side of the planet and re-invent myself. 

One era ends and a new one begins. Just who exactly is next to fill his shoes...a sock puppet?? 

Paul

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Re: Jon Stewart nails it (again)

Beware of Jon Stewart: He is an Obama shill. He all of the sudden goes on a crusade against Cramer after the Obama criticism? Where was the attack on Cramer immediately after Lehman Brothers went under? He tells Cramer what his show should look like. I say Stewart should try to make a comedy show that is actually funny, but we can't always get what we want. Don't get me wrong, Cramer deserves the flak he is getting, but to Stewart I say "Physician, heal thyself".

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Re: Jon Stewart nails it (again)

I like Stewart and Cramer, and I think this whole thing is rediculous.  Whether you take Cramer's actual stock picking advice or not, his analysis and stock-picking methods are worth learning and understanding.  And, while I am on the conservative end of the political spectrum (not Republican end - they're too liberal for me, I repeat, conservative), I still am able to laugh at Stewart's often left-leaning humor. 

But for Stewart to single Cramer out is absurd.  Who did see this coming save for Chris and a handful of others, and if they had gone on TV, who would have believed them?  Furthermore, nobody is pointing a gun at anyone's head forcing them to take Cramer's advice or even listen to it.  Investing is a risk-prone proposition, period.  Stewart's attitude on this smacks of an "enititlement to error-free advice" from financial journalists.  Please.  Grow up, Jon.

I for one will continue to watch and be entertained by both.

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Re: Jon Stewart nails it (again)

Personally, I think what's missing in this discussion is the point Jon was trying to make.

It's not like TPTB didn't see this train coming. All of Wall Street was partying at the average Joe's expense. For years, we put our funds into 401k's and IRA's based on what practically every financial advisor (and your gov't) recommended. But, Wall Street knew it was a scam from the word go and played high stakes gambling with our hard-earned money.

When the game came to an end, the house won (i.e. Wall Street) as it always does and the rest of us were left with half-empty to empty pockets and we didn't even know we were part of the game! Cramer was gaming the system (pun intentional) along with the rest of them and deserves to be castigated.

That's what Jon was trying to point out. To interpret this as a silly feud between the two is to miss the point entirely!

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Re: Jon Stewart nails it (again)

Sam,

I disagree "all of Wall Street" knew it was a scam.  I've said before that, "pigs don't know pigs stink."  What I mean by that is that these people (Fed and Wall Street) could not recognize the problem because they are the problem.

Everyone, incuding them, was under the magical spell of believing that "housing values will never go down", and therefore it is OK the lend 100% (or more) on a house to to the average part-time hamburger flipper.  They made collosal mistakes, and they should be allowed to fail.

Cramer, and all other financial analysts, should have their feet held to the fire, but I would much rather see Stewart go after the Fed, Greenspan, Bernanke, Geithner, Barnie Frank, Fannie Mae, and Freddie Mac and everyone else who was involved in the creation of this mess.  Cramer is just an observer.  Call him incompetent if you want, but why isn't there an equal zeal to bring the creators of this mess to the forefront, rather than an easy to-target, annoying to most people, with no control whatsoever over what led top this, Jim Cramer?

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Re: Jon Stewart nails it (again)
Patrick Brown wrote:

Sam,

I disagree "all of Wall Street" knew it was a scam.  I've said before that, "pigs don't know pigs stink."  What I mean by that is that these people (Fed and Wall Street) could not recognize the problem because they are the problem.

Everyone, incuding them, was under the magical spell of believing that "housing values will never go down", and therefore it is OK the lend 100% (or more) on a house to to the average part-time hamburger flipper.  They made collosal mistakes, and they should be allowed to fail.

Cramer, and all other financial analysts, should have their feet held to the fire, but I would much rather see Stewart go after the Fed, Greenspan, Bernanke, Geithner, Barnie Frank, Fannie Mae, and Freddie Mac and everyone else who was involved in the creation of this mess.  Cramer is just an observer.  Call him incompetent if you want, but why isn't there an equal zeal to bring the creators of this mess to the forefront, rather than an easy to-target, annoying to most people, with no control whatsoever over what led top this, Jim Cramer?

 

Patrick,

I'll have to respectfully agree and disagree with you.

Disagree:  

Everyone, including them, was under the magical spell of believing that "housing values will never go down"

We all know the old saw, "Those who do not learn from history are doomed to repeat it". Many, many of the "high mucky-mucks" on Wall Street have been on this earth longer than I have. Like them, I have watched housing go up and down more than once.

To infer that these Wall Street "wizards" simply made a mistake (colossal or otherwise) is indeed putting lipstick on a pig. They were no more under a "magical spell" than I was. I could see the idiocy that was going on and was utterly dismayed at the inherent greed in the process. And that, my friend, is what was the cause of this: GREED.

Since I wasn't a famous blogger or newspaper reporter, I might as well have cried out in the wilderness for all the good it would have done.

The mortgage brokers and the bankers and the powers that be didn't care about the future. They simply took all these mortgages (good, bad, and indifferent) and packaged them up into a pig with lipstick on it. They then sold the dolled-up pig to investors who wanted more and more money and bought the pig without wondering why it had lipstick on it. Greed, greed, greed - that's what drove this whole thing. Many, many people knew it was doomed to failure but, not having any ethics, chose to ride the pony and grab their share.

Cramer is just an observer.

Wrong! He was a participant - surely you saw the video clip Jon showed where Cramer admitted manipulating stocks by shorting the market with his hedge fund to get it to move in the direction he wanted. He was completely culpable in this mess and to plead ignorance on Jon's show was the height of gall as far as I'm concerned.

Agree:

Cramer, and all other financial analysts, should have their feet held
to the fire, but I would much rather see Stewart go after the Fed,
Greenspan, Bernanke, Geithner, Barnie Frank, Fannie Mae, and Freddie
Mac and everyone else who was involved in the creation of this mess.

Call him incompetent if you want, but why isn't there an equal zeal to
bring the creators of this mess to the forefront, rather than an easy
to-target, annoying to most people, with no control whatsoever over
what led top this, Jim Cramer?

You are right. I too would like Jon to go after some of these other idiots you mention. He made a good start with Cramer - maybe, having tasted blood, he will expand his attack. I certainly hope so.

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Re: Jon Stewart nails it (again)

Sam,

Let's not forget Bear and Lehman failed.  Lehman alone was the size of the entire economy of Mexico.  I do not think they simply jumped off the cliff knowingly.  Bubbles make fools of an awful lot of people, even as they all think, "nah, we'll get out before everyone else does".  

Yes, there were unscrupulous lending practices, enabled by the development of mortgage securitization, which encouraged lenders to rack up fees knowing full well someone else would wind up holding the bag.  However, holding a one-time hedge fund manager turned unconventional stock advisor with one of the lowest ratings on cable responsible is nothing but music to the ears of the people truly responsible for this mess.  I guess it must feel good to take this out on someone, but I think it's a waste and misplacement of energy.

Also, how would Cramer benefit by being "in" on this?  Are we to believe Jim Cramer is on the take from Goldman Sachs or JP Morgan or the Fed?    Wouldn't he be better off, if he indeed knew of all this, by coming out and warning everyone?  If they got to Jim Cramer, what kept them from getting to Peter Schiff and others who have been beating the drum for years on this?  

I understand the anger, but I just don't buy the target.  Cheers,

Patrick 

switters's picture
switters
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Re: Jon Stewart nails it (again)
Quote:

Wrong! He was a participant - surely you saw the video clip Jon showed
where Cramer admitted manipulating stocks by shorting the market with
his hedge fund to get it to move in the direction he wanted. He was
completely culpable in this mess and to plead ignorance on Jon's show
was the height of gall as far as I'm concerned.

My thoughts exactly, Sam.

I think there's a real moral and ethical problem with a company telling their institutional investors to short particular stocks and then brokers within that same company turning around and selling those stocks to their retail investors.  That was just "business as usual" on Wall Street for many years, and it's the sort of thing Cramer admitted being party to.

Cramer got caught lying on national TV.  He said he didn't have anything to do with the kind of manipulation he is "trying to expose" on his show.  Then Stewart plays the clip of him admitting to just that, and all he can say is "I guess this is now on TV" or something lame like that.

Is it all Cramer's fault?  Of course not - and Stewart never said it was.  But Cramer represents and belongs to a group of people that have made some seriously questionable choices over the past few years, and they deserve to be held accountable.

 

Farmer Brown's picture
Farmer Brown
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Re: Jon Stewart nails it (again)
Quote:

I think there's a real moral and ethical problem with a company telling
their institutional investors to short particular stocks and then
brokers within that same company turning around and selling those
stocks to their retail investors.

I agree.  And if you feel this way, expose Goldman Sachs for doing exactly that.  Cramer ran a hedge fund (until 2005).  His company didn't have retail stock buying clients that they would need stock brokers to sell stocks to.  

You guys are going after a petty-ranking officer rather than the SS or the Feur.  

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Re: Jon Stewart nails it (again)
Patrick Brown wrote:

Sam,

Let's not forget Bear and Lehman failed.  Lehman alone was the size of the entire economy of Mexico.  I do not think they simply jumped off the cliff knowingly.  Bubbles make fools of an awful lot of people, even as they all think, "nah, we'll get out before everyone else does".

I never thought the people at the top were especially bright. After they successfully pulled off the forced sale of Bear Stearns, I think they thought they could control the fallout from Lehman as well - but it got away from them.

Patrick Brown wrote:

Yes, there were unscrupulous lending practices, enabled by the development of mortgage securitization, which encouraged lenders to rack up fees knowing full well someone else would wind up holding the bag.  However, holding a one-time hedge fund manager turned unconventional stock advisor with one of the lowest ratings on cable responsible is nothing but music to the ears of the people truly responsible for this mess.  I guess it must feel good to take this out on someone, but I think it's a waste and misplacement of energy.

Also, how would Cramer benefit by being "in" on this?

Pat - I'm not suggesting Cramer was "in" on anything. I am suggesting
he was part of the problem that was running rampant throughout Wall
Street. Jon picked on him because he was low-hanging fruit. Jon should
now move his sights up and start targeting some of the bigger boys.

Patrick Brown wrote:

Are we to believe Jim Cramer is on the take from Goldman Sachs or JP Morgan or the Fed?    Wouldn't he be better off, if he indeed knew of all this, by coming out and warning everyone?  If they got to Jim Cramer, what kept them from getting to Peter Schiff and others who have been beating the drum for years on this?  

I understand the anger, but I just don't buy the target.  Cheers,

Patrick

No, I don't think Jim Cramer was on the take (although in this day and age I wouldn't put anything past anybody!). He didn't come out and warn anyone because he was enjoying the money he was making doing his thing. Why would he rock the boat?

Schiff and others like him were scorned by the MSM for because the MSM was directed to do so. I can't tell you how many times I have watched NBC or ABC or CBS and seen how obviously they slant the news to fit their agenda. If it suited TPTB to ensure that Schiff and others like him were belittled, I wouldn't be at all surprised.

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Re: Jon Stewart nails it (again)
SamLinder wrote:

You are right. I too would like Jon to go after some of these other idiots you mention. He made a good start with Cramer - maybe, having tasted blood, he will expand his attack. I certainly hope so.

Sir, with all due respect this is a pipe dream. It would be wise to scrutinize Jon Stewart's motivation for his attack. Just because his argument is argeeable does not make his cause just. Jon Stewart will not "attack' anyone unless they criticize the current administration. Hero-worship is a calamity and I fear that too many, otherwise intelligent people, fall into that trap.

 

Your Friend Gadfly

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