Jim Cramer gets Pounded by John Stewart on the Daily Show

[danthedart]

[quote=ltokuda]Behind wall street’s exterior is a huge con game: Gain people’s confidence and use their money to create short term profit at the expense of long term risk. Guys like Cramer and many of the other “experts” you see on TV know that its a con game. In fact they’re an important part of keeping the con going. And when it all blows up, they do their best to act surprised: “It had a one in a million chance of happening” … “This is a once in lifetime event”, etc. But as Michael Lewis points out, this con game has been going on for a very long time. A lot of people know about it. The only question is “Why isn’t it public knowledge?”.[/quote]

I understand that a lot of people have been conned and you are really upset about these “used car salesmen.” It’s understandable really. I’m upset too.

Cramer and his cohorts at CNBC has lost a lot of money in stocks too. Yes they were used car salesmen, and they were wrong, but they bought their own melons. They’re like the realtors all over the country that sold people overpriced homes. I’m not angry at the realtors, because they bought into it too. A lot of realtors are upside down in their own homes.

Most of the population bought into all of it INCLUDING Cramer. Cramer even said numerous times to sell. Stewart doesn’t give him ANY credit for that. Why not? Cramer makes buy and sell predictions all the time. Cramer even said to take out all the money you need in the next 5 years. Did Stewart give him credit for that? Nope. Cramer was wrong, but he was not trying to dupe anybody.

If Stewart wants to go after Santelli, and Santelli doesn’t want to come on the air, it’s irresponsible to provoke an attack against the entire network and against hosts that have nothing to do with Santelli.

It’s understandable that you are upset. I feel for you and others who have lost a lot of money in the stock market. Let’s just punish the real people who need to be punished. Let’s punish the true criminals.

[Allan from Fallbrook]

An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.

He got his start with Goldman Sach’s Sales & Trading desk and then went on to run his own hedge fund. He is not in this for value investing, or investing at all, for that matter.

He’s a profit taker and his experience and background bear this out. The idea that Cramer was somehow hornswoggled with the rest of us is laughable. Read some of his comments about creating market momentum and some of the ploys he used to use from his hedge fund days and then tell me how, exactly, he was duped with the rest of us. He was one of those doing the duping.

[Allan from Fallbrook]

An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.

He got his start with Goldman Sach’s Sales & Trading desk and then went on to run his own hedge fund. He is not in this for value investing, or investing at all, for that matter.

He’s a profit taker and his experience and background bear this out. The idea that Cramer was somehow hornswoggled with the rest of us is laughable. Read some of his comments about creating market momentum and some of the ploys he used to use from his hedge fund days and then tell me how, exactly, he was duped with the rest of us. He was one of those doing the duping.

[Allan from Fallbrook]

An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.

He got his start with Goldman Sach’s Sales & Trading desk and then went on to run his own hedge fund. He is not in this for value investing, or investing at all, for that matter.

He’s a profit taker and his experience and background bear this out. The idea that Cramer was somehow hornswoggled with the rest of us is laughable. Read some of his comments about creating market momentum and some of the ploys he used to use from his hedge fund days and then tell me how, exactly, he was duped with the rest of us. He was one of those doing the duping.

[Allan from Fallbrook]

An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.

He got his start with Goldman Sach’s Sales & Trading desk and then went on to run his own hedge fund. He is not in this for value investing, or investing at all, for that matter.

He’s a profit taker and his experience and background bear this out. The idea that Cramer was somehow hornswoggled with the rest of us is laughable. Read some of his comments about creating market momentum and some of the ploys he used to use from his hedge fund days and then tell me how, exactly, he was duped with the rest of us. He was one of those doing the duping.

[Allan from Fallbrook]

An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.

He got his start with Goldman Sach’s Sales & Trading desk and then went on to run his own hedge fund. He is not in this for value investing, or investing at all, for that matter.

He’s a profit taker and his experience and background bear this out. The idea that Cramer was somehow hornswoggled with the rest of us is laughable. Read some of his comments about creating market momentum and some of the ploys he used to use from his hedge fund days and then tell me how, exactly, he was duped with the rest of us. He was one of those doing the duping.

[SD Realtor]

Itokuda I could not agree more. When I was at a startup for network processors in 2000-2004 it was just like you described.

I agree it is a big con game that is essentially controlled by a select few. To me it is not unlike Vegas with alot more at stake except in Vegas you cannot play with the house except for dont pass and even then they give you crappy odds. It seems that to me the best way to make money is to simply use strong technical analysis and be super nimble. In and out, don’t fight the market, etc…

I am not good at it and like to read what people here do and how they perform.

I think that it is fascinating that there are still so many that subscribe to holding and leaving it as a long term investment. Similarly, if the dow does go down to 3000 or 4000 it seems like it may be a pretty good investmen opportunity. Hopefully this bear market rally will continue to afford opportunity to buy into some more negative correlated funds.

[SD Realtor]

Itokuda I could not agree more. When I was at a startup for network processors in 2000-2004 it was just like you described.

I agree it is a big con game that is essentially controlled by a select few. To me it is not unlike Vegas with alot more at stake except in Vegas you cannot play with the house except for dont pass and even then they give you crappy odds. It seems that to me the best way to make money is to simply use strong technical analysis and be super nimble. In and out, don’t fight the market, etc…

I am not good at it and like to read what people here do and how they perform.

I think that it is fascinating that there are still so many that subscribe to holding and leaving it as a long term investment. Similarly, if the dow does go down to 3000 or 4000 it seems like it may be a pretty good investmen opportunity. Hopefully this bear market rally will continue to afford opportunity to buy into some more negative correlated funds.

[SD Realtor]

Itokuda I could not agree more. When I was at a startup for network processors in 2000-2004 it was just like you described.

I agree it is a big con game that is essentially controlled by a select few. To me it is not unlike Vegas with alot more at stake except in Vegas you cannot play with the house except for dont pass and even then they give you crappy odds. It seems that to me the best way to make money is to simply use strong technical analysis and be super nimble. In and out, don’t fight the market, etc…

I am not good at it and like to read what people here do and how they perform.

I think that it is fascinating that there are still so many that subscribe to holding and leaving it as a long term investment. Similarly, if the dow does go down to 3000 or 4000 it seems like it may be a pretty good investmen opportunity. Hopefully this bear market rally will continue to afford opportunity to buy into some more negative correlated funds.

[SD Realtor]

Itokuda I could not agree more. When I was at a startup for network processors in 2000-2004 it was just like you described.

I agree it is a big con game that is essentially controlled by a select few. To me it is not unlike Vegas with alot more at stake except in Vegas you cannot play with the house except for dont pass and even then they give you crappy odds. It seems that to me the best way to make money is to simply use strong technical analysis and be super nimble. In and out, don’t fight the market, etc…

I am not good at it and like to read what people here do and how they perform.

I think that it is fascinating that there are still so many that subscribe to holding and leaving it as a long term investment. Similarly, if the dow does go down to 3000 or 4000 it seems like it may be a pretty good investmen opportunity. Hopefully this bear market rally will continue to afford opportunity to buy into some more negative correlated funds.

[SD Realtor]

Itokuda I could not agree more. When I was at a startup for network processors in 2000-2004 it was just like you described.

I agree it is a big con game that is essentially controlled by a select few. To me it is not unlike Vegas with alot more at stake except in Vegas you cannot play with the house except for dont pass and even then they give you crappy odds. It seems that to me the best way to make money is to simply use strong technical analysis and be super nimble. In and out, don’t fight the market, etc…

I am not good at it and like to read what people here do and how they perform.

I think that it is fascinating that there are still so many that subscribe to holding and leaving it as a long term investment. Similarly, if the dow does go down to 3000 or 4000 it seems like it may be a pretty good investmen opportunity. Hopefully this bear market rally will continue to afford opportunity to buy into some more negative correlated funds.

[Anonymous]

[quote=Allan from Fallbrook]An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.[/quote]

Allan,

That is an important distinction that too few people understand. And I think one of Cramer’s sins is failing to emphasize that distinction to his viewers. He encourages people to trade, and then calls it investment advice. I spent six years as a trader and, if I learned anything, it is that the individual investor with an E-Trade account doesn’t stand a chance. The general public can come out ahead if they invest, but attempting to trade is no better than going the the casino. I’m sure Cramer knows this as well, but it is not in his interest to reveal it to his viewers.

I’ve seen many, many hours of CNBC (there was a TV in every trading office). Over the years, the network devolved from a somewhat informative financial news network to circus, and Cramer was certainly one of the the head clowns (complete with the appropriate props!) Anyone watching “Mad Money” for more than five minutes could tell it would eventually become a poster child for an absurd era or reckless speculation. And so here we are.

Cramer stopped being an investor or a trader and decided it was more profitable to be a celebrity. Because of this, the Stewart interview may benefit him, as for celebrities “there is no such thing as bad publicity.” I think he knows this, and that’s why he decided to go on the show. And like any celebrity, he is fair game for the tabloids, comedians, or anyone else.

[Anonymous]

[quote=Allan from Fallbrook]An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.[/quote]

Allan,

That is an important distinction that too few people understand. And I think one of Cramer’s sins is failing to emphasize that distinction to his viewers. He encourages people to trade, and then calls it investment advice. I spent six years as a trader and, if I learned anything, it is that the individual investor with an E-Trade account doesn’t stand a chance. The general public can come out ahead if they invest, but attempting to trade is no better than going the the casino. I’m sure Cramer knows this as well, but it is not in his interest to reveal it to his viewers.

I’ve seen many, many hours of CNBC (there was a TV in every trading office). Over the years, the network devolved from a somewhat informative financial news network to circus, and Cramer was certainly one of the the head clowns (complete with the appropriate props!) Anyone watching “Mad Money” for more than five minutes could tell it would eventually become a poster child for an absurd era or reckless speculation. And so here we are.

Cramer stopped being an investor or a trader and decided it was more profitable to be a celebrity. Because of this, the Stewart interview may benefit him, as for celebrities “there is no such thing as bad publicity.” I think he knows this, and that’s why he decided to go on the show. And like any celebrity, he is fair game for the tabloids, comedians, or anyone else.

[Anonymous]

[quote=Allan from Fallbrook]An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.[/quote]

Allan,

That is an important distinction that too few people understand. And I think one of Cramer’s sins is failing to emphasize that distinction to his viewers. He encourages people to trade, and then calls it investment advice. I spent six years as a trader and, if I learned anything, it is that the individual investor with an E-Trade account doesn’t stand a chance. The general public can come out ahead if they invest, but attempting to trade is no better than going the the casino. I’m sure Cramer knows this as well, but it is not in his interest to reveal it to his viewers.

I’ve seen many, many hours of CNBC (there was a TV in every trading office). Over the years, the network devolved from a somewhat informative financial news network to circus, and Cramer was certainly one of the the head clowns (complete with the appropriate props!) Anyone watching “Mad Money” for more than five minutes could tell it would eventually become a poster child for an absurd era or reckless speculation. And so here we are.

Cramer stopped being an investor or a trader and decided it was more profitable to be a celebrity. Because of this, the Stewart interview may benefit him, as for celebrities “there is no such thing as bad publicity.” I think he knows this, and that’s why he decided to go on the show. And like any celebrity, he is fair game for the tabloids, comedians, or anyone else.

[Anonymous]

[quote=Allan from Fallbrook]An overlooked and extremely important fact about Jim Cramer is this: He’s not an investor, he’s a trader, and there’s a huge difference between the two.[/quote]

Allan,

That is an important distinction that too few people understand. And I think one of Cramer’s sins is failing to emphasize that distinction to his viewers. He encourages people to trade, and then calls it investment advice. I spent six years as a trader and, if I learned anything, it is that the individual investor with an E-Trade account doesn’t stand a chance. The general public can come out ahead if they invest, but attempting to trade is no better than going the the casino. I’m sure Cramer knows this as well, but it is not in his interest to reveal it to his viewers.

I’ve seen many, many hours of CNBC (there was a TV in every trading office). Over the years, the network devolved from a somewhat informative financial news network to circus, and Cramer was certainly one of the the head clowns (complete with the appropriate props!) Anyone watching “Mad Money” for more than five minutes could tell it would eventually become a poster child for an absurd era or reckless speculation. And so here we are.

Cramer stopped being an investor or a trader and decided it was more profitable to be a celebrity. Because of this, the Stewart interview may benefit him, as for celebrities “there is no such thing as bad publicity.” I think he knows this, and that’s why he decided to go on the show. And like any celebrity, he is fair game for the tabloids, comedians, or anyone else.

[Author]

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