Jim Cramer gets Pounded by John Stewart on the Daily Show

[Allan from Fallbrook]

Gandalf: Did you read the excerpt above from the McArdle/The Atlantic article? McArdle is not conservative by any stretch of the imagination (and you could never accuse The Atlantic of being right leaning, it’s more center-left than anything).

If you’re being honest and objective regarding Obama’s opening days in office, it’s been a mixed bag and even solidly liberal reporters like Paul Krugman of The New York Times have said as much.

I don’t think this is threadjacking by any stretch of the imagination, rather it underscores the persistent problem of bias in the media and the virulent reactions you get when you point it out. Pointing out that Stewart and Colbert are staunchly Democratic and are slavishly adhering to the Obama party line doesn’t make the person saying it a tool of the GOP or a right-wing fanatic.

[gandalf]

There’s no need for a ‘partisan pivot’. Last time I checked, the ‘NBC’ gang was supposed to be in the tank for Obama, right? So the NBC vs. Stewart thing being about Obama just doesn’t hold water.

This is pretty squarely about the hypocrisy at CNBC, Mad Money, Fast Money, Squawk Box, etc. and all these bogus “financial news” shows that fueled the bubble rather than reporting it as the fraud that it was.

I’m with ‘Market-Ticker’: all of the bums who participated in the BEZZLE need to exposed or indicted. Stewart shaming Cramer into oblivion is long overdue. Mad Money is going the way of ridiculous ‘Crossfire’…

BTW, notice Bloomberg is not really part of this discussion? How come? My take is, because they stayed *relatively* focused on being a credible source of financial news, not cheerleading reckless frauds and financiers.

[gandalf]

There’s no need for a ‘partisan pivot’. Last time I checked, the ‘NBC’ gang was supposed to be in the tank for Obama, right? So the NBC vs. Stewart thing being about Obama just doesn’t hold water.

This is pretty squarely about the hypocrisy at CNBC, Mad Money, Fast Money, Squawk Box, etc. and all these bogus “financial news” shows that fueled the bubble rather than reporting it as the fraud that it was.

I’m with ‘Market-Ticker’: all of the bums who participated in the BEZZLE need to exposed or indicted. Stewart shaming Cramer into oblivion is long overdue. Mad Money is going the way of ridiculous ‘Crossfire’…

BTW, notice Bloomberg is not really part of this discussion? How come? My take is, because they stayed *relatively* focused on being a credible source of financial news, not cheerleading reckless frauds and financiers.

[gandalf]

There’s no need for a ‘partisan pivot’. Last time I checked, the ‘NBC’ gang was supposed to be in the tank for Obama, right? So the NBC vs. Stewart thing being about Obama just doesn’t hold water.

This is pretty squarely about the hypocrisy at CNBC, Mad Money, Fast Money, Squawk Box, etc. and all these bogus “financial news” shows that fueled the bubble rather than reporting it as the fraud that it was.

I’m with ‘Market-Ticker’: all of the bums who participated in the BEZZLE need to exposed or indicted. Stewart shaming Cramer into oblivion is long overdue. Mad Money is going the way of ridiculous ‘Crossfire’…

BTW, notice Bloomberg is not really part of this discussion? How come? My take is, because they stayed *relatively* focused on being a credible source of financial news, not cheerleading reckless frauds and financiers.

[gandalf]

There’s no need for a ‘partisan pivot’. Last time I checked, the ‘NBC’ gang was supposed to be in the tank for Obama, right? So the NBC vs. Stewart thing being about Obama just doesn’t hold water.

This is pretty squarely about the hypocrisy at CNBC, Mad Money, Fast Money, Squawk Box, etc. and all these bogus “financial news” shows that fueled the bubble rather than reporting it as the fraud that it was.

I’m with ‘Market-Ticker’: all of the bums who participated in the BEZZLE need to exposed or indicted. Stewart shaming Cramer into oblivion is long overdue. Mad Money is going the way of ridiculous ‘Crossfire’…

BTW, notice Bloomberg is not really part of this discussion? How come? My take is, because they stayed *relatively* focused on being a credible source of financial news, not cheerleading reckless frauds and financiers.

[gandalf]

There’s no need for a ‘partisan pivot’. Last time I checked, the ‘NBC’ gang was supposed to be in the tank for Obama, right? So the NBC vs. Stewart thing being about Obama just doesn’t hold water.

This is pretty squarely about the hypocrisy at CNBC, Mad Money, Fast Money, Squawk Box, etc. and all these bogus “financial news” shows that fueled the bubble rather than reporting it as the fraud that it was.

I’m with ‘Market-Ticker’: all of the bums who participated in the BEZZLE need to exposed or indicted. Stewart shaming Cramer into oblivion is long overdue. Mad Money is going the way of ridiculous ‘Crossfire’…

BTW, notice Bloomberg is not really part of this discussion? How come? My take is, because they stayed *relatively* focused on being a credible source of financial news, not cheerleading reckless frauds and financiers.

[davelj]

[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.

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.[/quote]

I think Cramer USED to be one of those doing the duping. But I bet if you looked at his brokerage account statements you’d find that he’s been destroyed in this bear market. Perhaps as much as his viewers, or more. Now, for him maybe that means going from $80 million to $40 million (or whatever), but I bet his accounts have been hit big time. Cramer is an attention-seeking blowhard and I bet – for better or worse (mostly for worse these days) – that he eats a lot of his own cooking. My bet is he’s wealthy enough such that his life is more about ego gratification than money at this point (think “self-actualization” on Maslow’s Hierarchy of Needs). This whole episode is a huge embarrassment for him. And I bet he’s lost a boatload of money. (Also, recall that he faces enormous restrictions on his trading as a result of his show and thestreet.com ramblings – so he can’t trade like he used to.)

[davelj]

[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.

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.[/quote]

I think Cramer USED to be one of those doing the duping. But I bet if you looked at his brokerage account statements you’d find that he’s been destroyed in this bear market. Perhaps as much as his viewers, or more. Now, for him maybe that means going from $80 million to $40 million (or whatever), but I bet his accounts have been hit big time. Cramer is an attention-seeking blowhard and I bet – for better or worse (mostly for worse these days) – that he eats a lot of his own cooking. My bet is he’s wealthy enough such that his life is more about ego gratification than money at this point (think “self-actualization” on Maslow’s Hierarchy of Needs). This whole episode is a huge embarrassment for him. And I bet he’s lost a boatload of money. (Also, recall that he faces enormous restrictions on his trading as a result of his show and thestreet.com ramblings – so he can’t trade like he used to.)

[davelj]

[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.

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.[/quote]

I think Cramer USED to be one of those doing the duping. But I bet if you looked at his brokerage account statements you’d find that he’s been destroyed in this bear market. Perhaps as much as his viewers, or more. Now, for him maybe that means going from $80 million to $40 million (or whatever), but I bet his accounts have been hit big time. Cramer is an attention-seeking blowhard and I bet – for better or worse (mostly for worse these days) – that he eats a lot of his own cooking. My bet is he’s wealthy enough such that his life is more about ego gratification than money at this point (think “self-actualization” on Maslow’s Hierarchy of Needs). This whole episode is a huge embarrassment for him. And I bet he’s lost a boatload of money. (Also, recall that he faces enormous restrictions on his trading as a result of his show and thestreet.com ramblings – so he can’t trade like he used to.)

[davelj]

[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.

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.[/quote]

I think Cramer USED to be one of those doing the duping. But I bet if you looked at his brokerage account statements you’d find that he’s been destroyed in this bear market. Perhaps as much as his viewers, or more. Now, for him maybe that means going from $80 million to $40 million (or whatever), but I bet his accounts have been hit big time. Cramer is an attention-seeking blowhard and I bet – for better or worse (mostly for worse these days) – that he eats a lot of his own cooking. My bet is he’s wealthy enough such that his life is more about ego gratification than money at this point (think “self-actualization” on Maslow’s Hierarchy of Needs). This whole episode is a huge embarrassment for him. And I bet he’s lost a boatload of money. (Also, recall that he faces enormous restrictions on his trading as a result of his show and thestreet.com ramblings – so he can’t trade like he used to.)

[davelj]

[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.

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.[/quote]

I think Cramer USED to be one of those doing the duping. But I bet if you looked at his brokerage account statements you’d find that he’s been destroyed in this bear market. Perhaps as much as his viewers, or more. Now, for him maybe that means going from $80 million to $40 million (or whatever), but I bet his accounts have been hit big time. Cramer is an attention-seeking blowhard and I bet – for better or worse (mostly for worse these days) – that he eats a lot of his own cooking. My bet is he’s wealthy enough such that his life is more about ego gratification than money at this point (think “self-actualization” on Maslow’s Hierarchy of Needs). This whole episode is a huge embarrassment for him. And I bet he’s lost a boatload of money. (Also, recall that he faces enormous restrictions on his trading as a result of his show and thestreet.com ramblings – so he can’t trade like he used to.)

[gandalf]

I do agree Stewart and Colbert ‘lean left’, at least after the Bush years. But on this CNBC thing, Stewart is pretty squarely focused on bogus financial news ‘personalities’ and the ridiculous drivel they pass off as ‘news’…

I’ve got a ‘mixed’ take on Obama so far. I don’t like Geithner or Sumners. Response to crisis has been too ‘establishment’, propping up the bezzle. But I think the GOP response has been worse. So it’s basically, same as it ever was.

[gandalf]

I do agree Stewart and Colbert ‘lean left’, at least after the Bush years. But on this CNBC thing, Stewart is pretty squarely focused on bogus financial news ‘personalities’ and the ridiculous drivel they pass off as ‘news’…

I’ve got a ‘mixed’ take on Obama so far. I don’t like Geithner or Sumners. Response to crisis has been too ‘establishment’, propping up the bezzle. But I think the GOP response has been worse. So it’s basically, same as it ever was.

[gandalf]

I do agree Stewart and Colbert ‘lean left’, at least after the Bush years. But on this CNBC thing, Stewart is pretty squarely focused on bogus financial news ‘personalities’ and the ridiculous drivel they pass off as ‘news’…

I’ve got a ‘mixed’ take on Obama so far. I don’t like Geithner or Sumners. Response to crisis has been too ‘establishment’, propping up the bezzle. But I think the GOP response has been worse. So it’s basically, same as it ever was.

[gandalf]

I do agree Stewart and Colbert ‘lean left’, at least after the Bush years. But on this CNBC thing, Stewart is pretty squarely focused on bogus financial news ‘personalities’ and the ridiculous drivel they pass off as ‘news’…

I’ve got a ‘mixed’ take on Obama so far. I don’t like Geithner or Sumners. Response to crisis has been too ‘establishment’, propping up the bezzle. But I think the GOP response has been worse. So it’s basically, same as it ever was.

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