Jim Cramer gets Pounded by John Stewart on the Daily Show

[davelj]

[quote=Allan from Fallbrook]Dave: Okay, and I’m retorting a little tongue in cheek here, but, dude! While I would certainly concur that certain folks aren’t equipped to own stocks, I would also point out that your post is, in part, somewhat disingenuous.

In terms of valuation and volatility, we have parts of an entire industry (MBS) that were literally shit marketed as gold and done so with the implicit and explicit support of rating agencies (like Moody’s and Fitch), investment banks (like Bear Stearns and Lehman Bros) and blue chip insurers (like AIG). You have instruments that would be lucky to be considered junk bonds marketed as AAA rated and sold as such to buyers and buyers whose only mistake was trusting the rating agencies, bankers and insurance companies.

The entire finance system is driven by trust and, through a nearly insane confluence of greed, deceit and hubris, it was nearly blown up. You yourself made the point that we’re not facing a credit crunch, rather we’re confronting the fact that there are billions of dollars of crappy assets out there, soiling up the balance sheets of thousands of companies, banks and funds and that’s causing lending to seize up.

For you to say, “Well, the average investor is temperamentally ill-equipped to accept the volatility” simultaneously avoids certain realities and obscures the fact that the folks selling this trash were literally trying to mis-price the risk right out of the market.

As a banker, I’d think you’d have to admit that the re-pricing of that risk effect is having especially vicious consequences right now: The self same “crappy assets” scenario writ large. [/quote]

I agree that the entire finance system is driven by trust. But here’s an obvious fact: There’s been too much trust placed in various parts of the system. Consequently, risk has been trading at a steep discount for 15 years. Now that the risk is real, right in front of our eyes, it trades at the premium it should have many years back. Put another way, the risk premium across almost all assets has been too small for many years. Now the risk premium is reasserting itself. Although painful in the short term, this is a good thing for the long term.

Where the rating agencies are concerned… again, like equity purchasers, anyone who buys securities blindly based on a rating agency’s assessment of a security’s strength is begging for trouble. (That’s part of the whole problem!) There’s been too much “outsourcing” of analysis over the last 20 years. People – and institutions (like banks!) – have to make their own judgments regarding the securities they invest in. This will probably mean higher risk premiums and lower valuations going forward. But, again, this is a good thing.

So, yeah, these are particularly perilous times. And it’s moderately – although not considerably – worse than I would have thought. But, like securities and the economy, life is volatile. It’s best to accept that fact and work it into your game plan. Whether you’re an individual or a business. To paraphrase Ronald Reagan: “Trust… but for God’s sake verify as well.” There’s been too much trusting and not enough verifying. That’s changing. As it should.

[SanDiegoDave]

gandalf:

The title of the thread is: “Jim Cramer gets Pounded by John Stewart on the Daily Show”

I did not “thread-jack” anything. My analysis of the Daily Show segment is that Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill. My belief is that if Cramer had never criticized Obama, the entire Daily Show incident would never have happened. Where Obama is concerned, Stewart is guilty of the same thing he’s accusing CNBC of: being a cheerleader and refusing to take an objective stance borne from critical thinking.

I actually think Stewart is correct about CNBC! But he’s also a stark raving hypocrite, and that needed to be pointed out in the context of what happened on the show.

You disagree? Fine. Then tell me why I’m wrong. But my opinion and post are germane to this thread.

[SanDiegoDave]

gandalf:

The title of the thread is: “Jim Cramer gets Pounded by John Stewart on the Daily Show”

I did not “thread-jack” anything. My analysis of the Daily Show segment is that Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill. My belief is that if Cramer had never criticized Obama, the entire Daily Show incident would never have happened. Where Obama is concerned, Stewart is guilty of the same thing he’s accusing CNBC of: being a cheerleader and refusing to take an objective stance borne from critical thinking.

I actually think Stewart is correct about CNBC! But he’s also a stark raving hypocrite, and that needed to be pointed out in the context of what happened on the show.

You disagree? Fine. Then tell me why I’m wrong. But my opinion and post are germane to this thread.

[SanDiegoDave]

gandalf:

The title of the thread is: “Jim Cramer gets Pounded by John Stewart on the Daily Show”

I did not “thread-jack” anything. My analysis of the Daily Show segment is that Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill. My belief is that if Cramer had never criticized Obama, the entire Daily Show incident would never have happened. Where Obama is concerned, Stewart is guilty of the same thing he’s accusing CNBC of: being a cheerleader and refusing to take an objective stance borne from critical thinking.

I actually think Stewart is correct about CNBC! But he’s also a stark raving hypocrite, and that needed to be pointed out in the context of what happened on the show.

You disagree? Fine. Then tell me why I’m wrong. But my opinion and post are germane to this thread.

[SanDiegoDave]

gandalf:

The title of the thread is: “Jim Cramer gets Pounded by John Stewart on the Daily Show”

I did not “thread-jack” anything. My analysis of the Daily Show segment is that Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill. My belief is that if Cramer had never criticized Obama, the entire Daily Show incident would never have happened. Where Obama is concerned, Stewart is guilty of the same thing he’s accusing CNBC of: being a cheerleader and refusing to take an objective stance borne from critical thinking.

I actually think Stewart is correct about CNBC! But he’s also a stark raving hypocrite, and that needed to be pointed out in the context of what happened on the show.

You disagree? Fine. Then tell me why I’m wrong. But my opinion and post are germane to this thread.

[SanDiegoDave]

gandalf:

The title of the thread is: “Jim Cramer gets Pounded by John Stewart on the Daily Show”

I did not “thread-jack” anything. My analysis of the Daily Show segment is that Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill. My belief is that if Cramer had never criticized Obama, the entire Daily Show incident would never have happened. Where Obama is concerned, Stewart is guilty of the same thing he’s accusing CNBC of: being a cheerleader and refusing to take an objective stance borne from critical thinking.

I actually think Stewart is correct about CNBC! But he’s also a stark raving hypocrite, and that needed to be pointed out in the context of what happened on the show.

You disagree? Fine. Then tell me why I’m wrong. But my opinion and post are germane to this thread.

[afx114]

[quote=SanDiegoDave]Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill.[/quote]

*sigh* …. for the last time, Stewart did not go after Cramer. Stewart went after CNBC, at which point Cramer went after Stewart. Did you watch Cramer on Morning Joe? How about The Today Show? Surely you caught him on Martha Stewart, kneading dough and bashing it with a rolling pin as if it was John Stewart.

I really wonder why I even bother sometimes. It would probably be easier for me to just blame everything on Obama.

[afx114]

[quote=SanDiegoDave]Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill.[/quote]

*sigh* …. for the last time, Stewart did not go after Cramer. Stewart went after CNBC, at which point Cramer went after Stewart. Did you watch Cramer on Morning Joe? How about The Today Show? Surely you caught him on Martha Stewart, kneading dough and bashing it with a rolling pin as if it was John Stewart.

I really wonder why I even bother sometimes. It would probably be easier for me to just blame everything on Obama.

[afx114]

[quote=SanDiegoDave]Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill.[/quote]

*sigh* …. for the last time, Stewart did not go after Cramer. Stewart went after CNBC, at which point Cramer went after Stewart. Did you watch Cramer on Morning Joe? How about The Today Show? Surely you caught him on Martha Stewart, kneading dough and bashing it with a rolling pin as if it was John Stewart.

I really wonder why I even bother sometimes. It would probably be easier for me to just blame everything on Obama.

[afx114]

[quote=SanDiegoDave]Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill.[/quote]

*sigh* …. for the last time, Stewart did not go after Cramer. Stewart went after CNBC, at which point Cramer went after Stewart. Did you watch Cramer on Morning Joe? How about The Today Show? Surely you caught him on Martha Stewart, kneading dough and bashing it with a rolling pin as if it was John Stewart.

I really wonder why I even bother sometimes. It would probably be easier for me to just blame everything on Obama.

[afx114]

[quote=SanDiegoDave]Stewart went after Cramer solely because Cramer was critical of Obama’s stimulus package and budget bill.[/quote]

*sigh* …. for the last time, Stewart did not go after Cramer. Stewart went after CNBC, at which point Cramer went after Stewart. Did you watch Cramer on Morning Joe? How about The Today Show? Surely you caught him on Martha Stewart, kneading dough and bashing it with a rolling pin as if it was John Stewart.

I really wonder why I even bother sometimes. It would probably be easier for me to just blame everything on Obama.

[SanDiegoDave]

afx114… your timeline is off.

From Robert Bianco via USA Today:

“…the feud began when Stewart’s Comedy Central series, The Daily Show, answered Santelli’s rant against the bad judgment shown by homeowners with a video reel mocking CNBC’s own bad judgment in covering the economic meltdown. Cramer complained that the reel took some of his comments out of context, which led Stewart to do an even funnier, nastier clip reel aimed solely at him.”
(emphasis mine)

That line, about Cramer complaining that his comments were taken out of context, was in an article Cramer wrote that was dealing with the larger issue of Obama and the budget & stimulus (and all the grief Cramer was getting for his criticism of it). All of this happened before the Martha Stewart and Morning Joe appearances.

My opinion is that Stewart opted escalate the issue with Cramer due to Cramer’s critical analysis of Obama – not because he genuinely wanted to get into the nuances of financial journalism.

That is how Stewart operates. He rarely ever debates people on the merits of anything. He instead goes after them ad hominem – finding any instance of contradiction they have ever had or a personal mistake they made in their life, and then magnifies it in Daily Show style.

I’m not defending Jim Cramer here. He’s a big boy and will sleep in the bed he made. I’m just pointing out that in all the reporting and blog posting that has been going on, what’s being left out are what I consider to be Stewart’s true motivations. Some may disagree with me on it. But after observing the guy and The Daily Show for many years, it was obvious to me what really irked him about Cramer.

[SanDiegoDave]

afx114… your timeline is off.

From Robert Bianco via USA Today:

“…the feud began when Stewart’s Comedy Central series, The Daily Show, answered Santelli’s rant against the bad judgment shown by homeowners with a video reel mocking CNBC’s own bad judgment in covering the economic meltdown. Cramer complained that the reel took some of his comments out of context, which led Stewart to do an even funnier, nastier clip reel aimed solely at him.”
(emphasis mine)

That line, about Cramer complaining that his comments were taken out of context, was in an article Cramer wrote that was dealing with the larger issue of Obama and the budget & stimulus (and all the grief Cramer was getting for his criticism of it). All of this happened before the Martha Stewart and Morning Joe appearances.

My opinion is that Stewart opted escalate the issue with Cramer due to Cramer’s critical analysis of Obama – not because he genuinely wanted to get into the nuances of financial journalism.

That is how Stewart operates. He rarely ever debates people on the merits of anything. He instead goes after them ad hominem – finding any instance of contradiction they have ever had or a personal mistake they made in their life, and then magnifies it in Daily Show style.

I’m not defending Jim Cramer here. He’s a big boy and will sleep in the bed he made. I’m just pointing out that in all the reporting and blog posting that has been going on, what’s being left out are what I consider to be Stewart’s true motivations. Some may disagree with me on it. But after observing the guy and The Daily Show for many years, it was obvious to me what really irked him about Cramer.

[SanDiegoDave]

afx114… your timeline is off.

From Robert Bianco via USA Today:

“…the feud began when Stewart’s Comedy Central series, The Daily Show, answered Santelli’s rant against the bad judgment shown by homeowners with a video reel mocking CNBC’s own bad judgment in covering the economic meltdown. Cramer complained that the reel took some of his comments out of context, which led Stewart to do an even funnier, nastier clip reel aimed solely at him.”
(emphasis mine)

That line, about Cramer complaining that his comments were taken out of context, was in an article Cramer wrote that was dealing with the larger issue of Obama and the budget & stimulus (and all the grief Cramer was getting for his criticism of it). All of this happened before the Martha Stewart and Morning Joe appearances.

My opinion is that Stewart opted escalate the issue with Cramer due to Cramer’s critical analysis of Obama – not because he genuinely wanted to get into the nuances of financial journalism.

That is how Stewart operates. He rarely ever debates people on the merits of anything. He instead goes after them ad hominem – finding any instance of contradiction they have ever had or a personal mistake they made in their life, and then magnifies it in Daily Show style.

I’m not defending Jim Cramer here. He’s a big boy and will sleep in the bed he made. I’m just pointing out that in all the reporting and blog posting that has been going on, what’s being left out are what I consider to be Stewart’s true motivations. Some may disagree with me on it. But after observing the guy and The Daily Show for many years, it was obvious to me what really irked him about Cramer.

[SanDiegoDave]

afx114… your timeline is off.

From Robert Bianco via USA Today:

“…the feud began when Stewart’s Comedy Central series, The Daily Show, answered Santelli’s rant against the bad judgment shown by homeowners with a video reel mocking CNBC’s own bad judgment in covering the economic meltdown. Cramer complained that the reel took some of his comments out of context, which led Stewart to do an even funnier, nastier clip reel aimed solely at him.”
(emphasis mine)

That line, about Cramer complaining that his comments were taken out of context, was in an article Cramer wrote that was dealing with the larger issue of Obama and the budget & stimulus (and all the grief Cramer was getting for his criticism of it). All of this happened before the Martha Stewart and Morning Joe appearances.

My opinion is that Stewart opted escalate the issue with Cramer due to Cramer’s critical analysis of Obama – not because he genuinely wanted to get into the nuances of financial journalism.

That is how Stewart operates. He rarely ever debates people on the merits of anything. He instead goes after them ad hominem – finding any instance of contradiction they have ever had or a personal mistake they made in their life, and then magnifies it in Daily Show style.

I’m not defending Jim Cramer here. He’s a big boy and will sleep in the bed he made. I’m just pointing out that in all the reporting and blog posting that has been going on, what’s being left out are what I consider to be Stewart’s true motivations. Some may disagree with me on it. But after observing the guy and The Daily Show for many years, it was obvious to me what really irked him about Cramer.

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