Jon Stewart vs. Jim Cramer

[Alex]

I don't have a problem with Stewart doing it and for the most part his points are extremely valid.

That said, I did feel that Stewart was a bit fair in technique in that he'd lead with a video specifically highlighting something Cramer did and then when Cramer tried to defend himself personally Stewart would respond with "this isn't about you, and to prove it here is another clip of you."

Also, the examples of "shenanigans" that Stewart was providing didn't really have much to do with the structural causes of our current economic problems and so, to a degree Stewart was arguing the point about the press and business being complicit in knowingly running up and then ruining the economy.

Unfortunately that is where I part ways with Stewart apparent view. I agree that the press and business leaders should have known, and some did know but that they were deluding themselves rather than simply deceiving the hoi polloi. And by categorizing as malice what was more likely simple stupidity, it prevents us from properly addressing how future repeats might be avoided.

By the way, I read it last week and Daniel Gross's Dumb Money is a very good overview of that slide into self-deception and how it is a cycle that pretty dramatically repeats itself with each bubble and somehow we individually and socially never seen to figure out how to avoid it.

[Ghoulish Delight]

Originally Posted by Alex

Unfortunately that is where I part ways with Stewart apparent view. I agree that the press and business leaders should have known, and some did know but that they were deluding themselves rather than simply deceiving the hoi polloi. And by categorizing as malice what was more likely simple stupidity, it prevents us from properly addressing how future repeats might be avoided.

Malicious or not, it should be clear to them, and everyone, in hindsight that the, admitted on tape, actions of the Cramers of the world were complicit in the societal delusion. What gets me, and to me makes Cramer and CNBC perfectly valid targets of Stewart, is their continual claims of, "We're just making our best guesses, we aren't prognosticators, we disclaim everything we say, everyone knows it's just advice." Even in hindsight. Even after admitting that they purposefully manipulate the market. I mean geez, there you had Cramer, faced with clips of him saying, "Yes, I artificially manipulated the market, and I recommend anyone in my position do the same," coming back and say, "No, no, I never did that, I just expose the fact that that happens." It's that level of bald faced deceit (even if it's because they are so good at it that they're even deceiving themselves) that I think deserves some serious ridiculing. Hell, it looked to me like Stewart might have given Cramer a glimmer of perspective on what he's said and done, that alone might be a good thing.

I do wish John had gone a little more into CNBC as a whole, rather than beating the dead Cramer horse. But then, perhaps he would have gotten flack for bringing things like that up with someone supposedly advertised as an entertainment host.