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Jon Stewart, Jim Cramer square off over markets

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The Associated Press

Date: Fri. Mar. 13 2009 7:59 AM ET

NEW YORK — Jon Stewart hammered Jim Cramer and his network, CNBC, in their anticipated face-off on "The Daily Show," repeatedly chastising the "Mad Money" host for putting entertainment above journalism.

"I understand that you want to make finance entertaining, but it's not a ... game," Stewart told Cramer, adding in an expletive during the show's Thursday taping. The episode aired at 11 p.m. ET on The Comedy Network and 12:00 a.m. on CTV in Canada.

It was perhaps the hardest lashing Stewart has given to a TV commentator since 2004 when he called Tucker Carlson and his then co-host Paul Begala "partisan hacks" on CNN's "Crossfire," the since cancelled political commentary program.

The program opened in mock hype of the confrontation, which caught headlines through the week as each snipped at the other over the air. The show announced it as "the weeklong feud of the century."

In his opening, Stewart announced that it was "go time." He played a video clip of Cramer's Thursday guest appearance on "The Martha Stewart Show" in which Cramer beat a mound of dough, pretending it was Stewart.

Said Stewart: "Mr. Cramer, don't you destroy enough dough on your own show?"

Once Cramer came out for the interview, Stewart wondered: "How the hell did we get here?"

Cramer, his sleeves characteristically rolled up, said he was a "fan of the show."

But the humorous tone -- at least for Stewart -- changed as the interview continued.

Stewart repeatedly said Cramer wasn't his target, but aired clip after clip of the CNBC pundit.

"Roll 210!" announced Stewart, like a prosecutor. "Roll 212!"

Most were from a 2006 interview not meant for TV in which Cramer spoke openly about the duplicity of the market.

"I can't reconcile the brilliance and knowledge that you have of the intricacies of the market with the crazy ... I see you do every night," said the comedian.

Stewart said he and Cramer are both snake-oil salesman, only "The Daily Show" is labelled as such.

He claimed CNBC shirked its journalistic duty by believing corporate lies, rather than being an investigative "powerful tool of illumination."

And he alleged CNBC was ultimately in bed with the businesses it covered -- that regular people's stocks were "capitalizing on your adventure."

For his part, Cramer disagreed with Stewart on a few points, but mostly acknowledged that he could have done a better job foreseeing the economic collapse: "We all should have seen it more."

Cramer said CNBC was "fair game" to the criticism and acknowledged the network was perhaps overeager to believe the information it was fed from corporations.

"I, too, like you, want to have a successful show," said Cramer, defending his methods on "Mad Money." He later added: "Should we have been constantly pointing out the mistakes that were made? Absolutely. I truly wish we had done more."

Cramer insisted he was devoted to revealing corporate "shenanigans," to which Stewart retorted: "It's easy to get on this after the fact."

At one point, Cramer sounded the reformed sinner, responding to Stewart's plea for more levelheaded, honest commentary: "How about I try that?" said Cramer. "I'll do that."

By the end, the two-segment interview went far beyond its allotted time. Comedy Central said the on-air version would be cut by about eight minutes, though the entire interview would be available unedited on ComedyCentral.com on Friday.

Comments are now closed for this story

Jeff from Woodstock
said

It must be a slow news day, when we are discussing two American TV hosts battling over an economic melt down that is putting the world into a recession that might last some time..

I would prefer to talk about bunny rabbits myself.....


mike in montreal
said

Though this is more entertainment hype than anything else, Stewart has a point. That said, no one person is right 100% of the time. I've watched Mad Money, but I do so critically. Some things I agree with some of his claims are off base. If you are in the market, you should know better than to follow one person's opinion, especially when he is marketing to the masses. Take it as it is - entertainment with random pieces of valuable information...nothing more, nothing less


DEE
said

It is kind of sad state of affairs when a comedy/satire show is doing a better job reporting the news then the mainstream media.


Jordan in Halifax
said

Jon Stewart is misdirecting his anger at Jim Cramer. Stewart, like every other person in the world who has been touched by this financial crisis has the right to be angry, but the people he should be lashing out against are the ceo's, regulatory bodies, short sellers, and Bernie Madoff's of the world who let their greed and lust for money drive them to lie, cheat and steal from investors. Cramer did not create the financial crisis. The man has not been an active trader for a long time, and left that business because he felt he could do more good trying to educate people about the market. No one has a crystal ball, and no one, not even Warren Buffett has come out of this without making some bad stock picks, so why single out Cramer? What he provides is an entertaining way to engage everyday people to take an interest in the market, do research, and take an active approach to investing their money rather than entrust it blindly to a broker or mutual fund sales rep who may or may not be making recommendations based on commission earnings and trailers instead of practical advise. The only thing Cramer is guilty of is trying to get Main Street engaged in investing.


fromto
said

I love Jon Stewart and Colbert and they both seem to be the most levelheaded and reasonable commentators than all of these so-called "experts" they have on tv! Cramer is a pathetic joke and I am glad that Stewart called him and the other "pundits" on the BS they feed on their shows! I hope they learn from this and are tougher on the billionaires and people who are in charge of a lot of hard-earned money!


Stephen B
said

Jon Stewart is one to talk. People who live in glass houses should not throw stones.


Daily fan
said

I watched the show last night. It sounded like Crammer would break down and cry at any minute. For me, this has to be one of the 2 or 3 shows I've seen of the Daily Show where there was nothing to laugh at. Too bad, we could use a little humour right about now.


J Kat
said

I've known about, read and followed Cramer since long before his show. There is no doubt he personally knew what was coming. Cramer is/was just about the most knowledgeable and skilled fund/money manager in the biz.

This just goes to show how big TV and big corporations sway and influence the media and what people see when they tune-in.

Cramer isn't a bad guy, he just has to tell it the way the network says it is for the most part.


Dave from Toronto
said

It was a very good segment. John Stewart hit a number of points dead on. The American news media needs to do better, actually report, investigate and actually give good reporting to the general public.
America as a whole was a giant financial fraud. Every sector. And the public was complacent for their unrealistic expectiations of 10% return year after year.
The good stable companies who earned 4-7% were hammered in previous years for their "below" average returns.


Rick in SK
said

The only group of economists and financial advisors that correctly and consistently predicted this depression were followers of the Austrian school of economics and I don’t think Jon Stewart is a fan of their's. So if I were Cramer I would not worry too much about what Stewart thinks of me.


Steve the Pundit
said

Couple of points:

- Any "investor" that would take investment advice from a TV show (Cramer's or otherwise) deserves whatever fate happens to their investment. Your financial future is serious business; take the time to do proper research, with a trained advisor that understands your goals, and without shortcuts.

- Jon Stewart's "outrage" against Cramer strikes me as disingenuous. Cramer "amped up" his comments in the name of ENTERTAINMENT, something that Stewart does every night. Really the pot calling the kettle black. I think Stewart's "jumped the shark" on this one.


Mark B from Winnipeg
said

Jon Stewart is nothing but a crap-disturber (and I'm using the word crap because the word I really want to use would not be considered appropriate for this website).

It's only because he's left-leaning that the mainstream media won't put him back down into his place.


Ed. B Tzee
said

While I agree with most of what John Stewart's points were, there were some things said that seemed to absolve the 'people'. Let's not forget that a large part of this crisis is based on greed: people borrowing more than they can afford to buy a house bigger that what they need and the people gladly selling them the mortages knowing any disruption (loss of job, interest rate jump) will cause them to default.


Calgarian
said

Stewart has an excellent point… it's not only the financial Media that is messed up, it's all news (American anyway) media that has turned the news into entertainment. News has become a farce, it is out to stir up emotions not report facts. It has become all about ratings and not about journalism and reporting. They have become good at tapping into our worst basic instincts such as anger, hatred, greed and our perverse sense of voyeurism (we love to see things happen to other people). News has become like the small town Old Ladies who sit around and gossip, basing nothing on fact but entertaining themselves by hating everything and everyone. News has become reality TV, and all Journalists and broadcasters need to reflect on what they are dishing us.

Was it just me but was Cramer's on the verge of tears?

Way to go Stewart!


Christine
said

Say you are a capable financial analyst but over the years you've been sucked in by your employer into saying the most outrageous and dishonest stuff...

Say that out there is a guy you know is free to denounce said network (employer) without you having to do the declaration outright but rather as a response to "pounding" by this guy...

What would be the safest way to allow it to happen? Maybe let a little pretend feud occur over the air and ending up having to respond, or rather be lectured, on air by the said guy who can tell the world what you think without you breaching your contract...

all I have to say.


Mike - NWO
said

Jeff,

If you would have watched the interview you wouldn't say that this news report is not news.

More guys like Jim Cramer need to be taken to task on what has happened. It's just unfortunate that the Mortgage broker and bank execs won't go on the show with Jon Stewart.

By the way, although Jon Stewart is unbelievably funny, he is also really smart. What's sad is that Jon Stewart is more of a journalist than some of these "so called' experts like Jim Cramer.

Oh, and Jim Cramer does know his stuff and that's the problem. Guys like Jim Cramer made a fast buck through derivatives and basically fake money, knowing all to well that everything was going to collapse.


WDR
said

Kudos to Cramer for at least appearing on the Daily Show. (Then again, it's all hucksterism anyways, isn't it.)

The difference between Cramer's show and the Stewart's is one bills itself as a parody while the other purports to be real business news. Un-educated and educated people do not make business decisions based on The Daily Show.


Mike
said

Stewart is upset that the United States media does not do a good job of reporting the truth in an unbiased fashion with journalistic integrity? Is that what he is just now figuring out? Just for Mr. Stewart's edification deception and B.S. are the cornerstones of your country ... USA!USA!USA! etc. etc. etc.


jamez
said

Just another example of corporate owned and content controlled media using weapons of mass distraction to side track you from asking questions about real issues. Like:Did the banks and their buddies take a bunch of money and leave us hoding the bag?


Michael (Ottawa)
said

CNBC financial folks have been the "don't worry be happy crowd" for too long now. They are just NOT in touch with reality.... more like a comedy show than anything else....ask Peter Grandich a well respected analyst.




Remarkable
said

I watched the interview last night and I have never seen Jon Stewart as serious as he was last night.

He tore this guy a part on national TV and like Stewart said, people's investments and finance are not a joke!

People's hard earned money and retirement have all but vanished, while these greedy wall street thugs, have literally gotten away with crime after crime.

The only person who has been nailed so far is Madoff, but there should be a lot more.

Unfortunatley, you have to laugh, but Jon Stewart and his show have more facts then some of these so called all news channels. More entertaining to watch as well.


jay
said

Lets see I can take the advice of a actually person who has done well in the stock market or of some hack with a TV show who attacks everyone conservative who show is not even funny! I will pick the first one.


JP
said

It was an excellent episode. You should all go watch it on youtube or something because John Stewart really got to the heart of the whole matter. Don't poo-poo it without watching it.


Stephen from Toronto
said

Stewart's point to was to show that Cramer (and others at MSNBC) were in the pockets of the this corporations. He said that as the common man saved for retirement, these businesses took their life savings and gambled with it, trying to make a quick buck. When everthing collapsed, the average person was left with nothing while wall street ran off with millions. This was the absolute best Steward has ever been and at one point, Cramer's voice quivered as if he was going to cry. I've seen mad money and I've seen the clips that Stewart showed. Cramer was purposely feeding people incorrect advise. In America, I can see how this interview could possibily lead to lawsuits against MSNBC and Cramer for broadcasting bad advice. As Stewart said last night, what Cramer did was criminal at worse.


Don from Ottawa
said

As far as I am concerned they are BOTH sleaze merchants. Cramer is a living example of what investing is NOT all about, while Stewart makes his living bashing easy targets over and over again until it's just not funny. What is he going to do without George Bush?

I'd rather watch paint dry.


SS
said

"jay-
Lets see I can take the advice of a actually person who has done well in the stock market or of some hack with a TV show who attacks everyone conservative who show is not even funny! I will pick the first one."

Hey Jay, if you were paying attention, or knew the Daily Show at all, you'd notice how Stewart (and the others) frequently point out that his show is a FAKE news show! It's for entertainment, and he's not claiming to be able to give you financial advice!
Unlike Cramer, who has a frickin' logo "In Cramer We Trust"... so who is the real FAKE?

I love the Daily Show because they do present facts along with their humour and "bashing" as some people call it. John Stewart is smarter than many people give him credit for. After all, a good portion of comedy often comes from being a keen observer.

Again, they are an satire news show! It's not their mandate to be unbiased! They get you talking about things don't they? Call it what you want, but it's no more biased than some other 'real' news networks have become...



GP
said

Stewart nailed the situation on the head. Stewart, who graduated second in his class from one of the most prestigious Ivy League Universities in America, clearly articulated the situation and frustration that I know I certainly have towards our completely broken investment system, and the politicians and media that have in effect stood by and let it happen. I believe the politicians have done this because they have trusted advisors which are in the pockets of Big Money, or too stupid to understand what was going on and too vain to admit it…typical for people in places of power.

So will anything change…will the taxpayers/consumers that have capitalized Big Money’s greedfest and are now picking up the tab for lax regulation get anything out of this? Every 10 or so years another scam comes out that the taxpayer pays for. Until the system is forced to work from a prospective of balance, fairness, and sustainability it will only get worse until it eventually brakes down completely.

My real concern is why are our leaders not taking up our fight, which is also in their long term interests…proof of more short term gain before long term thinking.


BC Boy
said

Jon Stewart is the most honest and incisive observer of news events in the media. He has proven that satire is an entertaining way to reveal the truth without getting sued.


Gail (Hamilton)
said

Jim Cramer is a tv entertainer at best to boost his station's ratings. I would no more get market advice from Cramer, than I would believe the news given by Jon Stewart. Both are clowns seeking self praise.


Canuck in Bellingham WA
said

Well put Calgarian.

The news tends to be a prositute. They say "look at our journalistic integrity" then proceed to put a slant on a story, not giving both sides, and try to make it as sensationalistic as possible.

Being a skeptic the thing that pisses me off that they will do a fluff piece on pyschics or ufo's like it's all in good fun without representing the other side. They should say these people are all scam artists or morons.

John Stewart is fairly left wing. No big deal. He deals with serious issues in an entertaining way. The public hates being bored with nothing but the facts.


Cambob
said

What makes comedy funny, is that there is an underlying truth to the humour.

It may not be as exciting as bunny rabbits, but it does have value to those who enjoy a good chuckle.


Pip
said

maybe all the "talking heads are to blame for the problems of the world. Too much talk, not enough action, opinion presented as "news' or even fact.


Edward G. Weston
said

To GP:
you state: "Stewart, who graduated second in his class from one of the most prestigious Ivy League Universities in America"
Where did you get this information? This was his joke.

Stewart isn't first to hit the nail on the head. We already know the cause of the whole financial meltdown and it was a combination of things.


3 Wastes of Good Air
said

Sleazeball entertainment at its finest. Stewart and his shadow Colbert aren't journalists their entertainers and not very good ones at that. As for Cramer anyone who takes advice on investing from a TV show and not an investment councillor deserves to be on food stamps. Move over Don, I'll watch that paint dry with you!


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