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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.
- WATCH: Uncut interview on The Comedy Network's Video Player
- WATCH: Episode on The Comedy Network's Video Player
- WATCH: CNN report on CTV News Video Player
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.
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I applaud the budget, even though Health Care and education may stay unscathed. Sadly this cannot last and I worry to later this year where cuts will become enviable. If anything, this provides the Wildrose Alliance plenty of ammo when an election is called.









Comments are now closed for this story
Jeff from Woodstock
said
I would prefer to talk about bunny rabbits myself.....
mike in montreal
said
DEE
said
Jordan in Halifax
said
fromto
said
Stephen B
said
Daily fan
said
J Kat
said
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
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
Steve the Pundit
said
- 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
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
Calgarian
said
Was it just me but was Cramer's on the verge of tears?
Way to go Stewart!
Christine
said
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
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
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
jamez
said
Michael (Ottawa)
said
Remarkable
said
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
JP
said
Stephen from Toronto
said
Don from Ottawa
said
I'd rather watch paint dry.
SS
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."
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
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
Gail (Hamilton)
said
Canuck in Bellingham WA
said
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
It may not be as exciting as bunny rabbits, but it does have value to those who enjoy a good chuckle.
Pip
said
Edward G. Weston
said
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