In case you didn't know already, Jon Stewart is the host of the uber-popular "Daily Show", while Jim Cramer is the host of "Mad Money with Jim Cramer" on CNBC. Cramer is also a frequent contributor on Thestreet.com, amongst other sites.
In 2008, the Fox Business Network targeted Cramer and CNBC. FBN took out ad space in both the New York Times and the Wall Street Journal, pointing out Cramer's recent comments about Bear Stearns, and inviting viewers to watch their "credible network".
Almost a year to the day of Cramer uttering these now-famous words about Bear Stearns, Jim now finds himself as the focus of multiple attacks from the "Daily Show".
In order to understand just what is going on, you need to first view this clip of Jim Cramer speaking about Bear Stearns from March of 2008. Much of the criticism of Jim Cramer stems from these comments:
Last week, Rick Santelli (of CNBC) was apparently supposed to appear on the "Daily Show", but ended up canceling. This drew the ire of Jon Stewart, who launched an attack on some prominent market commentators (including Jim Cramer), and some of their famously bad calls.
Cramer took offense to this clip, penning an article on Mainstreet.com titled "Cramer Takes on the White House, Frank Rich and Jon Stewart". He argued that his quote about Bear Stearns was taken out of context, and that the idea that he recommended Bear Stearns a week before it collapsed is an "urban legend". You can read his comments here.
Jon Stewart, in a new segment on March 9th, pointed out that Jim Cramer very clearly told his followers to buy Bear Stearns earlier in the year:
Cramer then appeared on the Today Show earlier today (March 10th), and was forced to watch the Daily show segment:
What's your take? Does Cramer deserve this treatment, or is the "Daily Show" being overly harsh?
Comment by The Excalibur on March 10, 2009 @ 7:42 pm
Well, on one hand, Cramer makes calls every day, and is bound to make some really bad picks (just statistically speaking)
On the other hand, this is the life that Cramer has chosen for himself. He clearly loves being in the spotlight, or else he would be content to sit at home and count his millions.
This is not a fight that Cramer can win - I would suggest to him that he shut his mouth and hopefully it will go away. The more he fights, the worse he looks.
--
Comment by Mike on March 11, 2009 @ 4:35 am
Why is Cramer even responding? He's digging himself deeper and deeper..
--
Comment by Mac on March 11, 2009 @ 10:55 am
Cramer deserves its because he makes like he is the source of all knowledge to a lot of novice investors. He should lay off the I know everything approach.. He doesn't even explain to his flock what a Bear Market Is....
--
Comment by cramerfan on March 11, 2009 @ 8:48 pm
I continue to be impressed with how profoundbly wrong Cramer is, so often. Yet he has the audacity to act smarter than people who have built businesses, created jobs, and actually had to make decisions for a living. All Cramer has to do is look in the mirror and criticize those who are trying to create. Except for when he offers advice.
Which would make him the charter member of the hall of shame for business journalists.
Click Here to Subscribe to My Free Newsletter
In case you didn't know already, Jon Stewart is the host of the uber-popular "Daily Show", while Jim Cramer is the host of "Mad Money with Jim Cramer" on CNBC. Cramer is also a frequent contributor on Thestreet.com, amongst other sites.
