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If you haven’t seen the Jim Cramer Vs Jon Stewart interview from The Daily Show, you need to. I am not a regular viewer of The Daily Show. I have nothing against it, I enjoy it, I just don’t always have time for it. I made sure I made time this past Thursday though when I heard about the impending talk with Jim Cramer of CNBC’s Mad Money show. Essentially Mr. Stewart had started to take the entire cable network to task over their role in the current economic downturn. True, it is not their sole responsibility, but they certainly contributed to the over exuberant enthusiasm people had for the markets. Mr. Stewart, who is a comedian and hosts a television program dedicated to fake news, was the only thing close to a journalist that has had the gumption to take people such as Mr. Cramer to task for their total lack of warning to consumers of what was coming. The problem is that people such as Mr. Cramer claim to be experts on the economy and markets, but yet, mere weeks before the collapse of Bear Sterns, he was still saying it was a “buy”, and as the collapse neared, he moved simply to a “hold”. Well, we all know how that worked out now. I have embedded the videos (warning: uncensored language) of the interview below, and I will have more thoughts below them.
Is this what journalism has come to? That I have to turn to a comedian to deliver one of the news stories that I should have been seeing from professional journalists for months now? People such as Jim Cramer must be called on all of their “shenanigans” that they have carried on with for years. Where were these “experts” trying to warn people that bad times were coming? Even I could see it for crying out loud! I knew the new housing start numbers were insanely out of control the past few years, and I tried to warn people of such. There is, however, a large difference between someone like me trying to tell people and someone with a national audience trying to tell people, but, no, they sat around singing happy songs of this magical financial land where unicorns pranced through the daisies and all was good and right with the world.
In the second video Jon Stewart bluntly calls Cramer on something I have thought for years: this is a game to some people. There is no doubt in my mind that a lot of people view finances as a game, it’s all fake money on paper, what does it matter? Well it matters to people like myself and the people who read this blog. This is our retirements, our college funds for children, our homes and more that people like Cramer played with. Well, the game is over, the King is in check, and I, for one, thank Jon Stewart for having the guts to finally spell it out for people that you must stop listening to so-called “experts”. Cramer bluntly spells out in the video clips that Stewart shows how one can manipulate stock values with little to no effort. Are these people you still want to trust to advise you on how to invest in your future?
Stop the madness, folks. Invest in safe, secure items, and stop thinking that you can get rich easy by playing the markets, because believe me, for every one that pulls it off, thousands fail. Don’t become a statistic.