stewart v cramer
March 13th, 2009
“i understand you want to make finance entertaining, but it’s not a fucking game“.
john stewart skewers CNBC financial expert jim cramer on why particularly supposed “MEDIA” people and experts like himself let the market collapse go on without warning when they saw it coming, and possibly even supported it happening by reporting information they knew was either wrong and/or omitting key information, presumably for their won benefit.
best zing: “as carly simon would say, this song ain’t about you.”
if you haven’t watched it yet, watch it now.
btw, i’ve stopped putting money in my 401k until this shit is over.
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I’ve said it several times now but I was amazed at how gracious Cramer was while getting reamed. He recognized that he was part of the problem and pledged to try and be better, I hope his word is good because Stewart is right, CNBC should be a mechanism to help people, not pump up stocks.
By the way, small note, his name’s Jim.
I never would have heard of that if you didn’t publish it here. Incredible. Thanks for posting
agreed; he was pretty gracious and didn’t get flustered or angry and tried to answer the questions (charges?) as best he could. but, i think that is part of his fualt – as john said, he pretends to be ‘doe-eyed’. just because you can put on the charm doesn’t mean you’re innocent. and again – this wasn’t about really him, specifically. it was about the financial media.
i want to start with: i have never seen jon stewart lose a debate. i thought jim cramer’s approach of “you’re right, i fucked up” was interesting, but still didn’t ultimately work.
as for putting money into a 401k… the idea behind dollar cost averaging on a long term investment is that you keep putting money in regardless (you aren’t going to see it until 60 anyway). but basically if you invested a dollar a year ago that is now worth 50 cents, if you invest a dollar now, when it goes back to where it was you will have $3 instead of $2. if you don’t invest you are buying high… you could be buying low right now. you might be worried that the economy will collapse entirely, but if that happens your money isn’t worth anything anyway.
and of course this could all be entirely wrong so you should do what you’re comfortable with