Friday, March 13, 2009
The online media is loaded with coverage this morning of last night's appearance by Jim Cramer on The Daily Show and for good reason. While some may have been disappointed in the showdown, as is usually the case, Jon Stewart asked at least a few questions that never even occur to most people and helped to shed some light on what is wrong with CNBC.
The videos are in three parts below with the juiciest excerpt in between.
Apparently (and understandably) Comedy Central is getting all the ad revenue they can out of this event, that first clip above barely longer than the commercial... Hmm... or maybe not... it looks like the 30 second commercials don't get cued up when they're embedded...
Here's part two and a transcript of the last minute or so is provided further below.
This is the exchange that made the biggest impression on me:
Jon Stewart: Honest or not, in what world is 35-to-1 leveraged position sane?And here's the last minute or so.
Jim Cramer: The world that made you 30 percent a year for year after year beginning from 1999 to 2007 and it became very easy to play.
Stewart: But, isn't that part of the problem? Selling this idea that you don't have to do anything. Anytime you sell people the idea that, "Sit back and you'll get 10 to 20 percent on your money" - don't you always know that that's going to be a lie? When are we going to realize in this country that our wealth is work - that we're workers - and by selling this idea of "Hey man, I'll teach you how to be rich" - how is that different from an infomercial?
Cramer: Well, I think that your goal should always be to try to expose that there is no easy money - I mean, I wish I had found Madoff.
Stewart: But the show is called "Fast Money".
Cramer: I think that people ... there's a market for it and we give it to them.
Stewart: There's a market for cocaine and hookers!
All-in-all, it was well worth the wait.