Poor Us: The Great Depression 2.0

March 12, 2009

Watch The Daily Showdown: Stewart vs. Cramer 2nite

Jon Stewart by Foxy Roxy237 via DiviantArt.comIt certainly has been a pleasure to watch Jon Stewart and Steven Colbert take on CNBC’s team of “reporters,”  who, as The Daily Show‘s clips have demonstrated, are about as “fair and balanced” about Wall Street as Fox News is on neocons.

What’s even nicer to know is that according to CNET, calling out Jim Cramer and company has done for Comedy Central what CNBCers failed to do for their Wall Street buddies (or for that matter CNBC), drive the stock way, way up.

“Traffic to the shows’ Web sites has been at its highest of the year so far in the past week, at over 60 percent their weekly average for 2009. ComedyCentral.com, which hosts video clips of both programs, also had its best traffic of the year, and the digital version of a viciously funny clip called “CNBC Gives Financial Advice” logged over 1.3 million views in a week, the sort of numbers usually reserved for grainy videos of cats behaving unnaturally.” via CNBC spat mints online hits for Stewart and Colbert | The Social – CNET News

Meanwhile, Mad Money’s mad man Cramer has been making the rounds on NBC and MSNBC pretending to be all hurt that he’s been made a laughingstock, which just may turn out to be the least of his problems:

Jim Cramer Shorting Stocks, Manipulating Markets, Saying The SEC Doesn’t Understand via Huffington Post

In light of the current economic crisis, and with the hullabaloo ignited recently by Jon Stewart over the accuracy of CNBC’s reporting, we thought it might be useful to revisit this shocking 2006 interview Jim Cramer gave to TheStreet.com’s Aaron Task.

The Daily Show with Jon Stewart: CNBC Gives Financial Advice

In it, the host of Mad Money says he regularly manipulated the market when he ran his hedge fund. He calls it “a fun game, and it’s a lucrative game.” He suggests all hedge fund managers do the same. “No one else in the world would ever admit that, but I could care. I am not going to say it on TV,” he quips in the video.

He also calls Wall Street Journal reporters “bozos” and says behaving illegally is okay because the SEC doesn’t understand it anyway.

Here are some gems…

Plus, there’s this website that has quite a yarn to spin about Cramer and his buddies at TheStreet.com the veracity of which you can decide:  

“I began working on a version of this story in January 2006, while serving as an editor for the Columbia Journalism Review, a publication tasked with upholding the standards of the American media. In November 2006, a hedge fund that was at the center of the scandal I was investigating offered the Columbia Journalism Review a great deal of money. Shortly before CJR accepted the money, I left my job, so I do not know if my editors, whom I believe to be honest people, would have allowed me to persevere. But I have no doubt that the hedge fund’s “beneficence” was aimed at preventing the publication of stories like this one (read on).

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