I Never Said That!!
Cramer vs. Stewart
I was watching CNN and saw that Jim Cramer was on and he seems to be starting up some kind of feud with Jon Stewart of the Daily Show, about how Jim is being taken out of context for his advice to buy Bear Stearns. I don’t see why Mr. Cramer is so upset, he does a daily show where he does advice, he was BOUND to have a few “clunkers” in his picks and doing it on a nationally televised (cable tv) show it is kind of hard to say, “I never said that”. Now Mr. Cramer is not saying that, he is saying he said later NOT to buy Bear Stearns, but like most pundits the rest of the media will pick him apart because they can show he did say BUY some time (8 weeks before Bear Stearns demise, as claimed by the Daily show).
I rarely give out advice (I learned from This Big Financial Advice Mistake) on what and when to buy (and anyone taking that advice, needs to read my 5 Worst Investing Mistakes ), but I have said I buy banks and I am still buying banks (Canadian banks that is), but I am losing money on this advice and admit I am taking a beating, no big deal, but I am not making my living on my financial advice (if I did, I’d be living in a Refridgerator box on the Rideau Canal). The most you can expect from someone like me is excellent examples of what NOT to do with your investing dollar.
My advice to Mr. Cramer is laugh it off, trying to vindicate yourself when being mocked by a Comedian who doesn’t necessarily have to make a point (although Mr. Stewart does) never looks good. You are in the business of giving advice, and entertaining people, but I suspect this “feud” isn’t going to be over very soon (since it helps both sides to keep it going).
I’d include the clips, but Comedy Central’s clips don’t play in Canada and the Comedy Network doesn’t like other folks using their clips (go figure). Interesting also that Mr. Cramer’s video clips seem to be lost on the CNBC site as well, but then again, “I KNOW NOTHING!” (that’s the Sgt. Schultz from Hogan’s Heroes quote, not the Cramer quote).
Addendum, but I do have this clip from CNN:
Proof in Point
Remember yesterday’s post where I said nothing good was going to happen this week? Well as usual, off by a mile, a sudden surge in stock prices makes me look like the stock prognosticator that I am (i.e. able to pick a loser in a 1 horse race). Although the Just Don’t Look advice still holds.
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March 11th, 2009 at 8:39 AM
Cramer has no credibility what so ever imho, Stewart is just pointing out how clueless he really is.
March 11th, 2009 at 9:09 AM
Cramer is an entertainer, whether he has skills in stock picking I don’t know, but he is fun to watch, as is Stewart.
March 11th, 2009 at 10:08 AM
I am not in the investing market myself so I can’t say what is right or not but all I can say is that if there was no one on tv giving advice on investing, we would be complaining, but now that there is, we are still complaining.
So really, it comes down to the fact, Kramer has lots of courage to come out and give his 2 cents, and he did not say you have to buy it or else.
March 11th, 2009 at 10:20 AM
Courage? No, he gets paid for this, courage has little to do with it, he is an entertainer first and foremost (in my opinion). He gets paid well to rant, so he is doing a good job.