I almost felt bad for Mad Money‘s Jim Cramer as I watched him on The Daily Show last night. Read the full post.
Mar 13
2009
02:11 PM ET
Jon Stewart's Jim Cramer smackdown: Watch it again
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Kudos to TDS for calling out one of the self-proclaimed ‘serious’ news channels for being the frauds they are. They prop up a crew of so-called “experts”, and refuse to call the CEO’s and other corporate shills on their lies and manipulations, even as Cramer says he knows he’s being lied to at that very moment, simply in fear of alienating their advertisers, who conveniently happen to be the same banks and insurance companies that caused this whole fiasco. It’s a sad commentary on modern media that the only news show to ever call anyone on their BS is on Comedy Central.
@JRinBellingham
IQ doesn’t work that way. It’s not a scale of 0-200, an even bell curve or linear. Below 70 is considered mentally retarded. Do you really think there are 50 million people who are mentally retarded in the U.S.? Is one out of every 6 people really clinically retarded?
You’re vastly oversimplifying the basic human trait of trust. People trust “professionals”. And their bank “professionals” told them they qualified for a loan. They just assumed that there was enough expected growth in the economy that the ballooning housing costs & leniency in loaning was a sign. Obviously they were wrong. But the point remains, most of their choices were based on trust. And being cynical, while helpful in this cruel world, isn’t necessarily a sign of superior intellect.
@JRinBellingham
IQ doesn’t work that way. It’s not a scale of 0-200, an even bell curve or linear. Below 70 is considered mentally retarded. Do you really think there are 50 million people who are mentally retarded in the U.S.? Is one out of every 6 people really clinically retarded?
You’re vastly oversimplifying the basic human trait of trust. People trust “professionals”. And their bank “professionals” told them they qualified for a loan. They just assumed that there was enough expected growth in the economy that the ballooning housing costs & leniency in loaning was a sign. Obviously they were wrong. But the point remains, most of their choices were based on trust. And being cynical, while helpful in this cruel world, isn’t necessarily a sign of superior intellect.
http://www.thestreet.com/video/10471944/cramer-vs-stewart-defending-jim.html
Interesting comments made here….I wonder if Jon will run these clips on his show?
@Binet – IQ works roughly under a standard bell curve, yes it does. You can analyze the research all you want. While I do believe that IQ is a poor representation of actual intelligence, it gives a roughly accurate portrayal of how quickly people put their trust into things they don’t undersand. So, if you’d actually taken a stats class or two, you’d know that an IQ of 70 (2 standard deviations below the mean) would mean that roughly 4% of Americans are mentally retarded. Now you can go look it up and see that that is approaching the actual number of folks who are in fact “mentally retarded”.
Stewart nailed the issue on the head, namely, that there are two markets: one that teaches long term investment will high returns, and the real one where the wall street insiders churn the money for their own gain while hurting the investors who believed in the long term. Jon exposed Cramer as being one of those insiders using his own words (and video). It was a stunning display of journalism, or better yet, what journalism is supposed to be. My personal favorite was when Cramer was shown on video commenting on market manipulation and how easy it was to do. After the first clip was shown, he denied being involved in such activity. The video clip immediately following the denial showed Cramer not only admitting to doing it, but encouraging it as “very satisfying”. The guy lies, just like the rest of them, and he got caught. Now he and Wall Street are pushing back against regulation. Too bad. They burned their own house down, and they fueled the blaze with our money.
Stewart and Cramer’s shows are more alike than different: informative programs delivered with entertainment. Cramer was sounding the alarm on home mortgages two years ago. There are more authentic excuse-makers on CNBC to challenge than him.