15 March, 2009

The Fallout Continues Apace

Poor Jim Cramer. He just had no idea that a nice comedian like Jon Stewart was gonna pwn his ass:
Since his brutal interview with Jon Stewart on Thursday, CNBC host Jim Cramer has largely disappeared from public view. He skipped a planned Friday morning appearance on MSNBC’s Morning Joe, and MSNBC producers were also asked to avoid bringing up the debacle during yesterday’s programming. Today, the Washington Post’s Howard Kurtz hints at the internal turmoil the interview caused, noting that staffers were “furious” with Cramer for failing to defend the network:
Cramer has told colleagues he felt blindsided by Stewart’s hostile approach. But many CNBC staffers were furious with Cramer yesterday for failing to defend the network’s reporting or to criticize Stewart’s video clips as selectively edited or out of context.
I don't think any sort of context would have helped, and Cramer knew this. Why do you think he didn't defend himself? Why do you think he didn't hit back?

Watch those videos again, and you will see a truth: Cramer knew he was busted. He knew there was no defense. That's why he turned spoiled-milk white when Jon slammed him with that video clip, and why all he did was throw himself on the mercy of the court. It's too bad CNBC and the rest of its staff are too clueless to recognize when the jig is up.

And do you want to know how badly it's up? We've got a Republican calling for more regulation, for fuck's sake:

Oopsie-daisies. Talk about your unexpected consequences. The highly-blogged about tête-à-tête between Jon Stewart and CNBC's Jim Cramer has exposed the very ugly underbelly of how the former hedge-fund manager made money before his TV career. Former Congressman Tom Davis (R-VA) says it's time some investigator takes a closer look at Cramer:

CNN reporter Jim Acosta reflected on limited regulation of hedge fund’s and how they attracted “wealthy investors.” He then turned to former Rep. Tom Davis, R-Va., once chairman of the House Government Reform Committee, who said Cramer’s the reason hedge funds should be considered for more regulation.

“I think he’s become a poster child for why hedge funds need more regulation and transparency,” Davis said.

When asked if what Cramer said was illegal, Davis admitted that it was not, but “should be. He may well have crossed the line.”

Davis suggested the powers that be “ought to be looking at” Cramer’s confessed manipulation from 2006. “I think the tragedy is over the last few years nobody’s been looking at this at all.”

Of course, this is coming from one of the rare reasonably-sane Republicans, not a Con, but still. Near gave me cardiac arrest, that did.

Davis is right. It's time for tighter regs, and it's time for a good, sharp, merciless look at these people. Cramer's merely the appetizer.

Jon Stewart started something I don't believe will be finished anytime soon.

1 comment:

Cujo359 said...

Yea, sure, investigate Cramer. I hear Barry Bonds took steroids, too. Maybe someone should investigate that.

Much as Cramer deserves investigation if he really did manipulate the market, he's still a symptom of a much larger problem. The government let this happen. His employers let this happen. His employers are supposed to be a news organization. No one was telling consumers this was going on, as far as I can see. There probably were a few brave souls out there, but why would anyone have believed them, given all the folks who didn't see a problem.

Maybe someone will get around to investigating that eventually. Don't bet on it.