I’m sure the war in Iraq and the meltdown of our economy have many tangents, but neither would have been possible without validators from a "journalistic" class who willingly spread lies and disinformation while a lot of people got rich. The shrieking and fulminating of Marty Peretz, whose New Republic mainstreamed hawkishness within the Democratic Party, had its counterpart in CNBC’s Jim Cramer. They were both supreme hucksters who sought to intimidate and discredit critics in the most extreme terms, ideological zealots flinging feces at anyone who opposed them.
I see Glenn already beat me this morning in pointing out that the two men are not unconnected. It was Peretz who initially sought out Cramer, and the two founded thestreet.com in 1996. The fact that Cramer had been under SEC investigation in 1995 for failing to disclose that his fund owned three stocks he was promoting in his SmartMoney column was something Peretz evidently found untroubling.
By now most people have seen Jon Stewart’s takedown of Jim Cramer, where he confronts him on behalf of Americans who lost their retirement savings while Cramer cheered on the sidelines. Cramer deflects these criticisms by saying "we should have done more," and excuses himself because he was "lied to" by people like Lehman’s CEO Dick Fuld:
STEWART: The CEO of a company lied to you…
CRAMER: Shockers, stop trading.
STEWART: But isn’t that financial reporting? I mean, I guess what do you feel like is the role of CNBC?
CRAMER: Look I have called for star chambers…I want kangaroo courts for these guys. I really do, I want indictments. We’ve not seen any indictments. Where’s the indictments for AIG? I’ve told the Justice Department…here’s the way you get indictments…
STEWART: Listen, it’s very easy to get on this after the fact. The measure of the network, and the measure of the man is…CNBC could act as…you know in some ways, look. Nobody’s asking you for them to be a regulatory agency. But can’t, what…who’s side are they on? It feels like they have to reconcile…is their audience the Wall Street traders that are doing this for constant profit on a day to day, the short term…These guys at these companies were on a Sherman’s march through their companies, financed by our 401ks, and all the incentives of their companies were for short term profit. And they burned the fucking house down, with our money, and walked away rich as hell. And you guys knew that that was going on.
CRAMER: Okay, all right, I have a wall of shame. Why do I have banana cream pies? Because I throw them at CEOs…do you know how many times I have pantsed CEOs on my show?
STEWART: As Carly Simon would say, this song ain’t about you.
CRAMER: Okay, all right, you’re right. I don’t want to personalize it. But I think that we have reporters who try really hard. We’re not always told the truth. But most importantly, the market was going up for a long time. And our real sin I think was to believe that it could continue to go up a lot, in the face of what you describe — which is a lot of borrowing, and a lot of shenanigans.
Jim Cramer’s ability to act like a clown and say just about anything with a straight face is what has kept him on CNBC for so long, and like Peretz, he obviously feels that history is something to be rewritten to flatter himself.
For a reality check let’s look at Cramer from November 2007:
Anyone not familiar with what happened when the curtain was pulled back from WaMu and their lending practices can catch up here, but CEO Kerry Killinger pulled down $88 million from 2001 to 2007 by churning out loans to the riskiest borrowers with high fees attached. The money quickly went out the door to the bank’s executives. Employees described it as a "sweatshop": "garbage in, garbage out."
At the time, Andrew Cuomo had filed a lawsuit against real estate apraisal firm First American, claiming they had inflated their real estate appraisals due to pressure from Washington Mutual. He had emails to prove it. WaMu’s stock prices tumbled. This led Cramer to rail against Cuomo for being a "communist:"
“[W]itness the fact that right now, the most important man in America for the stock market – the most important man and I mean it negatively is this guy Andrew Cuomo, the New York State Attorney General,” Cramer said. “I’m getting tired of the New York State Attorney General being the most important man in America.”
Cramer compared Cuomo to his politicized predecessor Eliot Spitzer. “Cuomo’s about confiscation – genuine communist,” Cramer said. “The Chinese are capitalists, we got a communist.”
Andrew Cuomo did not mislead Jim Cramer. He didn’t lie to him. Cramer had no interest in the facts–he was trying to use a very high profile forum to intimidate Cuomo, and keep him from looking into Washington Mutual. He didn’t "try hard," and his crime wasn’t a belief that the market would continue to go up–he acted like a thug to actively discourage any investigation that could threaten the perpetuation of a huge ponzi scheme.
Cramer certainly wasn’t the only one. But his defense (such as it is) attempts to obscure the fact that like Marty Peretz, he believed his objective was sacrosanct — which justified its advancement by any means.
Peretz was recently able to buy back TNR from parent company Canwest–which is on the verge of bankruptcy–assisted, no doubt, by a personal fortune that Cramer helped him amass.
And the beat goes on.



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Early morning Zed… at least west coast time!
Cramer was weak. Understatement in the extreme.
And he couldn’t give a shit.
Digg IS open Pups! You know what to do! DIGG IT!
Great Post Jane!
CRAMER is a THEIF and highwayman/carny…WALL STREET is one big PONZI SCHEME
watch this,and Jane your numero UNO
http://video.google.com/videop…..#038;hl=en
I guess the only nice thing I can say about Cramer after reading this post was that it was sure nice of him to take the heat off Santelli.
Nicely done, Jane. It is very difficult to add to what Stewart accomplished last night, but you managed to.
i lost a huge amt of money in the dot com bubble,i wanted to sell it,and was not allowed to,i went to recover my portfolio,and was TURNED DOWN for arbitration,you cant sue brokers dealers or clearing houses…the WHOLE SYSTEM is totally corrupt…TOTALLY
(my comment was off topic downstairs, brought up here to be on topic. )
I would never, ever take stock advise from these people. Sheesh. There used to be a time when most people used banks to save money, and then perhaps CDS perhaps mutual funds, very very conservative ways to grow money. Somewhere along the line, EVERYONE thinks they can afford to play the street and that there is no risk. When did that happen?
I expected Stewart to be good but this takedown was scathing, stunning, absolutely brilliant. The interview should be mandatory viewing for everyong working in cable news, beginning with The Brass. Not that it would make a difference, but still…
Are we starting a pool on what Cramer’s show will look like today? I’ve got my money on “business as usual”. Maybe I’ll get lucky and be wrong…
What is the big attack on Jim Cramer. He supports Obama but the second he agrees with Warren Buffet to slow the push of the Climate and health care agenda and focus on the Economy then he gets ambushed for a TV SHOW.
Hi, what do you mean you were not allowed to? :(
Were you trying to sell shares of your employer’s stock? or something?
Jane always has a fresh take o these thieving assclowns imo
Why is Cramer not being arrested?!? I really don’t understand this.
why don’t you read the effing articles and find out?
And just because someone supports someone we might also support doesn’t mean there is some code of blind loyalty like some political groups insist on.
THAT IS THE WHOLE POINT…YOU,dont have to take their advice personally……THEY MOVE THE MARKETS anyway they damn please…THE SYSTEM IS TOTALLY RIGGED…and youwill get fukkkked eventually
Cramer did make money for Marty Peretz, last time I checked, that was a good thing. Bear Stearns CEO’s drove it into the ground, last time I checked that was a bad thing. Lehman’s CEO drove it in to the ground, last time I checked that was a bad thing. Same for Washington Mutual’s CEOs. Ben Stein was on national TV recommending Washington Mutual, a few months later it was bankrupt, nobody even mentions Ben Stein, as the stupidest man on TV.
You can be sure the Execs are going to see this video, as they did when Crossfire was canned.
They have a hundred Jim Cramers on the air and the pressure must continue to build for indictments in to the widespread corruption.
I am sorry for your losses, as someone who owned WorldCom, I can feel your pain, but what do you mean you were not allowed to sell? I don’t understand.
I guess you missed the part of the “TV SHOW” that showed Cramer essentially bragging about his unethical, market-manipulative activities as a hedge fund manager (on a TV SHOW)…
I was called in to the managers office,who gave me a half hour diatribe,why i had the most profitable trading acct,and it would be suicidal to liquidate it.and that they would watch it scrupulously.which of coursedidnt happen and within 2 months of arguing and trying toget out fromunder,all but 10K was gone
So glad you brought up Marty Peretz, Jane!
Actually everythingon does here can be applied to the media across the board. Glenn doesn’t go anywhere near far enough in his indictment of media malfeasance. I said it 2004 and I’ll continue to say it until somebody does something about it: UNNAMED SOURCING MUST END. PERIOD. NO EXCEPTIONS!
Cramer and Bill O’Loofah do similar schtick. They throw tantrums and then act all cool and “Hey, I get excited because I care…” and “See, I’m just a common man and lose it sometimes…Ha ha ha…”
O’Loofafel is allowed to go on shows like the View and act all reasonable. Cramer does this last night with Stewart. Then, they simply go back to doing the same shit and promote the same COMPLETELY FALSE narratives over and over again, then repeat.
Just all a dance. These people need to be starved of their audience and exposed as the charlatans they are at every moment. People need to stop giving them any credibility whatsoever.
see#20
Cramer is on the air maybe 1.5 hours a day and has a website blah blah blah. He is being attacked for his OPINIONS on the economy, markets and stocks. People should read that huge disclosure on almost every show on CNBC which states that people should get their own advice from a competent financial professional. Yes hard to do these days but this guy IS trying to do good. He has absolutely no benefit from lying and trying to manipulate anything. You can pick out a clip or phrase from anybody that puts out that much over a 2-3 year period and again he is not a personal financial adviser he is a commentator on tv.
I hadn’t seen the 11/07 clip until a few minutes ago.
Hey Cramer:
If, as you stated last night, you’re ready to make a difference, you might want to start with the following:
1: Can you lower your voice, stop flailing your arms, pointing your finger and let the other person get a word in edgewise?
2: Can you lose that “rolled up sleeves” clown suit crap? I mean…seriously?
You can accomplish these two items in the first five minutes of Day One. After that, you might want to start thinking about doing some actual real reporting.
Oh…and about your (apparent) arch nemesis AG Cuomo? I think looking into financial shenanigans is sorta like…in his job description.
I am sorry, there should be a special place in hell, for brokers like that.
im sorry to say you are UN informed…CNBC /CRAMER all of them MOVE MARKETS
IT IS TOTALLY out of our hands….learn before you post
thieving assclowns That’s a great description sadlyyes.
I agree. Stewart was careful not to single Cramer out. Instead, he indicted the whole crew. What I’m afraid of is that The Brass will sweep Cramer out the door hoping the whole thing will dissipate. That cannot be allowed to happen. CNBC (and all the other cable outlets, for that matter) have bloody hands in this mess, too. They must be held accountable for it. (And it ain’t like dipshit Howie Kurtz is gonna do anything about it…)
I was trying to work up a reasoned response to your statements, but then I realized someone already did that for me:
http://www.youtube.com/watch?v=yok_kt3hjxI
and THEN THEY RUB OUR NOSES IN IT
saying how easy the scam was….sociopaths
Every con man in the world is trying to do good. Is it their fault that lining their pockets is such an integral part of the process?
Jeez. I’m angry just reading that, sadly. Was this your broker or the stockholder relations guy at your company?
I would be tempted to sue. IANAL.
I worked for a company that compensated folks with shares. It was very much frowned upon to sell your shares. But I didn’t get Enroned.
(((sadly)))
the venacular is PUMP and DUMP they make money on te way up and then down
RINSE LATHER REPEAT…infinitum,and pat themeselves on the back …how smart they are
I posted this in the last thread but the NYT had an article criticizing Stewart’s treatment of Cramer.
http://www.nytimes.com/2009/03…..pj6RHP7Tjw
The media are as liberal as the corporations that own them. That is, NO commentator on ANY network or cable show is going to say, ”This big company is going in the tank. Sell.” or ”The economy is in the swirler. Sell.” It would be against the self-interest of the commentator and the network.
It is the duty of all in the Corporate States of America to keep the stock market bubbling so that we may continue government by the rich, for the rich, and of the rich.
ok how does that statement make me uninformed??? Of course they move markets, so does Warren Buffet and Alan Greenspan and Barrack Obama and Timmy G. I’m not denying that people take the people on these shows and outlets opinion as fact and use this information to make investment decisions. Of course they do but they should also listen and get their own advice from a professional that takes into account their own financial situation or study and learn for themselves to make their own decisions. They cannot be blamed for people losing money because they took opinions as facts and didn’t properly understand what they were doing.
The greed demonstrated by Cramer is rampant throughout the financial industry. It’s just as alive in the credit card divisions of Citibank and Wells Fargo and it is with brokers, traders and investment houses that have managed our retirement funds. May they all join their buddy-thief Madoff in federal prison.
Now that’s what I call serious, on-the-spot reporting and analysis.
The worst thing about Cramer is that he cannot conceive that he did anything wrong. He thinks he was prudent. Mistakes were made (but he will never admit the mistakes and ethical lapses were his). The one thing that people like that cannot stand is to be laughed at. Way to go Stewart. We need to keep laughing at them
you cant sue,you must be approved for ARBITRATION a 3 person panel,made up of their insiders…so NO RECOURSE
I can’t vouch for this but people were citing this link
http://www.deepcapture.com/the…..k-mitchell
about Cramer’s past dealings.
No, he’s being “attacked” because he’s repeatedly pawned off “opinions” which are intended to manipulate the markets in his/his cohorts favor, to the detriment of the markets themselves, which he purports to give a shit about… no offense, but it’s painfully obvious that you didn’t even watch the show last night… had you watched, you’d couldn’t possibly be trying to make the case that Poor Lonesome Jimmy was “ambushed” and treated unfairly…
That’s not offering an “opinion”… it’s fraud and malfeasance…
MY 34 was to you
They all need to get comfortable with a phrase called
fiduciary responsibility.
None of them strike any sort of responsible cautionary tone. It’s always BUY BUY BUY, get rich quick by giving us your money.
It’s all legalized gambling but they position it as everyone wins all the time (meaning the traders and not you).
Apparently you agree with this but why are you defending thieves and con men? That’s a rhetorical question and you don’t have to answer.
Thank you Jane, both for keeping us informed and for watching the watchers!
“Mr. Stewart kept getting the last word, but Mr. Cramer may yet have the last laugh.”
That last line in the narrative was telling, I thought.
If Cramer has any brains at all, he’ll let this thing go. He should have learned by now that you don’t take a peashooter to a gunfight…
a prof. at an ivy league biz school (wharton) teaches a course where he tracks the movement of the stock market to the spin from Maria “Pebbles” Bartiromo’s mouth. a minute after she talked about a stock, it used to move. if you think they are merely commenting on markets and not manipulating them, you are naive.
So why is there even a CNBC? If it conveys no useful information, a trait it shares with most of the MSM, then what is its purpose? Propaganda, misinformation, what?
sheiss. that sucks.
Jim Cramer reporting financial news is like MSM “reporting” the run up to the invasion of Iraq. The self interest integrated in analyzing the “facts” totally corrupts any information that is, literally, produced. It’s a huge, systemic problem for the media.
oh by the by …IT COST THOUSANDS to go to arbitration,you must hire experts and forensic accts,i did…ITS RIGGED take it from me
They don’t look so smart now, do they? The problem is, they’re too stupid to even understand that.
And the brokerage houses run insulting commercials like
“Did you think the road to retirement was an Expressway?!”
How could you believe ‘em when they said they loved you when you know they’ve been Trust Fund Liars all their lives…
Shame the victims. Beg for pity for the poor misunderstood but well-paid loudmouthed (and lout-mouthed) TV “personalities”. Just because you weren’t smart enough to know it was only entertainment doesn’t mean they were doing anything wrong! Implied? Scmimplied…he never said so in so many words!
A$$.Hat$.
Guess we’ll be trying not to feed the Concern Trollz today…
FunnyDiva
Has anyone ever watched the old Louis Rukeyser show? We used to watch that a lot. He’d have a roundtable of different analysts and they mostly talked about different industries and would carefully couch anything they said about particular companies. Nothing like the cheerleading on these loud and brassy shows. Sure, they may have been friendly with different CEOs but they weren’t OWNED by them.
I’m not endorsing this show just trying to draw a contrast.
When the bread is lacking, give ‘em circuses…
Yup. And not too many want to rock the boat…especially not right now.
p l e a s e listen c a r e f u l l y…….if your 401k has stocks…most do,and any of the above people INTEND to be a market mover…you better pray they dont disparidge YOUR STOCKok?
Does anyone know how the public pension funds like CALPERS are weathering this meltdown?
“Of course they do but they should also listen and get their own advice from a professional that takes into account their own financial situation or study and learn for themselves to make their own decisions.”
you mean the financial experts on CNBC are not professional? i guess they are like joe the non-plumbers. so what do they do on that channel? pimp for corporations? that’s not what they profess to do. so who is the “professional” i should turn to? the “financial expert” at wells fargo who advised me to buy a CD that invests in a really crappy mutual fund that took me four installments to get back after maturity because that company (ING) arbitrarily decided that it would not reimburse me at one go?
“They cannot be blamed for people losing money because they took opinions as facts and didn’t properly understand what they were doing.”
“opinions” are different from “flat-out lies”. why are you such an apologist for these liars? how are you tied to them? just asking, ‘cos as you say, i’m trying to understand “what they were doing”.
And why does it market itself as an experienced, reliable source of financial information and analysis?
FunnyDiva
dont know about CALLY .but Jebby the smart one Bush,put the teachers retirement in Fl….in wait for it
LEHMAN BROs i shit you not
I believe CNBC is just a financial news show with people who have an opinion. Any news show should not be taken at its word. This is exactly why website such as this one have become so popular not to mention necessary. These views are a starting point to news that you can follow up if so desired with your own research. Yes again the markets move when people talk and state things. Cramer often stated about this his picks among others picks and announcments
I used to watch Rukeyser. CNBC and the other so-called “business channels” have slid a long way down the hill from those days. As an aside, Rukeyser was doing his thing before PBS all but sold out to corporate interests. There are still some pearls (Moyers being one of the most visible), but it’s not like it once was.
That was a good show and I enjoyed it. Even understood it. Instead of Cramer if they wanted a clown why didn’t they just have a clown show?
“Any news show should not be taken at its word.”
and, they must be called on their b.s.
you have a problem with that?
“…if they wanted a clown why didn’t they just have a clown show?”
With Cramer, they get a two-fer. See? These guys know all about value…
ok willfully obtuse,next
jon stewart is a genius. has he had marty peretz on?
…leading dosido to recall a famous outtake from Bozo the Clown when he interviewed a kid “Cram it, clownie!”
Why would you confuse news with opinion?
i remember him,didnt they all kinda sit in big easy chairs,and throw softballs at each other iirc
Old “Wall Street Week with Louis Rukeyser”. Friday nights. Opened with a monologue, just like Johnny Carson.
Still a very pro-business show.
But he was just too factual for the Necons at the Corp for Public Broadcasting, so they unceremoniously dumped him and gave the WSW franchise to someone else. Just about the time the very astute were beginning to catch on to the widespread fraudulent activity in many markets/business sectors.
FunnyDiva
yeah, there used to be a day when journalists were the ones calling people on the b.s., not adding to it.
sheesh.
John Stewart for “60 Minutes!”
I’m not joking. He does a better job than many of the “60 Minutes” crew. He’s be Mike Wallace with a punch-line. And, last night, he proved he could do “hard” news without the gag’s. Stewart sure as Hell has turned out to be a better newsperson than anyone else on Cable or Network News – except Keith and especially Rachel.
Yeah!! Yeaah!!! Yeaaah!!!! Jeez. Thanks! I had forgoten that? Didn’t it used to be on Saturdays on WNET in NY right before Agronsky & Company with Carl Rowan and Jack Kirkpatrick?
from wikipedia:
very well said
someone on another board had another good observation about this whole mess between Cramer and Stewart and it is really on target about the whole problem with MSM.
Instead of commenting on the content of Stewart’s criticism, the feud itself is the news. Typically Black vs. White, who will win narrative.
so fricking stupid and it is not constructive. at all. God, these idiots bore me.
I lost money, my 401k lost money. My angle is that the money I lost was solely my fault. I understood the risks and my personal financial situation and my personal tolerance for risk. I could have put my money into CD’s or a money market bond in my 401k but I choose to risk it by putting it into the stock market. I lost the money, their is no reason for me blame other people when I made the decisions. I know some people were truly conned and taken advantage of. I also believe that to many people took risks or didn’t understand what they were doing and knew they didn’t. They should hold themselves accountable for their actions and role in decisions made. Our country will struggle to recover until the tide is turned to people to depend on themselves and hold themselves overly accountable.
there are lots of people who could do “60 minutes” better than the current crew. hell, i bet the current crew could do a better job if that’s what they were paid to do. it’s not only about the people who’s faces we see on the tv, it’s about the people who decide who’s faces we see and what they are paid to say.
Does this look familiar?
http://www.youtube.com/watch?v=XFn1G2goDQw
OK pups. gtg. have fun stormin those castles.
they have bankrupted the country,fiscally and intlectually
no I wished everyone saw that!! just because something is written or spoken doesn’t make it true, everything should be taken with a grain of salt.
I was proud of Jon for standing his ground and continuing with what I thought was journalistic integrity. I was quite frankly shocked and amazed that Cramer crumbled and humbled himself. Events like this one are very rare on television, public, cable or otherwise.
you sir,or mam deserve all your losses,you are obtuse
later gater
Cramer will be back at it as if nothing has happened. The corporate media pays their shills well to indoctrinate the public. No accountability and no consequences. Business as usual for the corporate media and their sycophants and propagandists.
Heh. I can even sing the weird opening music in my head as I watch with the sound turned off!
Thanks for the Blast to the Past.
FunnyDiva
What you say here is true about taking personal responsibility for risks. Very true and thank you for saying that.
I take issue with the financial industry positioning itself as a no-risk endeavor and misleading lots of unsophisticated people. Over the years, people who would have never played the market and taken those risks are being advised to do so and be more aggressive to make a higher return faster, not knowing about the basic axiom of don’t gamble what you cannot afford to lose. professional advisors you tout make money on transactions, not sound advice.
I would also like to see a return of fiduciary responsibility to the financial entities that take those investments and a return of their personal skin in the game. There is absolutely no risk to them when they make their money on fees and transactions and have no ties to the outcome of those investments.
I remember that catchy little tune, too. Weird, huh?
in a while crocodile. going for realsies now.
As someone who works in financial services, I just want to say Stewart’s work last night was brilliant, necessary, and long overdue.
This isn’t about making some ‘wrong call’ about a stock going up or down, it’s about a station consistently siding with the wealthy and connected on any issue facing Wall Street.
Minimum wage increase? Gonna kill businesses.
Health care reform? Moving too fast, gonna cost too much.
Employee Free Choice? Bad for business, cut Wal Mart’s earnings estimate.
Reining in bonuses? Gonna devastate New York’s economy.
As Stewart said last night, just because some CEO says something doesn’t automatically make it true; that’s why we have (or used to have) this thing called ‘reporting’.
Jim Cramer should be hauled before Congress to explain the devastating comments he made about how hedge funds manipulate markets, and how he was a part of that in the 90’s.
No Rick Santelli attacked Obama TDS hit Rick and CNBC why? Their investment advice sucks Cramer is the biggest guy on CNBC.
The lesson do not throw rocks Rick and then hide behind your big brother Cramer. You Rick have just cost Cramer and CNBC a lot of Cred with investors and viewers.
You have hurt your whole network family the guys who help you put bread on the table.
CNBC should fire you if ratings go down.
Of course I deserve my losses. That is exactly what I’m saying. I knew that I wasn’t guaranteed profit but I also understood that I am 23 and I could afford to take huge ammounts of risk because I have 40 some years until I would consider touching it. I have already built a extremely low risk base to afford myself the opportunity to take risks. I understand but many people don’t and should either study themselves and learn or hire a trusted professional to handle it for them.
Trusted Professional, easier said than done!
This all got started because Cramer was the guy who rabidly attacked Obama for helping out “loser” homeowners who were the ones — and not his financial-wizard buddies — he blamed for the meltdown.
Did anyone else think while watching Cramer last night that his responses sounded a little too familiar?
“mistakes were made” “we need to do a better job” “no one could have predicted”
Heard it before. They didn’t mean it then, either.
i don’t have cable tv, so maybe i have this wrong but i thought that was santelli and not cramer?
I hope Stewart sets his sights next on an even more deserving target — Larry Kudlow.
He’s a far bigger shill than Cramer’s ever been.
I agree 100%. I think that the money going into education in the schools should be largely put toward understanding financial things. This is the one area that everybody needs in their life.
Yes I also agree that it is hard to find a good financial expert because they are usually selling something. This is also why it is so much more important to learn some things on your own so you don’t have to take somebody’s word for it. Also diligent shopping around in order so see what options are out their and have a better understanding of what decisions are made.
Rick Santelli you mean????
How reputable is the Bloomberg network??????
The pertinent fact is that Cramer, apart from expressing faulty opinions, openly admits that he and others in the hedge fund industry, openly manipulated stocks on behalf of their short positions. Specifically, he used RIMM and AAPL as examples of how to do it, and then bragged, on “tape” that the SEC considers this illegal (fomenting) but it’s done anyway, because the SEC doesn’t know. His exact words,
but you do it anyway cause the SEC doesn’t understand it…
http://tinyurl.com/59jnwb
Here’s how hedge funds manipulate the market.
http://tinyurl.com/3a88vj
Here’s how hedge funds use message boards to manipulate stocks.
http://tinyurl.com/cckdvq
Yes, ma’am, you are absolutely right.
If a Dr gives you his opinion to have heart surgery is he liable? No unless the heart surgery was both unneeded and the surgery caused you harm.
In other words I would not have been harmed but for the Dr’s opinion.
People bought sold and held because they listened to the Expert hedgefund manager.
Now then if an Expert does not do research to stay and expert he is nolonger an expert and should not refer to himself as such.
Cramer did not research his stock picks everyone at the Lake has been worried for 2 years about the banks because we research.
The CEO’s lied to him is his defense? Sorry Experts are experts because we expect them to see through the lies.
Nobody could have predicted nope every Lefty Econ blog was predicting this for 2 years.
Is Kerl working for CNBC I thought he was with CNN:)
Diary!
Better late than never
“I understand but many people don’t and should either study themselves and learn or hire a trusted professional to handle it for them.”
i repeat. where can i find this trusted professional? when the balance sheets of companies are built on lies and the “financial reporters” play along knowing fully well what’s going on, who is the person/s we should turn to for financial advice? whose job is it to unravel the chicanery and greed that enables this system?
you say, don’t trust the news networks. agreed. what is the solution? people stop buying stocks? people stop investing in CDs that invest in mutual funds? how do people make their money grow at a rate that beats inflation?
i’m sorry you lost money, but really, i don’t understand why you would blame someone for following cramer’s advice when he claims to be an “expert”, rather than blaming cramer himself.
Thanks, and if I could type worth a damn I’d create one.
More on Cramer and TheStreet here…..
http://tinyurl.com/cse7wl
Then those who listened to the Lefty Economists should be well off and capitalized on the downturn and their capital will bring us out of the recession. They will become more wealthy as is deserved because they made the right choices and are rewarded for it.
The doctor in your analogy I assume is the person’s personal physician. Then yes not a problem. The doctor or his insurance or hospital is then liable in that scenario. However Cramer and other TV “experts” are not people’s personal investment advisers. If a person sees an article in the newspaper or hears a doctor talking on TV and they assume that they should get heart surgery because they inferred that the doctors opinions refer them them. That doctor is not liable. I believe that scenario is a more accurate analogy
Reading “sad4amierica”’s posts, I’m starting to look for the “Hide” button…
Watch Frontline’s ” Inside the Meltdown” and you will see that the traders on Wall Street see CNBC as the “SOURCE”. So disclaimers or not, one would be hard pressed not to believe that CNBC is a reasonably accurate source, especially if the Wall Street boys see it as the temple of info.
I’m not happy I lost money but it was an understood risk. Doing research yourself and having a basic understanding is step one. I personally turned to investing in rental property because it is easier to understand and I have more control. Stocks are best to be used in the long term building of wealth and as one gets closer to the time when they need the money they should diversify into more conservative investments that suit their personal risk level.
yes cramer claim’s to be an expert but he doesn’t understand your personal situation and should not be used as such.
you type just fine. at least compared to me *g*
Cramer and his buddies used their position and contacts in the media to manipulate stocks. And they use semi legal means (naked short selling) to do it. The socalled Madoff Exemption (2005). Which leads us to thecompliant if not criminal SEC. The answer is indictments and regulation. Exposure of a deep in the bone corrupt financial media is a start.
The rest about opinions and due diligence is disingenuous bullshit.
he is a paid shill….its obvious
ADDITIONAL: When I said hard pressed not to believe that CNBC is a reasonable accurate source, I meant it in regard to the average viewer. And if they were lying or shading the truth, then I could personally believe that as most the commenters have said, that it is all gaming the system.
FYI, in the past month, I’ve spoken with two appraisers in western Washington who say they are ‘busier than they’ve ever been’, and their combined appraisal time is about 24 years.
Seems the State of Wa hands out licenses for appraisal. Someone (banks? state?) went through stacks of non-performing loans and — lo and behold! — a cluster of the same appraisers names came up time and again.
One of the appraisers said that he almost got out of the biz 2 years ago, he was so discouraged by the pressure to inflate house values. I had not realized that if an appraiser didn’t appraise at the rate the bank wanted, then the bank didn’t pay for the appraisal and sent someone else out to do it ‘right’.
He’s now working more than he ever has and says every house he appraises is clean, the people are delightful, and the loans are ‘prime’.
I like to think that over the longer term, ethical prevails. Clearly, over the short term it didn’t.
And the number of McMansions in crap subdivisions with ‘For Sale’ signs… oh… my… gawd.
So those of us who were Cassandras? Went hoarse from shouting.
And the very asshat feckless politicians who accommodated the growth machine still have their hefty paychecks and retirement accounts. Here’s hoping the FBI checks out a few of those dirtbags while it scours the books of WaMu and other sleazy lenders.
Paid trolls is a subject we’ve thrown around in the abstract, but here is a link to a company that openly recruits people to monitor and make posts in blogs:
http://www.netvocates.com/index.html
From their homepage:
Netvocates wrote:
NetVocates provides its clients with expertise in blog monitoring and advocacy. Our trained staff of experts utilizes a unique combination of proprietary technology and human analysis to deliver a focused stream of timely, actionable intelligence to our clients. And a nationwide field force of active bloggers advance clients’ objectives and achieve measurable results.
…NetVocates then recruits activists and consumers who share the client’s views in order to reinforce those key messages on targeted blogs – and rebut misinformation when appropriate.
“Lefty Economists”
that’s a real giveaway. when someone speaks the truth, they get the ‘lefty’ tag. as if they have an STD or something.
I was commenting on Things – 108
“The CEO’s lied to him is his defense? Sorry Experts are experts because we expect them to see through the lies.
Nobody could have predicted nope every Lefty Econ blog was predicting this for 2 years.”
I smell peanuts…
Rewarding failure.
Bullseye, thank you.
Jane, I feel so smart. I just made this very point over at Howie Kurtz’s blog on Jon v. Cramer.
Having lived in Washington since 1979, I can attest to the downhill slide into mediocrity and right-wing cheerleading of the Washington Post. I reminded Howie of this. After all, he was right up there in the first car, helping to drive the train.
Thanks Jane.
You may be forced into going to arbitration AFTER the huge losses occurred in your account and you’d like to sue [and I’m sorry for those losses], but it sounds like YOU buckled under to their pressure and didn’t follow your instincts and sell.
Again, I’m sorry for your situation, but unless you were really “locked in” to an account that didn’t permit you to sell or change the diversification, you’ve got to put a big hunk of the blame on that person you see when you look in the mirror.
“They told me everything would be okay and it wasn’t” + “they told me they would stay on top of stuff” is different from “I gave them an order to sell and they refused to execute it.”
As a retired person who used to be in the Wall Street game, including a stint as Compliance Officer for my firm, I’ll render an opinion or two.
First, Cramer is a self-confessed manipulator of the market – morality alert. Plus, he’s an apologist for the rulers of Wall Street, because he thinks he is one of them (and maybe he is). In short, his interests are not your interests. Even if they throw him off the air, there are people just like him lined up to apply for the job opening. Finding someone worthy of trust who shares your investment philosophy is the most important thing you can do. It’s highly (99.999%) unlikely that any pundit is that person.
Second, stock market investing using “fundamental” principles [study assignment - don’t flame me until you know the principles] will make money over a long term, but the key is ‘long term’. In the short term you can lose money, just as everyone is doing now, even if you’re doing it ‘right’. It’s going to happen. If you are prepared to be patient for, say 20-30 years, investing makes sense – after you have provided for shelter and your family’s long term security.
Third, Kudlow is worse than Cramer. At least Cramer is no fool.
Rukeyser was a pompous ass.
The current guys are bad, but Rukeyser was insufferable. His whole schict was to talk in what he thought was an “erudite” tone, pretending that he knew it all and that anyone who disagreed with him [for example, folks who might want to tax the wealthy] was a complete boob. It was ridicule by snobbery. If you knew anything about what he was talking about, you could see through him [I’m a former securities lawyer], but unfortunately most of his audience thought he was dropping pearls of wisdom at their feet. [I won’t say what he was really dropping.]
BTW, he was sued over “bad advice” and behind the scenes manipulation, and settled.
This sounds like some very good advise. Therefore, I’d like to ask you this: how does one go about finding an honest broker who will be able to help you with investing? I ask, because many invested with people like Bernie Madoff, and many others who are seemingly good, but are in actuality running Ponzi schemes or other such despicable tactics, or may be taken in by the Bernie Madoffs of the world. So how does one distinguish?
CNBC is a tool designed by legal criminals Cramer, Kudlow, Peretz et.al. for the sole purpose of market manipulation
PERIOD!
We could set that Carly Simon refrain in stone: this song isn’t about the so vain Mr. Cramer, except that he’s a shill for those who’ve raided the value from company after company, bank after bank, in fact, the banking industry, for two decades.
Mr. Cramer’s supporters brought old-fashioned bankruptcy dumpster diving – trolling commercial bankruptcy estates for cheap deals – and combined it with medieval pillaging and called it, the “private equity” financial model. It seems fashioned after medieval warlords fighting each other because, in their world, there was no wealth creation, only the forced transfer – stealing – from one lord to another.
Mr. Cramer’s refrain, buy, buy, buy, because he represented those who needed to sell, sell, sell.
Jane — thanks very much for this post. It fills in a couple of blanks on a line of inquiry for me.
You know what? If you are “investing in rental property” and also have a 401K at the age of 23, you almost certainly grew up in a different income bracket than most of the people who have lost their money listening to the advice on CNBC. I also grew up in a financially well off home, and you know what?!? I *understand* that I had different information and different experience growing up and how that helps me in my financial dealings today. Most people don’t have that, and when you tell them to ‘educate themselves’ about things, they would naturally think, where do I get information to educate myself? Well, maybe from the reputable media (given that CNBC has that undeserved reputation) maybe from CNBC? I mean come ON dude. Take a gander in the mirror and shut up already about how you were so smart and so well-informed. And you still lost money.
First, only those with lots of money can even get in to see people like Bernie Madoff. The average investor doesn’t have to worry about Ponzis. He has to worry about finding the right broker at an investment firm. One major criteria for a good broker – long term relationship with clients. Anyone can get lucky, but nobody can live on luck for very long. A client who has been happy for 10 years generally has a good broker.
Second, does this broker have the same investment philosophy as you do? You should agree, which means you should understand the market the same way as the broker. The broker should be better than you at finding investments, but both of you have to be on the same page for goals and means.
How to find candidates? Ask friends, relatives, co-workers, your boss. Then it’s up to your people skills to separate the good from the bad – sorry, but there’s no magic formula here. Be an educated consumer and use your common sense. The more you know about investing, the easier it will be to tell the good guys from the bad.
I was raised in a middle class family. My dad was a baker and mom worked in a food processing plant. We were not rich by any means but yes my father did teach me how to shop. We never had brand name foods. We never through any food away. We rarely went out to eat. Bought used vehicles after a lot of research on both the vehicles and the financing available. In that regard sure I was better off than others. I also worked at McDonalds through high school and paid my own way through college for a 1 year and a half until I decided ( by seeing my own money going to schooling that I could do better on a different path). I worked in a mill during my summers between college years and now work their full time. I work whenever possible. Sucking up any hours I can and with all those long hours I got bored at work and decided to make better use of my time their by reading when the opportunity was there. After a couple story books, and joke books I stumbled upon a financial book and then I never stopped. I went to school for business and learned more in the 2 years reading on my own at work taking notes and understanding what I read than I ever did in school. I went to the library and Book stores which most people have the ability to do. Now when I go to a banker or Real estate agent or broker, I know what questions to ask and also I know better if they are on the level or not.
I am definitely not trying to come off as I am better than others. I know I’m not if you were to see other parts in my life I have glaring faults. I AM trying to show people that anyone can do it. Everyone has the ability to say….. you know what I could blame others and I might be right but in the end it will not help me. I can really only depend on myself, strive to learn from every mistake I make and try to learn from the mistakes of others. I understand your logic about people putting too much faith in news outlet for information but Jim Cramer for one does preach doing at least an hour of homework on every stock you own every week. This is preached but maybe not loudly enough. I hope the schools take this information into the classroom because that is something that would benefit everyone over the long term.
The huckster’s pitch that Cramer throws out is the least of what angers me. I’m not a financial sophisticate, but I was raised with a healthy suspicion of fast, easy money and its advocates, so I would never have taken this creep’s advice even if I’d watched his show.
What bothers me is that his pitch was the conventional wisdom, the advice that governed banking, investment houses, retirement plans, and government policy for 20+ years. People like this Cramer were bit players while the real con went down across the real economy. He’s been called out and has gotten publicly tangled around his own tongue. But the guys that did for real what Cramer just did on TV are still running things and still even less repentant than he is.
And it wasn’t like those of us with 401Ks had many choices other than the Wall Street Ponzi Game and the real-estate bubble. Interest on savings was almost nothing, and wages and salaries were flat throughout the period. And don’t tell me that doing “the research” would help. We know that the financial “facts” were all lies anyway. The folks that claim otherwise ar just like the characters that have a perfect system for winning at slots.
It had to take a satire show to ask the hard journalist questions, that is a slap in their face! Cramer’s body language was very tense and he seemed intimidated by Steward. Cramer was unable to remove his guilt during the conversation, because Steward kept reminding Cramer its not about him! Oh how wrong Steward is…Cramer is a fraction of the bigger issue at hand. Cramer just fed the propaganda to CNBC’s audience that the large corporations wanted him to project.
In Stewards closing, he mentioned his mother and how conservative her money ways are regarding investing in the markets, so I think all of Stewards anger came from what his mother lost because of the media’s propaganda.
Just like everything else the past administration did, this is just one more area in which they sent American’s down a river with out a …. (ethical or moral creed)
Don’t ask what you can do for your Country, ask what is your Country is doing for the Corporate CEO!
first you need to understand that cramer is not even an entertainer, he is only a showman. he is the old circus type of sideshowman. i can pick stocks better than he can. cnbc is just a lame business network, they are under no obligation to investigate corporate crooks, that is not their job.
i used to watch cnbc every day for business information; but i would never use their advice for stock purchases; because i knew who the parent company was; the same one that puts out the dishonest drivel that shows up on msnbc and the nbc network.
so why is jon stewart attacking jim cramer? cnbc is still in cohoots with the corrupt ones on wall street. remember we are talking about ge, the guys who have sold to iran the knowledge and equipment necessary for iran to build missiles to deliver dirty atomic bombs against Israel; which i know will make the thousands of radical-left nuts who post on this site estatic.
the guys at bear stearns should be in jail, same for b of a, aig, lehman bros., countrywide, citi and dozens of other companies who had dishonest executives, but jeffrey immelt, the ceo of ge, who is possibly the most corrupt of all, also belongs in jail. i think jon stewart is going after the wrong guy, as are you Jane.
jeffrey immelt is “the one” you need to go after, unless you condone his behavior.