Posted on 03/14/2009 4:39:32 PM PDT by GOPGuide
snip
Incidentally, earlier in this dust-up Stewart presented an edited clip which purported to show that Cramer was claiming Bear-Sterns was a solid investment days before it went tits-up. This is a lie. I know it's a lie because I mentioned this here when it happened, claiming the same thing. I was immediately informed by commenters that Cramer hadn't been talking about investments in Bear-Sterns being safe, but merely deposits there, which are federally insured (up to $100,000 at that time, now $250,000) and that therefore there was no reason to run on the bank and withdraw such money.
When commenters told me this, I checked the tape. Guess what? They were right. It sticks in my mind because I, unlike Stewart, tend to remember when I got things wrong and had to issue a correction.
This was all known a year ago (when it happened) but Jon Stewart, Seeker of Truth, is still peddling the lie that Cramer told people to hold onto their Bear-Sterns stock.
Clown nose on, clown nose off. Hey, if he's unfair (and actually deliberately slanderous) from time to time, it's not his job to be fair, right? Just a comic on tv. Clown nose on.
But oh, by the way, keep those Hoseannas coming, boys. He is, as one media suckophant says, the "conscience" of the media. Clown nose off.
Incidentally: Yes, Olbermann will address this now, as he can take the Kossack and Kommenter postings and present them to his bosses, telling them his own star is being diminished by this ban, and of course therefore it's in MSNBC's interests that he cut loose and give Cramer his obligatory Worst Person in the World.
He now has to. And will. But that doesn't change the fact he rolled over for management when asked to. Now, I don't really care if someone rolls over for management. I think it's pretty normal. But Keith postures as a Champion of Integrity, and he is, you know, not.
I do sort of wonder how much management's edict had to do with this. After all, there are questions of ego too. Keith poses as the Murrow of the Modern Age; it cannot be easy for him to see a self-declared TV clown-boy so annointed.
Cramer's Real Sin: I think a piece on Slate noted that Cramer's whole show -- promoting, to day-trader types, specific stock buys and sells -- is a scam, because Cramer knows, as most serious investors know, that the dart-board technique is often better than all these tips and speculations and minor research.
And that his show, if it were perfectly honest, should just say the same thing day after day: Put your money into a broad-based money market account and leave it there and stop thinking that you have any special insight into how a stock might perform this week. And oh, by the way, by the time you, the average investor, has heard of a big tip, everyone else has already heard of it so you're effectively buying after all the information of the tip has been baked into the cake and is now reflected in its price. The hope you have -- that you information early and therefore have an advantage -- is a delusion which hurts your portfolio.
Of course, no one would watch such a show, so he doesn't say that.
And, again, Cramer's been doing this for years but apparently it wasn't such a big sin when Cramer was boosting Barack Obama for President.
Piece of excrement.
That Kramer was talking about small, retail depositors is a joke.
That Kramer was talking about small, retail depositors is a joke.
Stewart lied about what Kramer said.
Stewart edited the tape so that people thought investing in Bear Stearns was safe, Kramer was talking about DEPOSITS not Stock in the company.
Kramer was just plain wrong no matter whether he was talking Stock or Deposits. The only reason deposits or other Liabilities were not forced through BK was Gov’t intervention. The same was not true with depositors or other Lehman creditors.
Sorry - Meant deposits UNDER 100K
That may be true, but Stewart still made it sound like Cramer was talking about DEPOSITS.
This must have been intentional on Stewart’s part.
I don’t defend Kramer, but the new Murrow should not be so deceptive and slimy.
That should read Stewart made it sound like Cramer was talking about Bear Stearns STOCK.
Frankly, I watched the episode (Stewart v Cramer) and I had to agree almost 100% with Stewart - And I'm not particularly partial to Stewart.
Given Mrs. Doubtfire’s comment about forgetting to remind O to watch it would seem that he was in contact with the show’s host prior to the show.
Kramer and Madoff should be sharing a cell.
Does anyone even watch Stewart? Is he worth elevating at all?
Bear Stearns didn't have the kind of account Cramer is now saying his caller was referring to. They simply weren't that kind of bank. While they did have a retail brokerage operation, it was targeted towards wealthy individuals, not the kind of person who calls into a finance infotainment show.
Cramer was talking about stock, screwed the pooch, and is simply trying to lie his way out of it.
Stewart: 1.
Cramer: 0.
Possibly the most perfect, literal example of a "half-truth" one could ever see. He did not explicitly recommended the stock as a "solid investment" on his TV show, but it was still rated as a Strong Buy on his website until the very day it collapsed.
A week later, that recommendation vanished.
OK, who's Mrs. Doubtfire in this morality play?
Saw the movie, still clueless about whom you mean.....?
Laura Ingraham named Gibbs Mrs. Doubtfire. Cause he looks just like Robin Williams from that movie.
sorry I should have splained.
Jon Stewart, Seeker of Truth, is still peddling the lie that Cramer told people to hold onto their Bear-Sterns stock.
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