Jim Cramer, financial news network, CNBC’s, vibrant personality and host of “Mad Money,” appeared apologetic after being hammered in an interview with Jon Stewart on his daily show.
The much publicized and much anticipated interview between the Comedy Central personality Stewart and Cramer started off heated, with Stewart chastising Cramer for putting entertainment above journalism in his financial advise show.
“I understand that you want to make finance entertaining, but it’s not a [removed] game,” Stewart said.
Stewart played a clip of Cramer’s appearance on “The Martha Stewart Show” in which Cramer beat a lump of dough calling it Jon Stewart.
Stewart had an icy quip of his own in response.
“Mr. Cramer, don’t you destroy enough people’s dough on your show already?” Stewart said.
Stewart’s normal comedic tone gradually morphed into accusatory as the interview went on.
Stewart repeated numerous times that Cramer was not his target, but rather CNBC, his network, and financial journalists as a whole.
But in a courtroom-like demeanor, Stewart rolled clips of Cramer in a 2006 not-meant-for-TV interview in which he openly spoke about short selling as a hedge fund manager, a key factor that can help drive the market down.
After the clip rolled for the first time on TV, a noticeably uncomfortable Cramer said that he was merely trying to discuss how short selling should not be a tool used for investors due to its effect on increasing downward price momentum.
Stewart, without hesitation, rolled the next clip pinning Cramer to the wall. In the clip he discussed how he used the method to make large sums of money fast and was indifferent to the effects it had on the market.
Stewart made the point that he and Cramer are both “Snake-Oil salesmen” trying to market snake oil as a miracle drug, but only “The Daily Show” labeled itself as such.
Stewart made the claim that CNBC shirked its journalistic responsibilities by believing corporate lies rather than looking deeper into financial issues. And he alleged CNBC was ultimately in bed with the business it covered – regular people’s stocks and 401(k)s were “capitalizing your adventure.”
Cramer appeared very apologetic and agreed that he could have done a better job foreseeing the economic collapse, “We all should have seen it more,” Cramer said.
“I, too, like you, want to have a successful show,” said Cramer, defending his methods on “Mad Money.” He later added: “Should we have been constantly pointing out the mistakes that were made? Absolutely. I truly wish we had done more.”
Continuing his apologetic tone, Cramer appeared to be in a corner after a long-winded Stewart rant about poor advice given combined with poor journalistic style.
In the tone of a reformed sinner, Cramer said, “How about I try that?” In response to Stewart’s plea for more level headed honest commentary Cramer said, “I’ll do that,”
Cramer later said he was taken aback by Stewart’s attacking demeanor. The interview seemingly put an end to a long feud that started with Stewart criticizing Cramer for telling investors to buy Bear Stearns right before the bank’s collapse in the spring of 2008.
