Mr. Cramer, Learn Your Lesson

8 Commentaries for Week Ending 3/13/2009 #8

If you haven't been following it this week, there's been a battle raging between The Daily Show's Jon Stewart and CNBC, and in particular, with the host of Mad Money, Jim Cramer. The battle has spilled across the various NBC news shows (including Morning Joe and Today).

Cramer is certainly an interesting character. His show, Mad Money, offers an entertaining, if somewhat clownish approach to stock investment. Yes, sometimes he gives bad advice on his show, but I don't think that's the biggest problem people have with him. It's his appearances on the other NBC shows where he defends the financial community and attempts to absolve them of the blame for the current crisis. In particular, there's the perception that CNBC is playing the "blame the victim" game with the current crisis, as epitomized by Rick Santelli's revolting rant about your average mortgage customer.

To say that Jon Stewart has gotten the best of Cramer and CNBC is an understatement. Last night, Jim Cramer went on the Daily Show to face down Jon Stewart and should be commended for doing so. Perhaps it will even have a positive effect on his reporting. Mr. Cramer was shamed by Mr. Stewart, and perhaps Mr. Cramer now gets the anger that is out there and why so much of it is directed at the financial and business communities and their cheerleader of a network. Perhaps Mr. Cramer will learn from his mistakes and go forth and report more honestly. We can all hope. Everyone in this country gets a second chance Mr. Cramer ... please make the most of yours.

I'll post the videos this weekend.