I am somewhat sad to see that Jim Cramer got pulverized by the blunt and honest Jon Stewart. The man had some great points. I used to follow Mad Money a lot. During those times that I did, I did find myself wondering about the credibility of all of Cramer’s recommendations. I suppose it should be like that, that his words be taken with a grain of salt. Hence, the show’s reminder that the advice of financial advisers be sought. However, not everyone has access to a financial adviser so many of them rely on what Cramer has to say.
Second point, in some way I found it unfair what Stewart said. It’s as if it was only CNBC’s responsibility. There are other networks out there, albeit not as watched as CNBC. Yet Stewart spoke as if the blame was all on the network. True they had access to CEOs and other noteworthy people, but maybe not everything have to be scrutinized. Maybe financial broadcasting is all about uncovering shenanigans and the hazardous 30-to-1 leverage. Maybe they do need to improve but it’s one big task and it’s hard to expect for one network to actually uncover everything.
Last point. The video of Cramer that was shown speaking about hedge funds… that was sobering. And really just sounded wrong. It’d be interesting to see if there will be any mention of this today.
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