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Must See Videos: Stewart v. Cramer
Here are three video segments of the extended interview, uncensored. This may be the most compelling interview I've ever seen Stewart do and he's seething with anger at the start of the third segment. Not at Cramer but at the crap pulled by the manipulative assholes on Wall Street and CNBC's complicity. Within the interview, Stewart plays a few segments from an interview with Cramer from a couple of years ago that I had seen before in its entirety. It was an interview in which Cramer explains how hedge funds manipulate the news on a stock to drive it down so they can make money on a short sale. The example played at the end of the second segment that Stewart responds to in the third is Apple. I've seen over the years how the stock (AAPL) was manipulated by rumors, many of them false, in an effort to move the stock.
Jim Cramer is a good, well meaning but human guy who tries to help his viewers but who has also been lied to and duped by people he has known for years and who he learned to trust. The people who invested with Madoff also trusted him and look what happened.
Jon Stewart and Jim Cramer: The Extended Daily Show Interview | Indecision Forever | Comedy Central
Something else that might be of interest:
China's premier worries about US Treasury holdings: Financial News - Yahoo! Finance
Well, the futures are up so it looks like the rally will continue for another day.
Happy Friday the 13th, everyone! Have a great weekend!
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Happy Friday the 13th to you too.
We still have our original bathrooms from 1974 and I'd love to replace them but I hear it's a crappy job.
Civil Discourse - ERA - A Mother President - Women's Rights - Primary Reform
A plumber is coming out in a half hour to gauge the problem and give me the bad news. I know what needs to be done. The bathroom needs to be gutted down to the joists and studs, the old galvanized drain pipes have to be yanked out that go to the main cast iron stack. New drains, tile and fixtures and we're in business. I have no idea what it costs to do these things these days because I always did my own plumbing, wiring, sheetrock, and tile work myself. My wife won't let me do that now so I'll have to hire a plumber and a tile man.
After a nice run this morning, the market has turned negative so it looks like the rally is over for now. It was a very nice 3-day run. I can't remember a rally lasting more than 3 days in the past 15 months.
Last week, on an investment board, I not only predicted this rally but also predicted a top for AAPL at 97. The actual top was 97.20. My next target is the low 120s which could happen in late April or early May but if not then, perhaps later this year.
My aunt, in Florida, had to have pretty much the same thing done right after she bought her house. It is VERY expensive, or at least it was in Naples. Where did you learn how to do plumbing and wiring, sheet rock and tile? Those are some seriously useful skills. As for Cramer, he kinda gets to me with all that yelling and hyper stuff he does. I have tried watching him and he makes me too nervous.
I found a cartoon I thought you'd like Ron:
too cute.
Love it! Thanks, Kim!
I have a hard time whipping up any sympathy for Cramer. He's supposed to be an "expert" but made little attempt to pursue the concerns he now claims to have had. Cramer went along for the ride on our money, just like the rest of them.
Whatever happened to "trust but verify"? Cramer seems to have made no attempt whatsoever to confirm what the people he trusted were telling him. He allowed friendships to override judgment. Beyond acknowledging a few misgivings from time to time he kept right on playing the game.
Please remember that many of the people whose money Madoff stole hadn't a clue where their money was going. They trusted their financial wizards, who were as busy getting rich off this scheme as Madoff was.
Not that I feel a lot of sympathy for them, either. Anyone with half a brain should have known it was too good to be true. But nobody wanted to hear that. They ignored what logic was telling them, seduced by all that quick money.
How about a little sympathy for those of us who invested in real stocks and funds, only to lose our shirts, too? We played it straight, hoping for a reasonable return on our investments and not trying to make a killing in six months, but we lost too.
Right now I'm in no mood to extend the benefit of the doubt to anyone who has anything to do with Wall Street, be (s)he banker, investor or even journalist. I hate them all and I hope they rot in hell.
That was some "rally".
Hey creeper. Bernie Madoff should rot in prison for what he did, and it should be hard time, not this white collar, country club kind of jail-time crap. I don't care how old he is. He is a lousy freaking criminal. I do agree with you, in the respect that many of the people that he stole from were a little too easily parted from their money. They were a little too ready to believe anything. I have listened to some interviews with some of them, and they just trusted him and whatever he was doing. I've never had any money, so I really have no idea about investing and portfolios, etc. I think if I did have that kind of money, I would be on top of who was managing it and what was happening with it very closely. I don't trust people that much, myself.
"How about a little sympathy for those of us who invested in real stocks and funds, only to lose our shirts, too? We played it straight, hoping for a reasonable return on our investments and not trying to make a killing in six months, but we lost too."
Exactly right. The system works against us.
Yes, BJ, people who payed it straight and got hammered in the stock market do deserve sympathy. Honest people always seem to get the "crap-end" of the deal anymore.
Now, if Stewart would only grill Obama and his minions in the very same way he did Cramer, I would respect him. But, from what I've seen, he's all too often been besotted with the Kool-Aid and doesn't do nearly enough to expose Obama's role in all this. First of all, how is it that this "economic crisis" came about conveniently just before the GE? Second, who are Obama's economic advisers exactly and what is their role in the sub-prime debacle (Pfitzker [sp?]), in the the neo-liberal agenda to broaden NAFTA and replace our currency with the Amero (Goolseby), in the Dem's shenanigans at AIG (as facilitated by Geithner) etc. Moreover, why doesn't Stewart get off his high-horse and question Obama's draconian health care reform, and his plans to privatize and pillage Medicare and Social Security? How is it that those who helped destroy Hillary's health care initiative in the 1990's are now on Obama's team to reform it?
Sorry, but Stewart has a convenient blind eye when it comes to Obama. Sure he makes light fun of him, but usually not for things that really matter or reveal Obama for what he his---a FRAUD and a puppet for the Bankers.
Since Obama came on to the scene, Stewart is just as guilty as anyone in the msm. About the video, although Stewart asked the right questions he barely gave Cramer time to answer.
They let you post that on AC?
Actually, there's a pretty good discussion on the Stewart/Cramer video at AC. In the past, however-- especially during the GE-- I've had to watch what I say there, since I voted for McCain/Palin in protest. I just couldn't -- and still can't -- tow the Dem's ideological line anymore. I'm an independant voter now. Nevertheless, AC is a good site over all. I always find interesting diaries and great information on HRC there.
BTW, your cartoon is a blast!!
"But, from what I've seen, he's all too often been besotted with the Kool-Aid and doesn't do nearly enough to expose Obama's role in all this."
Stewart has been on the Obama bandwagon for a long time. Although he is receiving accolades for his attack of CNBC and the American NeoMedia, he has given the Obama Team a free pass.
Is Cramer the rightful scapegoat for the lack of responsible financial journalism in this country? His show is loud, played for laughs, and unlike other pundits Cramer often tells people to do their research before investing and to consider personal finances before entering the markets. Cramer made a bad decision when he decided to go on The Daily Show.
You and everyone else has a perfect right to be pissed at how we've all been played. The system is horribly unfair so no argument there. The point I was trying to make in my post was that anyone can be taken in. Cramer trusted a guy he knew for 20 years. I trusted Colin Powell when he made his presentation to the UN about Iraq's WMD. Why? Because I met him, spent an afternoon with him, developed an impression of sincerity and trustworthiness. He made trips to the CIA to verify the intelligence but he was duped by Tenet. There you had the director of the CIA lying to the Secretary of State.
There's an expression in investing called due diligence. That means it's up to each one of us to do the research and make our own best judgements based on whatever information we're able to gather. Here, I try to offer what insights I can. I knew a big rally was coming. Indeed, this was the biggest rally so far this year with the S&P rising 10% this week (90 points). It's also the first time we've had a 4-day rally in the past 15 months. Bank of America (BAC) soared 81% this week. AAPL went from 83 to 97, a gain of nearly 17%.
If you put money in an IRA or 401k in a credit union, you can get a CD that pays around 4.5%. Imagine investing in a stock that could net a gain significantly more than that in a week. That's the point. This was a BIG rally!
Go over to stockcharts.com, enter a stock symbol or an index, and activate the RSI, the slow or fast Stochastics, and volume (60, behind price). Under Overlays, bring up the 50 and maybe the 200 day simple moving average, plus Bollinger Bands. When the BBs constrict, a breakout is imminent, up or down. When the RSI and the Stochastics get high, it's time to sell, and when they get really low, it's time to buy. Volume is an indication of what investors are doing. If volume is low, take any movement with a grain of salt. Higher volume is more convincing.
Here's the chart I use for AAPL, for example:
AAPL - SharpCharts from StockCharts.com
My post wasn't intended to garner any sympathy for Cramer. It was a very compelling interview and it was Jon Stewart at his finest. Cramer was forced to squirm in his chair and face up to some sharp and well deserved criticism. Stewart was fair, I thought. To be fair to Cramer, though, I have to give him credit for trying. He's often right but sometimes he's horribly wrong. Right now, he's right to criticize the Obama administration because it seems to be doing more harm than good at the moment. Given time, maybe they'll do the right thing and get this economy going again and in the right way. I agree with Obama that we need to get out of the boom and bust bubble economy. He's supposed to come up with a post-bubble plan for recovery and I'll be anxious to see it.
My suggesting is, hang in there and take advantage of the opportunities that are out there. This is probably a once in a lifetime opportunity to grab some great bargains in the stock market. We may not have seen the low for the year but if we have, we might see it again.
I love the Obama teleprompter cartoon.
is he hangs in there and engages in the dialog. And the Obots are coming after him hard. He's seen bottom before, he will live to see another day and his career will survive. Stewart can be a little preachy sometimes.