Jim Cramer VS Jon Stewart (Full Video Interview)
Friday, March 13th, 2009 at
8:03 pm
If you’ve been watching CNBC or Comedy Central lately then you don’t want to miss this! For the past week Jon Stewart of the daily show has being hammering CNBC & Jim Cramer for their reporting, journalism & so called ‘financial forecasts’. All the videos of the interview are below including the hilarious intro.
So Does Jim Get Nailed Or Not? Leave Your Comments Below.
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JS really took John Cramer to task and rightfully so. Unfortunately, so much of corporate America, especially in the financial sector, has become a giant money grab by unethical executives financed off the backs of working America’s pensions and 401k’s. Financial reporting must begin to be more honest and frankly there are lots more executives who should end up in jail. On the other hand, one shouldn’t go too far with this and suggest that “money = work” and that anyone who makes money with intelligently leveraged investments is somehow dishonest. If people only made money through working and not through taking business risks then no entrepreneurs would exist and our economy would be a tiny fraction of what it is today. Yes, manipulating the markets in your advantage using your special status as a financial reporter is indeed highly unethical as is any situation where executives risk the financial health of a century-old corporation on absurdly risky derivative bets or through highly risky short term business maneuvers. And yes, work and contribution to society are important. But investments where risk is INTELLIGENTLY and CONSERVATIVELY matched against reward, especially when you are risking your own money and not someone else’s, is a perfectly valid, ethical, and intelligent way to acquire wealth. In fact this is how most wealth is actually acquired. If one never used any leverage in investments, then the real estate market wouldn’t exist, the futures market wouldn’t exist, and the FOREX market wouldn’t exist. So let’s not throw the baby out with the bathwater. There are plenty of us who increase our wealth by assuming moderate risk with our own money for well-above-average returns. The key is to understand that everyone guesses wrong sometimes and to therefore manage risk so that one bad call won’t wipe you out, and certainly won’t cause significant harm to people who depend on you.
Well done, John Stewart.
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