The Stewart-Cramer Thing

This post is a compilation/digest of several comments I left on Paul Kedrosky's Blog.

I watched Cramer's Mad Money Show daily for over a year around 2006 and have read two of his books. I have had mixed results with his picks but I also did learn much. Jon Stewart needs to continue throwing pies at CNBC. They are less culpable than many but did not do enough to expose sleazy Wall St. practices and were indeed occasionally (isolated, and by individuals) in bed with the enemies of "truth, justice and the American way". Cramer in particular I think plays both sides of the street and knows more dirt than he will admit. I do think he is honest and will do the right thing in the end.

CNBC bills itself as financial news and opinion and sometimes they do that very well. And occasionally they are a forum for the worst kind of hucksters, they probably would have booked Bernie Madoff as a talking head before his arrest if he were available.

Just because others were guilty doesn't mean that CNBC shouldn't be held to high journalistic standards. Yes, I think it was their job to get to the bottom of this scandal before the others, that's their duty and if they didn't do it they need to be held to account.

I have watched a *lot* of CNBC at all hours and have read books by the personalities that appear there and I do like them. I have affection for them because I spend a lot of time with them and most are likable people. And so I have a responsibility to them to offer my constructive criticism when that opportunity arrives.

I also want to thank the people at CNBC for the fine work that they do, I know that just like the rest of us they strive to improve.

(later) I just watched a segment on PBS's News Hour about the Stewart/Cramer thing, and the point was rightly made there that many stories about the coming disaster were published or broadcast by many media outlets and they were dismissed and ridiculed. Cramer himself very famously ranted and later advised people to get out of the market. Unfortunately journalists were as conflicted as the rest of us about this and mixed messages were sent. Those who doggedly pursued a bearish line were dismissed as cranks.

Journalism's mission is to tell us what has happened, not to predict the future. But most people seek investment advice specifically because they are concerned about the future and so investment shows that are not just infomercials should take a greater responsibility.

Cramer, I think is honest but is also a charming scamp, and that is much of his appeal as host of his show. All of us are chastened by our experiences of the past year but those who give advice certainly have greater reason for introspection.