Thoughts on Jim Cramer vs. Jon Stewart

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There is a serious feud ongoing between Jon Stewart and Jim Cramer.

Stewart, as you probably know, used the Daily Show and other venues to slam the financial TV networks in general and CNBC specifically. The Mad Money host, who has become famous by instructing viewers to buy and sell individual stocks in a carnival barker style, came under especially harsh criticism.

Cramer then did a media tour to defend himself; you can see a video summarizing that here and read a column Cramer wrote on the subject here. Stewart responded; you can see that here. Cramer’s primary argument in all this is that Stewart is taking video snippets out of context to make him look bad — something a comedian or a blogger could do to any pundit. Cramer points out that Stewart never mentions the fact that he urged people to withdraw their money from the stock market October 2008, when the Dow was still around 10,000. He did do that, it’s true.

Cramer does deserve credit for (1) ending his market boosterism and Wall Street CEO ego-stroking before the rest of TV’s financial news community did the same, and (2) apologizing for some horrifically bad stock picks (he endorsed Wachovia stock after then-CEO Bob Steel came on Mad Money and pimped the bank). But ultimately that’s all tangential: What Cramer really needs to do is stop making ordinary people believe they can game the stock market on a day to day basis. A massive majority of the buying and selling done on Wall Street is done by banks and massive institutions with all the resources in the world at their disposal. Joe Sixpack and his 1,000 shares of Coca-Cola are just grease for the gears. If Joe invests his money long-term in low-risk index funds and mutual funds, he might ride out the market’s fluctuations. If he tries to move that Coca-Cola at just the right time, and buy Johnson & Johnson at just the right time, he’s going to get eaten alive.

Jim Cramer can defend himself all he wants. But his modus operandi is still problematic: he sends amateurs hurtling into a professional’s game.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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