Thrilla in vanilla: Stewart v. Cramer

http://theloop21.com/news/jon-stewart-v-jim-cramer-my-money-jon

Personally, I am thrilled someone finally handed Cramer his hat for the bull market B.S. he continues to pimp.

It was nearly equally hilarious watching Cramer and Joe Scarborough try to tear Stewart down the following day on Morning Joe. Scarborough, of course, tried to spin it into this “liberal-media” thing. He even tried to drag President Barack Obama into the mudd. It, too, was priceless.

Stewart was right on. Cramer, with his schizophrenic hand gestures and bombastic voice, has been drowning out the voice of reason for years.

They parade around like experts or financial “journalists,” but they are a herd of babbling, stock peddling, salivating at the mouth, corporate pimps.

With these guys, it’s always a bull market. With these guys, you can be living in your minivan on the side of the interstate and still, there are deals to be had.

They have clearly contributed to the culture of excess on Wall Street and this “fast money, mo’ money” mantra of the markets that has basically left us with a financial system collapsing like a deck of cards.

There were some real journalists out there reporting on the far-reaching implications of the housing bubble. But you sure as hell weren’t going to see that on cable T.V.

Instead, it was folks like Cramer and the rest of Squawking folks.

But people were pretty dumb to listen to these guys in the first place. It’s like take dieting advice from the most obese person you know. Their livelihoods are tied into the Vegas-style excitement of the deal. In their world, they are speaking to frequent traders and others who aspire to be in the game. In their fantasy world of TV entertainment, where high-finance coverage resembles a high school prep rally, buy, buy, buy is a cure-all for anxious advertisers. Telling the truth or looking out for the best interest of consumers of investors really does not come up.

Why? Recently someone gave me a pretty damn good answer.

“It’s all about ratings,” said Richard Kaplan, a University of Illinois law professor who specializes in elder care, specifically trying to help folks transition to retirement. “You see if you have bad news about a stock, it is only important to the very limited number of people who actually own that stock. But if you have good news, a good deal, it is theoretically of interest to everyone.”

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