Jim Cramer on the Colbert Report
As a follow up to Friday's CNBC Cramer rant, comes this very humble appearance on The Colbert Report:
Great stuff.
You gotta give Cramer credit for having the balls to go on this show after last week's meltdown . . .
Thursday, August 09, 2007 | 10:38 AM | Permalink
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Balls he has, brains he's short of.
Posted by: SPECTRE of Deflation | Aug 9, 2007 10:44:04 AM
I wrote the Colbert Report a year ago suggesting they get Barry on, so that Colbert could call him unpatriotic for his S&P "5000" call. I'm sure my email went into the bit bucket...
Posted by: wunsacon | Aug 9, 2007 10:51:59 AM
The Daily Show's overall of the subprime issues (from a week ago) was funny as well.
Posted by: johntron | Aug 9, 2007 10:59:46 AM
Well for once the clown is on the appropriate network...
Posted by: Bob A | Aug 9, 2007 11:00:16 AM
Cramer is the Joe Granville of the new century. Of course he would go on the Colbert Report. He is an showboat. All hat and no cattle. The fact he has become an icon for the masses simply means he is the Judas goat. Probably a well paid one but nonetheless.
Posted by: Ross | Aug 9, 2007 11:02:04 AM
I don't give him credit for having "balls". I give him credit for being a lunatic ego maniac who would go on any tv show at any time just to be on tv and in the spotlight.
Yeah, he really "cares" about all those people...only as long as they watch him be a moron and follow him so he keeps getting paid and his ego keeps inflating.
Posted by: Cliff Mason | Aug 9, 2007 11:07:38 AM
In relative terms, it seems to me he de-emphasized the "my-Wall-Street-friends-losing-their-jobs" message and emphasized the "little-people-losing-their-homes" message.
I don't watch his show. But, that rant was very entertaining. That clip "no idea!" ranks up there with that Coach Mora Coor's commercial clip "playoffs???".
http://www.youtube.com/watch?v=Qwq7BYOnDrM
Posted by: wunsacon | Aug 9, 2007 11:18:37 AM
Nothing more than the media's dead-cat bounce of the Creamer breakdown. There's no evidence of balls here. In a way, I find it even more disgusting than the original video.
Posted by: dukeb | Aug 9, 2007 11:28:28 AM
I certainly believe Cramer went overboard in his rant on Friday. The Colbert Report is not necessarily the best place to come out and make the most humble appearance after a meltdown in my opinion.
Posted by: Aaron | Aug 9, 2007 11:43:04 AM
Some people are way too serious here.
Colbert needed a little more time to skewer some more.
Posted by: Andy | Aug 9, 2007 11:46:53 AM
Maybe he'll get the chance after Cramer's NEXT meltdown which probably isn't too far off.
This whole subprime/Alt-A/Jumbo(/Prime?)/liquidity/credit crunch story ain't over yet, folks!
Posted by: W.Edwards | Aug 9, 2007 11:55:33 AM
It makes sense for him to go on the Colbert Report, explains himself in a low pressure situation, have a little laugh at his own expense, and he can start back on as a serious commentator next week.
If he was on any of the finance shows, he'd be screwed either way. If they don't cover his meltdown, they would say they're covering up his behavior. If they focus on it, it's the media covering nonsense again.
I love the transformation mentioned by wunsacon about switching to the "People are losing their jobs..." to "7 million poor people losing their homes..." He spent like two seconds on that in his meltdown, and that was more like a statistic. Seven million people are going to lose their homes and my friends are going to lose their jobs as a result.
Posted by: Dervin | Aug 9, 2007 12:16:06 PM
I guess the fed is listening to him. They "pumped" out $24 billion today. Apparently the ECB is listening too, putting out $131 billion.
Posted by: Brian | Aug 9, 2007 12:25:16 PM
I wonder if he has the balls to call a real market meltdown on prime time, e.g., "...if I was still at my hedge fund...." I suspect if he was still at his hedge fund today, he'd be over 50% cash or short. Here's a thought: Cramer calls for a crash and thereby contributes to triggering it. Individual investors get fed up, stop watching CNBC, and take up other hobbies. Mad Money is eventually canceled. Cramer, who owns no stocks and very little real estate, makes a killing buying a depressed market. Remember in the early days of the show, where he says (in the intro) "I am the market?"
Posted by: John F. | Aug 9, 2007 12:25:45 PM
Speaking of Cramer and shows:
This just sums up the worth of his site:
http://www.thestreet.com/s/liquidity-crisis-goes-global/markets/marketfeatures/10373354.html
Scroll down to the "recent articles" section and read the headline by the exact same writer less than 18 hours ago........
gotta love that.......
Ciao
MS
Posted by: Michael Schumacher | Aug 9, 2007 1:27:25 PM
Not to split hairs, but Cramer was talking about his "25 years in the business" five years ago. Isn't the number closer to thirty now?
Perhaps, like me, he stopped counting birthdays after he hit fifty.
Posted by: Jim Bergsten | Aug 9, 2007 2:17:10 PM
Judas Goat. yup.
Cramer's line about concern for "tom joad"?
nice touch.
Posted by: brian | Aug 9, 2007 2:22:18 PM
Dervin: Read this until you get it. Your friends SHOULD lose their jobs. In fact, every single person from the home builder to the foreign central bank fund manager should be out on the streets. Your friends wanted the transaction cash from "selling" to people who they knew going in had less than zero chance of actually surviving the loan terms. Your friends knew they had a BBB- equity product and sold it as AAA to the foreign banks.
Every professional job fires you if you funk up very important deliverables. This is no different. Welcome to the real world.
And, most importantly, quit whining - you're only guaranteed the OPPORTUNITY to be happy in America. You're not guaranteed happiness.
Bottom line: Your friends gambled and lost. Now they get to suffer the consequences.
Posted by: G | Aug 9, 2007 3:16:49 PM
Cramer is just in love with himself and his ego needs to be fed. The more face time he can get on the boob tube, the better he feels.
If he had balls he'd be trading this shit like the rest of us.
Posted by: bucky katt | Aug 9, 2007 3:48:36 PM
**A Mea Culpa from Eclectic**
I’ve changed my whole view of Jim Cramer’s passion play from last Friday. I’ve come to realize I was wrong. I’d assumed he’d have no effect on the FOMC, but it’s crystallized in my mind now that he indeed did have an effect, and the effect was the inclusion in the FOMC statement of what I’ll term as: “The Cramer Inclusion.”
Yes, that’s right… I’m ready to enforce the objectivity on myself that I consider to be the Holy Grail of philosophical and intellectual discourse.
Winston, you and Jake were very kind to give me kudos, and I thought I’d deserved them… but if I’m the supreme objectivologist I claim to be, then I’ll have to take the stand and refute my own prior understanding.
You want to know what the Cramer Incusion was?… Okay, let’s stack the June and August statements in reverse order for you and take an [excerpt] from each that, in comparison, illustrates the tiny, every so tiny, difference that makes me wrong about what I’d thought was no difference:
http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070807/default.htm
[Economic growth was moderate during the first half of the year. Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy.]
http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070628/default.htm
[Economic growth appears to have been moderate during the first half of this year, despite the ongoing adjustment in the housing sector. The economy seems likely to continue to expand at a moderate pace over coming quarters.]
You know what the difference is, other than the obvious lack of volume of words in June?… Well, essentially it’s the Cramer Inclusion and I’ll identify it for you:
“Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses.”
That’s it my friends. It’s the words extracted from an FOMC pursuing almost the equivalent of an armed struggle, in which one of it’s members mounted a verbal attack on the assumptions gaining headway in the market that the Fed would bend its knees to what Cramer’s tirade was all about… and Cramer was right.
He wrote the song that defenders of the market have used since then to paint the picture of a Fed that will ultimately write a check for the Greenspan Put.
You need not make the faulty assumption that he doesn’t know he was right. Oh, he didn’t get everything, but he got THE THING he wanted. If you don’t think so, you’re as fooled as I was that I’d been right.
This is bigger than some academic discussion, bigger than the issue of punishment for the guilty, bigger than Bernanke’s desire to shed the helicopterizin’ image that he himself installed recklessly.
It's here... it's in our face... it has to be dealt with.
I’ll withdraw everything I said about Cramer in this matter, except the shrill monkey part, but that shrill monkey did something that I’ll now acknowledge. It’s very likely he top-ticked FOMC policy. They may as well have pulled up a chair and made a Cramer Seat.
Posted by: Eclectic | Aug 9, 2007 3:57:33 PM
OK Eclectic
So now they cut at the next meeting, by how much and will it help.
Posted by: stormrunner | Aug 9, 2007 4:27:35 PM
Storm,
All I can say is that I expect the next cut will be between meetings... I expect the next increase will be on a scheduled meeting date.
I have no insight my friend. My opinion is like a kernel of corn in Iowa.
I am a nobody. Nobody is my name:
http://www.youtube.com/watch?v=qOanX_TSE5U
Posted by: Eclectic | Aug 9, 2007 4:34:22 PM
Storm,
Won't help... read all my theory.
Posted by: Eclectic | Aug 9, 2007 4:39:40 PM
Just a thought I'm not really tuned to all this money flow dynamics, but if it took 131B to quell the run in the EU how are we gettin off at 24B. Are they cutting us slack because their currency is new and can absorb the shock - or are we gonna have to create a whole lot more in the comming days. The general opinion is today's fall in the EU was largely related to US subprime. I'm sure they have their own issues but thats how they're playing it.
Posted by: stormrunner | Aug 9, 2007 5:11:48 PM
I was hoping to see the round-house slap across the face just like in "Moonstruck"
..."Jim, snap out of it".
Posted by: Tim | Aug 9, 2007 6:59:28 PM
