2 years, 11 months ago
Jim Cramer Jon Stewart Fight Video with Transcript
Can someone transcribe this very important piece for me? Start from the Cramer interview.
videos:
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M$6 Answers
JS: How the hell did we end up here, Mr. Cramer? What happened?
JC: I don’t know. I don’t know. Big fan of the show. Who’s never said that?
JS: Well, many people. Let me just explain to you very quickly one thing that is somewhat misinterpreted. This was not directed at you, per say. I just want you to know that. We threw some banana cream pies at CNBC. Obviously, you got some schmutz on your jacket from it. Took exception.
JC: I think that everyone could come under criticism from it. I mean, we all should have seen it more. I mean, admittedly this is a terrible one. Everyone got it wrong. I got a lot of things wrong because I think it was kind of one in a million shot. But I don’t think anyone should be spared in this environment.
JS: So, then, if I may, why were you mad at us?
--Audience laughs--
JC: No.
JS: Because I was under the impression that you thought we were being unfair.
JC: No, you have my friend Joe Nasair(sp?) on and Joe called me and said, ‘Jim, do I need to apologize to you?’ and I said, No. We’re fair game. We’re big network. We’ve been out front. We’ve made mistakes. We have 17 hours of live TV a day to do. But I—
JS: Maybe you could cut down on that. --Audience laughs-- So let me tell you why I think this has caused some attention. It’s the gap between what CNBC advertises itself as and what it is and the help that people need to discern this. Let me show you…This is the promo for your show.
JC: Okay.
--"In Cramer We Trust” promo”--
JS: Isn’t that, you know, look—we are both snake oil salesmen to a certain extent--
JC: I’m not discerning…
JS: --but we do label the show as snake oil here. Isn’t there a problem with selling snake oil and labeling it as vitamin tonic and saying that it cures impetigo etc. etc. etc. Isn’t that the difficulty here?
JC: I think that there are two kids of people. People come out and make good calls and bad calls that are financial professionals and there are people who say the only make good calls and they are liars. I try really hard to make as many good calls as I can.
JS: I think the difference is not good call/bad call. The difference is real market and unreal market. Let me show you…This is…you ran a hedge fund.
JC: Yes I did.
--December 22, 2006 video of Jim Cramer--
JC: You know a lot of times when I was short at my hedge fund and I was position short, meaning I needed it down, I would create a level of activity beforehand that could drive the futures. It doesn’t take much money.
--End Video--
JS: What does that mean?
JC: Okay, this was a just a hyperbolic example of what people— You had a great piece about short selling earlier.
JS: Yes, I was—
JC: I have been trying to reign in short selling, trying to expose what really happens. This is what goes on, what I’m trying to say is, I didn’t do this but I’m trying to explain to people this is the shenanigans that—
JS: Well, it sounded as if you were talking about that you had done it.
JC: Then I was inarticulate because I did-- I barely traded the futures. Let me say this: I am trying to expose this stuff. Exactly what you guys do and I am trying to get the regulators to look at it.
JS: That’s very interesting because roll 2:10.
--210 video--
JC: I would encourage anyone who is in the hedge fund unit ‘do it’ because it is legal. It is a very quick way to make the money and very satisfying. By the way, no one else in the world would ever admit that but I do care.
Other guy: That’s right and you can say that here.
Unknown: Inaudible means I’m not going to say it on TV.
--End video—
JC: It’s on TV now.
JS: I want the Jim Cramer on CNBC to protect me from that Jim Cramer.
JC: I think that way you do that is to show—Okay, the regulators watch the tape, they realize the shenanigans that go on, they can go after this. Now, they did catch Madoff, that’s a shame.
JS: Now why when you talk about the regulators, why not the financial news network? That is the whole point of this? CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets: One that has been sold to us as long term. Put your money in 401ks. Put your money in pensions and just leave it there. Don’t worry about it. It’s all doing fine. Then, there’s this other market; this real market that is occurring in the back room. Where giant piles of money are going in and out and people are trading them and it’s transactional and it’s fast. But it’s dangerous, it’s ethically dubious and it hurts that long term market. So what it feels like to us—and I’m talking purely as a layman—it feels like we are capitalizing your adventure by our pension and our hard earned money. And that it is a game that you know. That you know is going on. But that you go on television as a financial network and pretend isn’t happening.
JC: Okay. First, my first reaction is absolutely we could do better. Absolutely. There’s shenanigans and we should call them out. Everyone should. I should do a better job at it. But my second thing is, I talk about the shorts every single night. I got people in Congress who I’ve been working with trying to get the uptick rule. It’s a technical thing but it would cut down a lot of the games that you are talking about. I’m trying. I’m trying. Am I succeeding? I’m trying.
JS: But the gentleman on that video is a sober rational individual. And the gentleman on Mad Money is throwing plastic cows through his legs and shouting “Sell! Sell! Sell!” and then coming on two days later and going, “I was wrong. You should have bought like--I can’t reconcile the brilliance and knowledge that you have of the intricacies of the market with the crazy bull--- you do every night. That’s English. That’s treating people like adults.
JC: How about if I try it?
JC: I don’t know. I don’t know. Big fan of the show. Who’s never said that?
JS: Well, many people. Let me just explain to you very quickly one thing that is somewhat misinterpreted. This was not directed at you, per say. I just want you to know that. We threw some banana cream pies at CNBC. Obviously, you got some schmutz on your jacket from it. Took exception.
JC: I think that everyone could come under criticism from it. I mean, we all should have seen it more. I mean, admittedly this is a terrible one. Everyone got it wrong. I got a lot of things wrong because I think it was kind of one in a million shot. But I don’t think anyone should be spared in this environment.
JS: So, then, if I may, why were you mad at us?
--Audience laughs--
JC: No.
JS: Because I was under the impression that you thought we were being unfair.
JC: No, you have my friend Joe Nasair(sp?) on and Joe called me and said, ‘Jim, do I need to apologize to you?’ and I said, No. We’re fair game. We’re big network. We’ve been out front. We’ve made mistakes. We have 17 hours of live TV a day to do. But I—
JS: Maybe you could cut down on that. --Audience laughs-- So let me tell you why I think this has caused some attention. It’s the gap between what CNBC advertises itself as and what it is and the help that people need to discern this. Let me show you…This is the promo for your show.
JC: Okay.
--"In Cramer We Trust” promo”--
JS: Isn’t that, you know, look—we are both snake oil salesmen to a certain extent--
JC: I’m not discerning…
JS: --but we do label the show as snake oil here. Isn’t there a problem with selling snake oil and labeling it as vitamin tonic and saying that it cures impetigo etc. etc. etc. Isn’t that the difficulty here?
JC: I think that there are two kids of people. People come out and make good calls and bad calls that are financial professionals and there are people who say the only make good calls and they are liars. I try really hard to make as many good calls as I can.
JS: I think the difference is not good call/bad call. The difference is real market and unreal market. Let me show you…This is…you ran a hedge fund.
JC: Yes I did.
--December 22, 2006 video of Jim Cramer--
JC: You know a lot of times when I was short at my hedge fund and I was position short, meaning I needed it down, I would create a level of activity beforehand that could drive the futures. It doesn’t take much money.
--End Video--
JS: What does that mean?
JC: Okay, this was a just a hyperbolic example of what people— You had a great piece about short selling earlier.
JS: Yes, I was—
JC: I have been trying to reign in short selling, trying to expose what really happens. This is what goes on, what I’m trying to say is, I didn’t do this but I’m trying to explain to people this is the shenanigans that—
JS: Well, it sounded as if you were talking about that you had done it.
JC: Then I was inarticulate because I did-- I barely traded the futures. Let me say this: I am trying to expose this stuff. Exactly what you guys do and I am trying to get the regulators to look at it.
JS: That’s very interesting because roll 2:10.
--210 video--
JC: I would encourage anyone who is in the hedge fund unit ‘do it’ because it is legal. It is a very quick way to make the money and very satisfying. By the way, no one else in the world would ever admit that but I do care.
Other guy: That’s right and you can say that here.
Unknown: Inaudible means I’m not going to say it on TV.
--End video—
JC: It’s on TV now.
JS: I want the Jim Cramer on CNBC to protect me from that Jim Cramer.
JC: I think that way you do that is to show—Okay, the regulators watch the tape, they realize the shenanigans that go on, they can go after this. Now, they did catch Madoff, that’s a shame.
JS: Now why when you talk about the regulators, why not the financial news network? That is the whole point of this? CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets: One that has been sold to us as long term. Put your money in 401ks. Put your money in pensions and just leave it there. Don’t worry about it. It’s all doing fine. Then, there’s this other market; this real market that is occurring in the back room. Where giant piles of money are going in and out and people are trading them and it’s transactional and it’s fast. But it’s dangerous, it’s ethically dubious and it hurts that long term market. So what it feels like to us—and I’m talking purely as a layman—it feels like we are capitalizing your adventure by our pension and our hard earned money. And that it is a game that you know. That you know is going on. But that you go on television as a financial network and pretend isn’t happening.
JC: Okay. First, my first reaction is absolutely we could do better. Absolutely. There’s shenanigans and we should call them out. Everyone should. I should do a better job at it. But my second thing is, I talk about the shorts every single night. I got people in Congress who I’ve been working with trying to get the uptick rule. It’s a technical thing but it would cut down a lot of the games that you are talking about. I’m trying. I’m trying. Am I succeeding? I’m trying.
JS: But the gentleman on that video is a sober rational individual. And the gentleman on Mad Money is throwing plastic cows through his legs and shouting “Sell! Sell! Sell!” and then coming on two days later and going, “I was wrong. You should have bought like--I can’t reconcile the brilliance and knowledge that you have of the intricacies of the market with the crazy bull--- you do every night. That’s English. That’s treating people like adults.
JC: How about if I try it?
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M$
Announcer: "March 12, 2009. You've watched snippets of them for days or meant to after your friends sent you the link. You twit blogged it on the interscape. People on tv have talked about how much people have talked about it.
Kiran Chetry: "On going grudge match between "Daily Show" show Jon Stewart and CNBC host Jim Cramer."
Announcer: "People staying in hotels are wondering why it's on the cover of there free paper. Tonight, the week long feud of the century comes to a head. Cramer. Stewart. In a 12 minute faceoff that could marginally increase the very rate comedy central charges for 30 seconds of advertising time. Welcome to brawl street. Get ready to buy low and sell die."
(Daily show intro, Applause)
Jon Stewart: Welcome to the Daily Show. I just dislocated both my shoulders. (Laughter) I'm Jon Stewart baby, it's go time. (Applause) In just a few moments the host of CNBC's Mad Money with Jim Cramer, Jim Cramer will be sitting right there. And I, Jon Stewart of the Daily Show with Jon Stewart. I will be sitting, where I'm sitting, right now. (Laughter) Probably not going to be moving. We will be discussing the intricacies of the world financial markets. As you can imagine I have been training all day.
(cut to training scene)
Off Camera Voice 1: What does PE stand for?
JS: Uhh.. Price to Earnings
Off Camera Voice 2: How many stocks in the Dow?
JS: 30
Off Camera Voice 1: Biggest software component?
JS: Microsoft
Off Camera Voice 2: Biggest hardware component?
JS: US Steel
Off Camera Voice 2: Wrong Maggot!
Jon Stewart: Gggaaa
Off Camera Voice 1: What is tier one capital
JS: Ahh.. Tier one capital is the core measure of max financial strength component primarily of equity, capital and cash reserves.
Off Camera Voice 1: ...but
JS: But, also possibly including the redeemable amount cumulative preferred stock and retained earnings...LETS DO THIS THING!!!!!! AAAHHHHH.
(Return to Jon Stewart behind news desk)
(applause)
JS: I'm ready baby. I've learned it all. I've been studying. Did you know the guy on the 20 was a president, but the guy on the 100's just some F****** guy? (Laughter) I didn't know that. So what was my opponent doing today, to prepare?
(Cut to Martha Stewart scene)
Martha Stewart: Please welcome, Jim Cramer
(Jim Cramer enters Martha Stewart show)
Jon Stewart voice over: Yesss. To prepare for the skirmish he appeared in public with a convicted white collar criminal. Not sure how that's going to help him.
Martha Stewart: If your mad at somebody like, like Jon, hit me, pretend this is Jon Stewart. It's cold, now the pastry is cold. You do that very well. (pounding cooking pin into pastry)
(Return to Jon Stewart behind news desk)
(laughter)
JS: Mr. Cramer, don't you destroy enough dough on your own show? (applause) Boom goes the dynamite. Ha Ha. How weird is our world when Jim Cramer's on tv baking pie and Martha Stewart's the one that went to jail for securities fraud. (laughter) That's weird. The host of CNBC's Mad Money. Please welcome to the program, Jim Cramer. Sir.
(Jim Cramer enters, Jon Stewart rises and greets him, applause)
JS: How the hell did we end up here Mr. Cramer? What happened?
Jim Cramer: I don't know. Big fan of the show. But, whos never said that?
JS: Well, many people. (Laughter) Uhh, uhh let mejust explain to you very quickly. One thing that I think is, is misinterpreted. This was not, uhh directed at you persay. But I just want to let you know that. We threw some banana cream pies at CNBC. You got a little oblviously schmootz on your jacket from it. Took exception.
JC: I think that everyone could come in under criticism because we all should have seen it more. I mean admittedly this is a terrible one. Everybody got it wrong. I got a lot of thing wrong because I think it was kind of one in a million shot. But I don't think anyone should be spared in this environment.
JS: So, then, if I may
JC: uh huh
JS: Why were you mad at us? (laughter)
JC: No, I
JS: Because I was under the impression that you thought we were being unfair.
JC: No, you had my friend Joe Nocera on and Joe called me and said "Jim do I need to apologize to you?" I said no, we're fair game, we're a big network. We've been out front and we've made mistakes. We got 17 hours of live tv a day to do. But I certainly...
JS: Maybe you should cut down on that? (laughter)
JS: So, so, so let me tell you why I think this thing has caught some attention. It's the gap between what CNBC advertises itself as, and what it is. And the help that people need to discern this. Let me show you, this is the promo for your show.
JC: OK
JS: Alright, this is Jim Cramer's promo.
(Cut to promo)
Voice over: An economy in free fall, investments on the brink, when you don't know what to do, don't paic, Cramer's got your back. Mad Money with Jim Cramer.
(Return to interview)
JS: Isn't that, you know, look, we're both snake oil salesmen to a certain extent
JC: not necessarily
JS: But we do label the show as snake oil here. Uh isn't there a problem selling snake oil as vitamin tonic? and saying that it cures impetigo etc, etc etc.
JC: Well
JS: Isn't that the difficulty here?
JC: I think that there are two kinds of peole. There are people who'll come out and they will make good calls and bad calls, they're financial professionals, and then there's the people that say they only make good calls and they're liars. I, I try really hard to make as many good calls as I can.
JS: I think that the difference is not good call, bad call. The difference is real market and, and unreal market. Let me, let me show you, this is, is uh, you ran a hedge fund.
JC: Yes I did, for many years.
JS: Alright this is...
(cut to video dated December 22, 2006))
Jim Cramer: You know, a lot of times when I was short at my hedge fund, I was positioned short, meaning I was needing it down. I would create a level of activity before hand that could drive the futures. It doesn't take much money.
(Back to interview)
JS: What does that mean?
JC: OK, uh, this was a hyperbolic example of what I was trying to get people to... you had a great piece about short selling earlier. I've been trying to rain in short selling, trying to expose what really happens. This is what goes on, what I'm trying to say is, and I didn't do this, but I'm trying to explain to people, this is the shenanigans...
JS: It sounded like you were talking about, that you had done it.
JC: Then I was inarticulate because I, I, I did trade, I barely traded the futures. But I will say this, I am trying to expose the stuff, exactly what you guys do. And I'm tying to get the regulators to look at it.
JS: OK that's interesting. Roll 2:10
(cut to video date December 22, 2006)
JC: I would encourage anyone in a hedge fund to do it because it's legal, uh a very quick way to make money and very satisfying. By the way, no one else in the world would ever admit that but I could care, but I'm not going to say that on tv.
(return to interview)
(laughter)
JC: Shown on tv now
JS: I want, the Jim Cramer on CNBC to protect me from that Jim Cramer.
(applause)
JC: I think the way you do that is to show, OK that's, I, the regulators watched the tape, they realized the shananigans that goes on. They can go after this. Now, they didn't catch Madoff, that's a shame.
JS: But why, when you talk about the regulators, why not the financial news network? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One, that has been sold to us as long term. Put your money in 401k's, put your money in pensions and just leave it there, don't worry about it. It's all doing fine. Then there's this other market, this real market that's occurring in the back room. Where giant piles of money are going in and out, and people are trading them and it's transactional and it's fast, but it's dangerous. It's ethically dubious and it hurts that long term market. So what it feels like to us, and I'm speaking purely as a layman, it feels like we are capitalizing your adventure by our pension and our hard earned.. and that it is a game that you know, that you know is going on. But that you go on television as a financial network and pretend isn't happening.
(aplause)
JC: OK, first, my first reaction is, absolutely we could do better. Absolutely, there's shananigans and we should call 'em out. Everyone should, I should do a better job at it. But my second thing is, I talk about the shorts every single night. I've got people in congress who I've been working with to try to get the uptick rule. That's a technical thing but it would cut down a lot of the games that you are talking about. I'm trying, I'm trying. Am I succeeding? I'm trying.
JS: But the gentleman in that uh, uh, video is a sober rational individual. And the gentleman on Mad Money is throwing plastic cows through his legs and shouting "sell, sell, sell". Then coming on two days later and going "I was wrong, you should have bought". Like, I can't reconcile the brilliance and knowledge that you have of the intricacies of the market, with the crazy b****** I see you do every night.
Kiran Chetry: "On going grudge match between "Daily Show" show Jon Stewart and CNBC host Jim Cramer."
Announcer: "People staying in hotels are wondering why it's on the cover of there free paper. Tonight, the week long feud of the century comes to a head. Cramer. Stewart. In a 12 minute faceoff that could marginally increase the very rate comedy central charges for 30 seconds of advertising time. Welcome to brawl street. Get ready to buy low and sell die."
(Daily show intro, Applause)
Jon Stewart: Welcome to the Daily Show. I just dislocated both my shoulders. (Laughter) I'm Jon Stewart baby, it's go time. (Applause) In just a few moments the host of CNBC's Mad Money with Jim Cramer, Jim Cramer will be sitting right there. And I, Jon Stewart of the Daily Show with Jon Stewart. I will be sitting, where I'm sitting, right now. (Laughter) Probably not going to be moving. We will be discussing the intricacies of the world financial markets. As you can imagine I have been training all day.
(cut to training scene)
Off Camera Voice 1: What does PE stand for?
JS: Uhh.. Price to Earnings
Off Camera Voice 2: How many stocks in the Dow?
JS: 30
Off Camera Voice 1: Biggest software component?
JS: Microsoft
Off Camera Voice 2: Biggest hardware component?
JS: US Steel
Off Camera Voice 2: Wrong Maggot!
Jon Stewart: Gggaaa
Off Camera Voice 1: What is tier one capital
JS: Ahh.. Tier one capital is the core measure of max financial strength component primarily of equity, capital and cash reserves.
Off Camera Voice 1: ...but
JS: But, also possibly including the redeemable amount cumulative preferred stock and retained earnings...LETS DO THIS THING!!!!!! AAAHHHHH.
(Return to Jon Stewart behind news desk)
(applause)
JS: I'm ready baby. I've learned it all. I've been studying. Did you know the guy on the 20 was a president, but the guy on the 100's just some F****** guy? (Laughter) I didn't know that. So what was my opponent doing today, to prepare?
(Cut to Martha Stewart scene)
Martha Stewart: Please welcome, Jim Cramer
(Jim Cramer enters Martha Stewart show)
Jon Stewart voice over: Yesss. To prepare for the skirmish he appeared in public with a convicted white collar criminal. Not sure how that's going to help him.
Martha Stewart: If your mad at somebody like, like Jon, hit me, pretend this is Jon Stewart. It's cold, now the pastry is cold. You do that very well. (pounding cooking pin into pastry)
(Return to Jon Stewart behind news desk)
(laughter)
JS: Mr. Cramer, don't you destroy enough dough on your own show? (applause) Boom goes the dynamite. Ha Ha. How weird is our world when Jim Cramer's on tv baking pie and Martha Stewart's the one that went to jail for securities fraud. (laughter) That's weird. The host of CNBC's Mad Money. Please welcome to the program, Jim Cramer. Sir.
(Jim Cramer enters, Jon Stewart rises and greets him, applause)
JS: How the hell did we end up here Mr. Cramer? What happened?
Jim Cramer: I don't know. Big fan of the show. But, whos never said that?
JS: Well, many people. (Laughter) Uhh, uhh let mejust explain to you very quickly. One thing that I think is, is misinterpreted. This was not, uhh directed at you persay. But I just want to let you know that. We threw some banana cream pies at CNBC. You got a little oblviously schmootz on your jacket from it. Took exception.
JC: I think that everyone could come in under criticism because we all should have seen it more. I mean admittedly this is a terrible one. Everybody got it wrong. I got a lot of thing wrong because I think it was kind of one in a million shot. But I don't think anyone should be spared in this environment.
JS: So, then, if I may
JC: uh huh
JS: Why were you mad at us? (laughter)
JC: No, I
JS: Because I was under the impression that you thought we were being unfair.
JC: No, you had my friend Joe Nocera on and Joe called me and said "Jim do I need to apologize to you?" I said no, we're fair game, we're a big network. We've been out front and we've made mistakes. We got 17 hours of live tv a day to do. But I certainly...
JS: Maybe you should cut down on that? (laughter)
JS: So, so, so let me tell you why I think this thing has caught some attention. It's the gap between what CNBC advertises itself as, and what it is. And the help that people need to discern this. Let me show you, this is the promo for your show.
JC: OK
JS: Alright, this is Jim Cramer's promo.
(Cut to promo)
Voice over: An economy in free fall, investments on the brink, when you don't know what to do, don't paic, Cramer's got your back. Mad Money with Jim Cramer.
(Return to interview)
JS: Isn't that, you know, look, we're both snake oil salesmen to a certain extent
JC: not necessarily
JS: But we do label the show as snake oil here. Uh isn't there a problem selling snake oil as vitamin tonic? and saying that it cures impetigo etc, etc etc.
JC: Well
JS: Isn't that the difficulty here?
JC: I think that there are two kinds of peole. There are people who'll come out and they will make good calls and bad calls, they're financial professionals, and then there's the people that say they only make good calls and they're liars. I, I try really hard to make as many good calls as I can.
JS: I think that the difference is not good call, bad call. The difference is real market and, and unreal market. Let me, let me show you, this is, is uh, you ran a hedge fund.
JC: Yes I did, for many years.
JS: Alright this is...
(cut to video dated December 22, 2006))
Jim Cramer: You know, a lot of times when I was short at my hedge fund, I was positioned short, meaning I was needing it down. I would create a level of activity before hand that could drive the futures. It doesn't take much money.
(Back to interview)
JS: What does that mean?
JC: OK, uh, this was a hyperbolic example of what I was trying to get people to... you had a great piece about short selling earlier. I've been trying to rain in short selling, trying to expose what really happens. This is what goes on, what I'm trying to say is, and I didn't do this, but I'm trying to explain to people, this is the shenanigans...
JS: It sounded like you were talking about, that you had done it.
JC: Then I was inarticulate because I, I, I did trade, I barely traded the futures. But I will say this, I am trying to expose the stuff, exactly what you guys do. And I'm tying to get the regulators to look at it.
JS: OK that's interesting. Roll 2:10
(cut to video date December 22, 2006)
JC: I would encourage anyone in a hedge fund to do it because it's legal, uh a very quick way to make money and very satisfying. By the way, no one else in the world would ever admit that but I could care, but I'm not going to say that on tv.
(return to interview)
(laughter)
JC: Shown on tv now
JS: I want, the Jim Cramer on CNBC to protect me from that Jim Cramer.
(applause)
JC: I think the way you do that is to show, OK that's, I, the regulators watched the tape, they realized the shananigans that goes on. They can go after this. Now, they didn't catch Madoff, that's a shame.
JS: But why, when you talk about the regulators, why not the financial news network? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One, that has been sold to us as long term. Put your money in 401k's, put your money in pensions and just leave it there, don't worry about it. It's all doing fine. Then there's this other market, this real market that's occurring in the back room. Where giant piles of money are going in and out, and people are trading them and it's transactional and it's fast, but it's dangerous. It's ethically dubious and it hurts that long term market. So what it feels like to us, and I'm speaking purely as a layman, it feels like we are capitalizing your adventure by our pension and our hard earned.. and that it is a game that you know, that you know is going on. But that you go on television as a financial network and pretend isn't happening.
(aplause)
JC: OK, first, my first reaction is, absolutely we could do better. Absolutely, there's shananigans and we should call 'em out. Everyone should, I should do a better job at it. But my second thing is, I talk about the shorts every single night. I've got people in congress who I've been working with to try to get the uptick rule. That's a technical thing but it would cut down a lot of the games that you are talking about. I'm trying, I'm trying. Am I succeeding? I'm trying.
JS: But the gentleman in that uh, uh, video is a sober rational individual. And the gentleman on Mad Money is throwing plastic cows through his legs and shouting "sell, sell, sell". Then coming on two days later and going "I was wrong, you should have bought". Like, I can't reconcile the brilliance and knowledge that you have of the intricacies of the market, with the crazy b****** I see you do every night.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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http://www2.canada.com/vancouversun/transcript+daily+show+interview+betwen+stewart+cramer/1386933/story.html?id=1386933
The full script is on the web provided above.
The full script is on the web provided above.
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Really? Wow, canadians.....(tsk tsk)
But you can find this and another site (I believe) with a simple google search.
They stole that!! That is my transcript! They made a few minor edits, but they took that from HERE! The ellipses are in the same place!! There are little subtleties that I had to make choices on how to write it that are EXACTLY THE SAME. That is so wrong. They should at least give Mahalo credit if they are going to steal something.
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Darcy Logan claims my blog links to a site that "stole" her transcript. I can't see how that's possible, since a transcript is a transcript. She cannot copyright a transcript since she is not the source of the original text. Also, if Darcy Logan wants any kind of reasonable response by a blogger, she should include her e-mail address in a comment. Her comment will NOT appear on my blog and the link will NOT be removed.
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"Investment is work" - Jon Stewart
source(s):
quote
quote
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Bravo for Jon Stewart. That guy Cramer single handedly ruined so may lives with bogas financial advice. People thought they were listening to a sound, sane financial expert. Sham on CNBC for the staff that allowed him to air and to allow such incompentance to run their program.
--2:16 Video--
Other guy: Another stock that I love you for, focused on right now is Apple
JS: Yes, Apple is very important to spread the rumor that both Verizon and AT&T have decided that they don’t like the phone. That’s a very easy one to do. You also want to spread the rumor that it is not going to be ready for MacWorld and this is very easy because the people who write about Apple want that story and you can claim that it is credible because you spoke to someone at Apple because Apple is—doesn’t register.
Other guy: Doesn’t comment.
--End Video--
JC: You know.
JS: I gotta tell you. I understand that you want to make finance entertaining, but it’s not a f---ing game. When I watch that I get, I can’t tell you how angry it makes me because it says to me, “You all know.” You all know what’s going on. You can draw a straight line from those shenanigans to the stuff that was being pulled at Bear and at AIG and all this derivative market stuff that is this weird Wall Street side bet.
JC: But Jon, don’t you want guys like me that have been in it to show the shenanigans? What else can I do? I mean, last night’s show---
JS: No, no, no, no, no. I want desperately for that, but I feel like that’s not what we’re getting. What we’re getting is… Listen, you knew what the banks were doing and yet were touting it for months and months. The entire network was and so now to pretend that this was some sort of crazy, once-in-a-lifetime tsunami that nobody could have seen coming is disingenuous at best and criminal at worst.
JC: But Dick Fogle(sp?) who ran Lehman Brothers, called me in when the stock was at 40 because I thought that the stock was wrong, I thought that it was the wrong place for it to be. He brings me in, lies to me, lies to me, lies to me. I’ve known him for twenty years.
JS: The CEO of a company lied to you.
JC: Shocker stock trading.
JS: But isn’t that financial reporting? What do you think is the role of CNBC?
JC: Look, I have called for star chambers—I want kangaroo courts for these guys. I have not seen any indictments. Where are the indictments? Where is the indictments for AIG? I told the Justice Department, “Here’s the way you get the indictment.”
JS: It’s very easy to get on this after the fact. The measure of the network, and the measure of mess. CNBC could act as—No one is asking them to be a regulatory agency, but can’t—but whose side are they on? It feels like they have to reconcile as their audience the Wall Street traders that are doing this for constant profit on a day-to-day for short term. These guys companies were on a Sherman’s March through their companies financed by our 401ks and all the incentives of their companies were for short term profit. And they burned the f---ing house down with our money and walked away rich as hell and you guys knew that that was going on.
JC: I have a wall of shame. Why do I have banana cream pies? Because I throw them at CEOs. Do you know how many times I have pants CEOs on my show?
JS: But this isn’t, as Carly Simon would say, this song ain’t about you.
JC: Okay. All right. You’re right. I don’t want to personalize it. I think we have reporters who try really hard. We’re not always told the truth. But most importantly, the market was going up for a long time and our real sin I think was to believe that it was going to continue to go up a lot in the face of what you just described. A lot of borrowing. A lot of shenanigans and I know I did, I’ll bring it up, I didn’t think Bear Sterns was going to evaporate overnight. I didn’t. I knew the people who ran it, I always thought they were honest. That was my mistake. I really did. I thought they were honest. Did I get taken in because I knew them from before? Maybe to some degree. The guy who came on from Wichovia(sp?) was an old friend of mine who helped hire me.
JS: But honest or not, in what world is a 35 to 1 leverage position sane?
JC: The world that made you 30% year after year after year beginning from 1999 to 2007 and it became—
JS: But isn’t that part of the problem? Selling this idea that you don’t have to do anything. Anytime you sell people the idea that sit back and you’ll get 10 to 20 percent on your money, don’t you always know that that’s going to be a lie? When are we going to realize in this country that our wealth is work. That we’re workers and by selling this idea that of “Hey man, I’ll teach you how to be rich.” How is that any different than an infomercial?
JC: Well, I think that your goal should always be to try to expose the fact that there is no easy money. I wish I had found Madoff (sp?)—
JS: But there are literally shows called “Fast Money.”
JC: I think that people…There’s a market for it and you give it to them.
JS: There’s a market for cocaine and hookers. What is the responsibility of the people who cover Wall Street? Who are you responsible to? The people with the 401ks and the pensions and the general public or the Wall Street traders, and by the way this casts an aspersion on all of Wall Street when I know that’s unfair as well. The majority of those guys are working their asses off. They’re really bright guys. I know a lot of them. They’re just trying to do the right thing and they’re getting f---ed in the ass, too.
JC: True. True. I think as a network we produce a lot of interviews where I think that we have been—there have been people who have not told the truth. Should we have been constantly pointing out the mistakes that were made? Absolutely. I truly wish we had done more. I think that we have been very tough on the previous Treasury Secretary, very tough on the previous administration how they didn’t get it, very tough on Ben Vernaky (Sp?). But at the same time.
JS: But he’s the guy who wrote the rule that allowed people to over-leverage.
JC: I trash him every night. I’ve called him a liar on TV. What am I going to do? Should we all call him liars? I’m a commentator. We have—and you can take issues with the fact that I throw bulls and bears and I can still be considered serious.
I’m not Eric Severat (sp?). I’m not Edward R. Morrow. I’m a guy trying to do an entertainment show about business for people to watch. But it’s difficult to have a reporter to say I just came from an interview with Hank Wilson(Sp?) and he lied his darn fool head off. It’s difficult. I think it challenges the boundaries.
JS: Yeah. I’m under the assumption, and maybe this is purely ridiculous, but I’m under the assumption that you don’t just take their word for it at face value. That you actually then go around and try and figure it out. So, again, you now have become the face of this and that is incredibly unfortunate.
JC: I wish I had done a better job trying to figure out the 30 to 1 and whether it was going to blow up. It did. Once it did I was late it saying it was bad.
JS: So maybe we could remove the financial expert and the “In Cramer we Trust” and start getting back to fundamentals on reporting as well and I can go back to making fart noises and funny faces.
JC: I think we make that deal right here.
JS: Mad Money airs on CNBC weeknights at six.
Jim Cramer is more honest than 99% of all financial advisors appearing on television. I trust what he has to say about the immediate conditions of the market. I trust him less when he talks about specific stocks or investments.
Cramer is using his best knowledge to predict the future when he picks stocks, but the future is still the future. Even the best investment professional is right only 80% of the time, which means that there is a guaranteed 20% chance of failure. And sometimes that 20% can be catastrophic.
Cramer was the man I listened to in August, 2007 when he warned that a depression was coming, and he was 100% right. And Cramer is more willing to admit to mistakes he made than anyone else in the market.
Don't blame Cramer. Blame the pretty analysts pimping Lehman Brothers or AIG stock. Blame the talking heads that tell you to BUY, BUY, BUY 100% of the time. Blame the Bush administration for its country club crony capitalism that let the pack of running dogs loose without a leash for eight years. Blame the regulation haters who say that only unfettered capitalism is the only way to prosperity. But don't blame Cramer.
Cramer is human and he makes mistakes, but as an entertainer (just like Jon Stewart), his special shtick is in truth telling. That's one of the reasons I like both TV personalities.
Long live Jon Stewart!
Long live Cramer!
This is amazing, Darcy! It is really helpful.
Go For it.
I started, but I won't be able to finish
This is what I got,
(5:18)
JOHN STEWART: But of course this is not why you came here tonight. So lets get to the main event, what you have all been waiting for, or one hundred and fifty or so people here. The host of CNBC's Mad Money, please welcome to the program Jim Cramer. Sir!
(Jim Cramer walks out)
JOHN STEWART: How the hell did we end up here, Mr. Cramer? What happened?
JIM CRAMER: I don't know, I don't know. Big fan of the show, who's never said that.
STEWART: Well, many people. Ah, let me just explain this to you very quickly, one thing that I think is somewhat miss interpreted. This was not directed at you, per se, but I just want to let you know that. We threw some banana cream pies at CNBC. You got some obviously schmutz on your jacket from it, took exception.
CRAMER: I think that everyone could comment on your criticism, because we all should have seen it more. I mean admittedly this is a terrible one, and everybody got it wrong, I got it a lot of things wrong, 'cause I think it was kind of a one in a million shot, but I don't think anyone should be spared in this environment.
STEWART: So, then if I may, why were you mad at us? Because I was under the impression that you thought we were being unfair.
CRAMER: No, you had my friend Joe Nocera on and Joe called me and said "Jim, do I need to apologize to you?" and I said no, we're fair game, we big now, we been out front and we've made mistakes, we've got 17 hours of live TV a day to do. But I...
STEWART: Maybe you could cut down on that. We're going to go away, we're going to come right back with Jim Cramer, Right after this.
(Cut to Break)
STUART: Hey, welcome back to the program, we're here with Jim Cramer. So let me tell you why I think this thing has caused so much tension. It's the gap between, what CNBC advertises itself as and what it is, and the help that people need to discern this. Let me show you, this is the promo. for your show.
CRAMER: OK
STEWART: Alright, so this is Jim Cramer's Promo.
JS: Try what?
JC: Try doing that. I’ll try that.
JS: That would be great, but it’s not just you. It’s larger forces at work. It is this idea that the financial news networks are not just guilty of a sin of omission but a sin of commission. That they are in bed with them.
JC: No, we’re not in bed with them. Come on. I don’t think that’s fair. Honestly. I think that we try to report the news and I think that people—
JS: A couple of guys do. This guy Faber.
JC: He’s fabulous, Faber.
JS: And maybe two other guys.
JC: He’s fabulous and he’s done some things that have really blown the cover off a lot of stuff.
JS: But this thing was ten years in the making.
JC: Right.
JS And it’s not going to be fixed tomorrow. But the idea that you could have on the guys from Bear Sterns and Merril Lynch, and guys that had leveraged 35 to 1…
JC: I know.
JS: And then blame mortgage holders. I mean, that’s insane.
JC: I never did that. --unintelligible—I’m sorry You’re absolutely right. I always wish that people would swear themselves in before they came on the show. I’ve had a lot of CEO’s lie to me on the show. It’s very painful. I don’t have subpoena power.
JS: But don’t—You’re pretending that you are a dew-eyed innocent. Watch. Roll. I mean, if I may…
JC: It’s your show for Heaven’s sake.
JS: Roll 2:12.
JC: No! Not 2:12!
--2:12 Video--
JC: You can foment. That’s a violation of…
Other guy: Ferment?
JC You can’t FOE-ment. You can’t create yourself, an impression that a stock’s down, but you do it anyway because the STC doesn’t understand it. That’s the only sense that I would say this is illegal…
--End Video--
JS: Now 2:16