second part: http://www.youtube.com/watch?v=VJE1kwU6xPY&feature=channel_page
Permalink | Report

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.
Permalink | Report

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.
Permalink | Report

"Investment is work" - Jon Stewart
Source(s):
quote

Permalink | Report