So I finally caught the highly anticipated commentarial showdown between Comedy Central’s Jon Stewart and CNBC’s Jim Cramer. While I think the interview had as much entertainment value as watching gold fish play basketball, I have to admit I found the segment at least interesting enough to be bloggable (OK, I’m lying. Goldfish playing hoop is slightly more entertaining. But you get the point).
First, the backstory:
Cramer, financial analyst and host of CNBC’s hit show “Mad Money” was a bit incensed after the Stewart lambasted him, Rick Santelli, and the rest of the network for misleading viewers about matters of financial security and responsibility. In Cramer’s case specifically, Stewart was quick to point out Jim’s failed and disasterous endorsement of global investment giant midget Bears Stearn. Jim Cramer set the pins up; Jon Stewart knocked them down:
This led to the confrontation on the show. Feel free to check it out here.
After watching the interrogation interview, what I found most notable was how defenseless Jim Cramer appeared. While Stewart gave him the equivalent of populist lashing by making him directly complicit in people’s financial woes, Jimbo essentially sat on hands. In fact the only time I actually did see his hands was when he was waving the flag of surrender. On the one hand, I give it up to Cramer for being brave enough and a good sport enough to come on the show. On the other hand, his not putting up a fight and attempting to save face was pretty disappointing.
This wasn’t the Ali/Frazier calibur showdown I was expecting.
Perhaps, though, he did not put up a fight because he felt clearly exposed. The interview from 2006, where Cramer candidly spoke about he duplicity of the market was probably as damning of a video as anything Chris Hansen could put up. Still, you would think that being put on trial would lead to some attempt to deflect the blame from oneself or, at the very least, offer more substance in his apology. In an industry based largely upon investor confidence, Jim Cramer has conceivably committed financial suicide by freely allowing Stewart to castrate him. The same thing happened to Tucker Carlson’s political career once Stewart got a hold of him.
What do you think will happen to Cramer’s career now that Jon Stewart has completely undressed him?