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Cramer Past Versus Cramer Present; CNBC Future

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 copyright © 2009 Betsy L. Angert.  BeThink.org

On the evening of March 12, 2009, a deal was struck.  Americans looked on.  After a week of on air battles, opponents who had earlier been seen on separate stations, Jon Stewart of the Daily Show and Jim Cramer of Mad Money met face-to-face.  Bombarded with video clips financier Cramer was forced to face his past.  Much was revealed.  An arduous conversation ensued.  Confronted with his own contradictory claims, Mister Cramer promised to transform himself.  Ultimately, Comedian, Jon Stewart and the self-identified "personal guide through the confusing jungle of investing" Jim Cramer shook hands.

Many in the audience were moved.  Countless cried; change could come to America, or at least to CNBC.  For a moment some mused; the "recognized world leader in business news" might be more than a haven for the moneyed.  Perhaps, with this agreement the network would authentically inform the public rather than invite them to invest in corporations who act in ways that are counter to the good of the country.

Other viewers observed the pledge as tenuous.  A forlorn and beaten-down Jim Cramer, with a bit of trepidation and desire to please the public who he felt now might punish him offered his commitment.  He said he would clean-up his act.  Yet, a history of dishonesty caused some viewers to be more than a bit skeptical.  Cynics understood one man's promise does not a vow to integrity make.  Nor does such supposed harmony eliminate the concern Jon Stewart so aptly stated.  There is a "gap between what CNBC advertises itself to be and what it is," a means to ensure profits for favored entrepreneurs and enterprises.

Jim Cramer, the Comedy Central host cried, it is not all about you.  Granted, for the week that preceeded this more prominent occasion, "Cramer," as he is commonly called was the face of a message that helped to encourage an economic failure.  Nonetheless, the man, who is presented as omnipotent, "In Cramer We Trust," is but a familiar figurehead for a network-wide dubious practice.

Jim's own dirty laundry was aired publicly, for a week, for he has become the familiar face of CNBC.  His antics, and what many think his arrogance, led to a focus on Jim Cramer.  The depth and deceit evident in the financial wizard's work was easily documented.  Jon Stewart was able to quickly prove Jim Cramer, the network's business prophet, was, at best, duplicitous.  Former, hedge-fund proprietor, Jim Cramer would speak a specific gospel one day; then, on a subsequent day, he would apologize for his error.  Countless tapes exposed "one of Wall Street's most respected and successful money managers" Jim Cramer, was not merely mistaken, he was intentionally deceptive.

Hence, Mister Cramer seemed to be the focus.  He screamed for more attention than his colleagues did or have done, and he received it.  Yet, again as Jon Stewart professed, the problem is the snake oil salesmanship that has become CNBC.  

Jon Stewart said of himself, and by extension, his program, The Daily Show is labeled as entertainment.  The audience is advised; snake oil is for sale here.  Jim Cramer and his cronies, on the other hand do not advertise themselves as marketers.

Although, admittedly, while with Jon Stewart Jim Cramer declared himself a dealer in dollars, not a teacher, an instructor, or an investment counselor.  However, he and his fellow founders of fiscal folly have not stated this truth before.  It took a barrage of videos to bring Jim Cramer to his knees.  

On this auspicious occasion, Mad Money moderator Cramer spoke of the shenanigans in his profession.  At the same time, before the hand shake, defensively, he pleaded his case.  The CNBC professional financier, Cramer spoke of how he had exposed the mischief.  He referenced his "Wall of Shame."  He also denied the intent of Mad Money, his exceedingly influential television show.  

Detractors have their doubts, just as they have reservations about a commitment to change on the part of the celebrated Jim Cramer.  Those who wish for a channel that advances knowledge remain critical of a network agenda.  The have seen the damage done when a game that allows the affluent to garner greater gains is promoted.  Thus, those desirous of insightful investigative business reports on CNBC rage on.  

People who wish to be informed on investment possibilities posit a petition, a request for a more real delivery of data.  Credo Action invites each of us to be accountable for what is on the airwaves.  If CNBC, a corporation, wants to deliver the goods, we, the people have a responsibility to tell the network what we want.  Please ponder the appeal, and sign if you choose. 


Tell CNBC: Listen to Jon Stewart and report the news.

We know about the Bush administration turning a blind eye and refusing to regulate bad behavior.  We know about the banks that played fast and loose with our retirements, and then, when it all blew up, they took golden parachutes lined with our tax dollars.

On March 12, Jon Stewart of The Daily Show  discussed another serious problem: financial news networks like CNBC that promoted Wall Street propaganda and then blamed the financial crisis on "losers" who couldn't make their mortgage payments.

Stewart took on Jim Cramer of CNBC; the interview was moving, appalling, and a searing indictment that hit home for us here at CREDO.  Take a few minutes to see for yourself:

The Daily Show With Jon Stewart 
M - Th 11p / 10c 
Jim Cramer Pt. 2

As Stewart said, "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."

Sign this petition today to tell CNBC that they should be ashamed of their behavior.  A financial news channel should investigate and report the truth, not merely air infomercials for Wall Street.

If you can't watch the video above, you can read a transcript by clicking here.

Also, if you haven't seen it already, take a few minutes to watch The Daily Show's collection of CNBC's worst advice.  It's pretty insane to see how wrong the supposed "experts" were - and how happy they are to let hardworking Americans take the fall. 


It may only be a beginning, a blip on a screen.  Nonetheless, the now famous handshake between Cramer and Stewart may go down in history as the moment when honesty in broadcasting became a priority.  Perchance, change could come to CNBC if the network accepts, in America, the dustup and the economic demise never was all about Jim Cramer.  Citizens in the United States are disgusted with a system that put dollars in the pockets of the super-rich, and places the average American out on the streets.

This is it!  The time has come.  Countless Americans say, as Jon Stewart did, we want the people, wealthy and the woefully poor, to work together for the common good.  Citizens crave a connection to a compassionate CNBC channel, a Jim Cramer who speaks with care for all comers, equally.  

Laypersons yearn for an authentic transformation, not merely a moment captured on screen.  Those desirous of reliable investment information want Jim Cramer of the past to disappear.  They yearn to trust; snake oil will not be identified as instruction.  Citizens in this country ache for a time when a promise made on March 12, 2009 will be a reality lived day in and day out.  

Until then, audiences will but reflect on a freeze-frame.  The average American will ponder whether the once presumed "personal guide to finance" is for real.  The people will look for someone who will not steer them down an endless economic hole.  Possibly, if Jim Cramer was transformed he could be the coveted expert.  However, if CNBC, in the present continues to be the channel it was in the past, the public may decide not to  turn to the station.  Should genuine change not come to the network, perchance, Jon Stewart will become the better source for accurate reports.  Stay tuned investors.  CNBC versus CNBC may be the series yet to come. 

Reality TV References . . . 

 

I am an Educator, a student of life; I am an Author. On each path I learn from you and with you. Indeed. we all teach and study. Together we advance awareness and acumen. We learn, grow, and glow greater. Please peruse my prose at BeThink.org and (more...)
 
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Will average American investors trust in Jim Cra... by Betsy L. Angert on Tuesday, Mar 17, 2009 at 12:29:43 AM
 just signed the CNBC e-petition that was co-... by Perry Stein on Tuesday, Mar 17, 2009 at 3:59:08 PM