Quoth Jim Treacher a few hours ago, “I’ve never cared much about Jim Cramer, but it’s ‘funny’ how he didn’t become a problem for Jon Stewart until he became a problem for Obama.” And lo and behold, just across from Tapper at ABC:
He wasn’t sure if the president caught Mr. Stewart’s bloodletting of the host of “Mad Money,” but he himself gave the show a thumbs up.
“I enjoyed it thoroughly,” Gibbs said at his daily briefing…
Gibbs today said Stewart “asked a lot of tough questions” and that he wasn’t “surprised that CNBC hasn’t put the video on its website.”
Left unmentioned: The fact that Cramer was an Obama supporter. Oh, and the fact that Stewart’s chief criticism of CNBC, that it could have spared the public an economic catastrophe by investigating and exposing Wall Street’s reckless hyperleveraging, applies to 99.99% of the Obama-adoring media. Cramer’s taking the brunt of it here not for his shady admissions about how to game the market — that’s ancient history — but because, like Treacher says, he had the gall to turn on The One publicly. See also Mark Hemingway:
If you want to have Cramer on your show and bully him for sticking his neck out and being spectacularly wrong in hindsight, fine. Perhaps he deserves it, and certainly it’s not hard to see Cramer as emblematic of Wall Street arrogance. The problem is that Stewart’s critique of Jim Cramer, or of the financial press in general, is not new or particularly relevant — banks have been collapsing for a year. It only became an issue when Stewart wanted to delegitimize Santelli and Cramer’s comments on the Obama administration.
Indeed. Here’s the interview in three parts (there’s profanity, so please observe your official content warning); you can safely skip the first if you’re pressed for time. In fact, I encourage you to do so, as the only thing more insufferable than Stewart in his lecturing populist “clown nose off” mode is the embarrassing, hyperbolic adulation he gets for it from his media fanboys afterwards. Definitely watch the third clip, though, as it finds him sliding effortlessly from a critique of financial media into a critique of investment itself. How silly of Americans to think that they might make money from something other than their own labor.