March 14, 2009 9:25 AM PDT
Jim Cramer's full explanation of stock market manipulation
"Daily Show" host Jon Stewart ran a clip of stock commentator Jim Cramer, in which Cramer explained how to manipulate the markets, including Apple's shares.
Stewart showed the clip on Thursday during the now-infamous interview of Cramer. Here is the full clip for your enjoyment/depression/entertainment.
Dave Rosenberg dishes up "Software, Interrupted" with nearly 15 years of technology and marketing experience that spans from Bell Labs to multiple start-up IPOs to open-source enterprise software companies. He is co-founder of MuleSource and currently serves as the general manager of Hardy Way. He is a member of the CNET Blog Network and is not an employee of CNET. Disclosure. You can contact Dave via e-mail at softwareinterrupted@gmail.com or follow him on Twitter @daveofdoom. 
The jerk is a total fraud! If he's worth so much money as he always claims, then WHY is this **** doing a low paying Cable show??? WHY isn't he making BILLIONS on the stock market if he's so damn smart??
Because Jim Crammit is full of SH IT, not wisdom.
He was a dirtbag hedge fund manager for a decade and a half. He probably pulled basically every trick in the book, even though he consistently claims that he never resorted to the very most horribly blatantly illegal of tactics that some hedge funds use. Maybe this is even true; nonetheless, it is a sure bet that he did many things that were blatantly illegal nonetheless.
Since retiring from the hedge fund business, he's actually done quite a bit of good. His books are chock full of legitimate, useful educational information for an investor. His segments on his shows unrelated to stock picks are insightful. He does, after all, know exactly how best to play the market both legally and illegally.
Anyone could pick apart his stock picks, but to do so is to expect him to be superhuman. He, GASP, gets picks wrong, contradicts himself at times, and sometimes makes really, really, really bad calls like Bear Stearns. At the same time, there is nothing to suggest that these aren't legimate mistakes, made because he's only human. He is VERY transparent with his picks and his own portfolio - he literally broadcasts his own trades to the world BEFORE he makes them and all of his picks on the show are tracked online. If he wasn't so transparent and up front, it would be more than just ranters in online threads that would be attacking him for pumping up his own holdings.
What Stewart did in this interview wasn't to discredit Cramer as a lying airbag, but to expose that he puts the kid gloves on when talking to ordinary people. He doesn't lie, but rather, he omits almost all of the bad stuff, which the despicably casual, even encouraging, nature of the 2006 interview shows he knows full well occurs on an everyday basis. His show achieves its stated purposes, but, BY GOD, on what planet does it meet journalistic standards for Cramer to simply act like everything he knows about financial dishonesty doesn't exist.
Stewart's thrust: rather than running a slightly informative stock-picking show that acts surprised when a CEO lies, Cramer should be using his high profile to publicly call out all the crap that happens on Wall Street. Anything less shows an utter lack of journalistic integrity.
I believe that a two-faced Cramer still offers more than most of the pundits on CNBC, but Stewart is absolutely right: we deserve a financial media wherein we would get a one-faced Cramer who would expose rather than cover up wall-street. When a two-faced Cramer is one of the best we have, the financial media is fundamentally broken (as in far, far, far beyond the brokeness of media at large).
1-877-251-5685 ask for his firing or we will refuse to spend money with their sponsors. And send it to your friends too
It's happening systemically because of the ridiculous margins allowed to these hedge funds and unethical jerks (35 to 1... as Cramer says, it really doesn't take much money to have a huge impact.). That's why gas "futures" went up to ridiculous heights even though there was plenty of gas, that's why commodities are no longer related to actual agriculture or horticulture. it's why the market does its thing ? often completely counterintuitive. Stewart was right: it's not about Cramer. It's a system that is designed to pat the "little investor" on the head, while manipulating the market to make millions on completely unethical behaviors.
If you were manipulating bets in Vegas by throwing rocks at the horse race after you've place your bet, you'd soon find yourself in the desert possibly digging your own grave at gunpoint.
Frankly, if you think this is the proper way to play the game, go kick your parents in the ass and tell them what failures they are for not teaching you anything about ethics.
Cramer's show is a blessing to anyone interested in investing and by the way, that interview does not come from his show. Read his books and watch his show and you'll find that he has changed sides, since his days of working for Goldman Sachs and being a hedge fund manager.
He's trying to educate, be of help, and to do so, he believes he needs to entertain, which is why he delivered that message, as if he pulled a curtain back, so you could hear from an actual hedge fund manager, which he knew once upon a time, all too well!
Bottom line, Cramer's been one of the good guys now, for quite some time, albeit you might not be able to realize that, having come to know of him thru Jon Stewart!
Cramer is an asset to our the industry in that he attempts to educate his audience. Compared to previous hucksters on CNBC he is remarkably honest--there has never been a whiff of suggestiong that he was "on the take" for shilling stocks.
Stewart was a dishonest sleazeball for cherry picking through the thousands of comments Cramer has made on the air--it's a shame that Cramer didn't have the cojones to shut him down by pointing that out.
Cramer had the temerity to suggest what any reasonable American knows. The Obama administration is a disaster for our economy now--and will be for generations to come. We need him as the president like we need a cold sore.
- by kingtrae79 March 18, 2009 2:52 PM PDT
- and of course Rupert Murdoch and the get fresh crew would pull the video from YouTube when the heat is on. Yeah I'm sure TheStreet.com really called that one in.. give me a break
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