Gerardo brought you Jon Stewart’s skewering of the know-nothing know-it-alls over at CNBC. While most of the CNBC personalities wisely kept their mouths shut, Jim Cramer called foul, saying that Stewart’s claim that Cramer said to buy Bear Stearns stock days before it collapsed was false.
Okay, so Cramer didn’t give a “buy” recommendation in the original video, but five days later he basically gave it a “hold” recommendation and seven weeks before it collapsed he literally asked people to go out and buy Bear Stearns stock.
So then Cramer goes around to the NBC shows — “The Today Show,” “Morning Joe,” etc. — and badmouths Stewart…for what? Calling him out?
Jim, here’s some free advice: Don’t get into a war with Jon Stewart. You’re just going to lose. He’s funnier than you, has better researchers than you do, but mostly…he’s right. You are supposed to be one of the nation’s leading financial experts and you didn’t see this financial collapse coming. Anytime that someone suggested a market downturn, he was shouted down on CNBC and every other financial network out there.
So my advice to you is to take your lumps and move on. Starting a feud with Stewart is only going to give him more ammunition to roll clips of you making a horrible recommendation (or several horrible recommendations). Stock market bubbles start because guys like you create a false sense of urgency and security. But every single time the market has a steep rise, there is some sort of correction, and this one is/was worse than most.
I know your first instinct is to defend yourself. But you were wrong about Bear Stearns and countless other stocks over the past few months. Quit grousing about someone calling you out for not doing your job. Get over it.