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March 13, 2009

CNBC's Cramer skips morning show

Jim Cramer of CNBC skipped the morning show this morning. The night before, the host of Mad Money decisively lost his much-hyped showdown with Daily Show host Jon Stewart.

Last night's appearance was the culmination of a feud between Cramer and Stewart. In recent weeks, Stewart has been sharply critical of CNBC's financial journalism in the run-up to the economic meltown. CNBC :

Part of the attack was leveled against analyst and Mad Money host Jim Cramer, who made some dubious predictions about Bear Stearns stock shortly before the financial giant kicked the bucket. While the rest of CNBC was content to sit tight and let ratings soar in the aftermath of Stewart's tirade, Cramer got, well, mad, taking to air to defend his show and his predictions. It earned him an even more scathing, personal rebuttal from Stewart, which aired March 10.


It's ironic that this whole thing started after CNBC's Rick Santelli agreed to go on The Daily Show show to discuss a televised trading floor tantrum in which he called struggling mortgage holders "losers." Santelli bailed on Stewart, sparking even more criticism of Santelli, and CNBC including Jim Cramer.

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Comments

While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?


China is now worried about their dangerous over investment in US Treasury obligations. Washington ’s long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.

The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts

Thanks,

Ron with 30 plus years in the investment business and banking industry.

Cancel the national debt? Are you proposing the US default, which is the closest possible thing to the end of the world, or that it try to pay down $10 trillion's worth of debt in 4 years, which is the second closest?

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