What's a little salt on the wound after a seemingly humiliating performance by CNBC "Mad Money" host Jim Cramer on Comedy Central's March 12 "The Daily Show?" At least that's the way White House Press Secretary Robert Gibbs acted when he took the opportunity to comment on last night's "Daily Show" during his March 13 press briefing.
Gibbs was asked what he thought of the interview, where "Daily Show" host Jon Stewart called CNBC "disingenuous at best and criminal at worst." Gibbs apparently appreciated Stewart's hyperbolic attacks on CNBC and Cramer.
"The president and I talked earlier in the day yesterday about watching it," Gibbs said. "I forgot to e-mail him to remind him it was on, so I don't know if he's seen it. I enjoyed it thoroughly."
Gibbs praised "The Daily Show" host for handling an "uncomfortable" situation and took a jab at CNBC's decision not to post it on CNBC.com.
It was supposed to be a moment of high drama - when Comedy Central "Daily Show" host Jon Stewart faced off with CNBC "Mad Money" host Jim Cramer. But it wasn't a fight, it was more of a beating. The "comedian," as Cramer recently called him, repeatedly bashed the financial network and its star host in a segment called "Brawl Street."
The week-long feud began when CNBC reporter Rick Santelli canceled his scheduled appearance on the March 5 "The Daily Show," which led to a scathing attack on the entire CNBC network, and Cramer taking a few jabs in return. Finally, the "Mad Money" host sat down for an interview with Stewart on his March 12 broadcast. Initially, Cramer was apologetic for his the way the entire financial crisis had gone down from a media point-of-view.
"I think that everyone could have come in under criticism because we all should have seen it more," Cramer said. "I mean, admittedly, this is a terrible one and everybody got it wrong. I got a lot of things wrong, because I think it was a one in a million shot."
Jim Cramer just keeps paying the price for his heresy. Ever since his March 3 remarks calling Obama's policies "greatest wealth destruction I've seen by a president," the CNBC "Mad Money" host has been under attack. First it was the back-and-forth with the White House, then he was skewered by comedian Jon Stewart. Now CNN and a former high-ranking public official have targeted him.
Cramer, who is set to appear on Comedy Central's "Daily Show" on March 12, was featured in a segment of that day's CNN "American Morning" reporting on a video he did for TheStreet.com in 2006, in which he explained how the hedge fund he once managed would manipulate stock prices.
"You know, a lot of times when I was short and I was positioned short, meaning I needed it down, I would create a level of activity beforehand that could drive the futures," Cramer said in the three year-old video. "Similarly, or if I were long, and I would want to make things a little bit rosy, I would go in and take a bunch of stocks and make sure that they're higher and maybe commit five million in capital to it and I could affect it."
The good folks in the Obama administration and in the media took on the wrong foe with Jim Cramer, for the outspoken CNBC personality struck back at his ill-informed and economically-challenged critics Monday in a fashion those that have watched him for years have grown to expect.
Here we go again - another Obama administration/media personality feud in the works.
White House Press Secretary Robert Gibbs has no problem addressing media critics of President Barack Obama - even on an individual basis. Since Obama was sworn in as president, Gibbs has addressed criticism from conservative radio host Rush Limbaugh, CNBC mercantile exchange floor reporter Rick Santelli and now CNBC "Mad Money" host Jim Cramer.
During the March 3 White House press briefing, Tom Costello of NBC News asked Gibbs to respond to remarks from Cramer, who was described as "not a conservative," made on NBC's March 3 "Today" show that he "thought the president's policies, his agenda had contributed to the greatest wealth destruction he's ever seen by a president."
It was news media conventional wisdom during the 2008 presidential campaign: the worse the economy, the better it was for Democrat candidate prospects. But now that they have the legislative and executive branches and the burden of actually governing, that advantage is slowly being chipped away.
CNBC "Mad Money" host Jim Cramer, who first starting connecting that perhaps a Democrat-controlled federal government might not be the best thing for the United States earlier this year, gave something of a downbeat rant on Feb. 2 about Obama's handling of the economy so far.
"Until the Obama administration starts listening, until they start paying attention to what you're watching - to the stock market, until they realize that their agenda is destroying the life savings of millions of Americans - then all I can give you is caution," Cramer said on his March 2 broadcast.
Everything is wonderful and peachy-keen in Obamaland if you rely on the reporting on the front page of The New York Times. Just ask CNBC's Jim Cramer. On his Feb. 12 program the "Mad Money" host dealt with the $789 billion stimulus package.
"Now if you were to believe what's in the papers, holy cow - except for the funny papers - you would think this package was wonderful," Cramer said he said of the reported agreement congressional leaders had reached on ironing out the package's details.
Cramer was referring to a front-page article by Richard W. Stevenson in the Feb. 12 Times, which gave a glowing account of this as a victory in the early stages of the Obama administration.
"Look at the front page of The New York Times today," Cramer said. "I love this one, ‘Measuring a Victory,' by this guy, Stevenson. He's a famous guy, you know? He's not Robert Louis Stevenson, he's Richard W. Stevenson. He writes - it's like a comedy routine - ‘It is a quick sweet victory for the new president and potentially a historic one.' Who edits this B.S.?"
Don't like the notion of Wall Street employees receiving bonuses? Shoot the messenger - as Adam Green at The Huffington Post has done.
In a Feb. 2 post on The Huffington Post, Green said it was bad form for CNBC "Street Signs" host Erin Burnett to even think about considering the other side of the anti-Wall Street bonus argument, since some Wall Street banks received TARP funds, courtesy of the taxpayer.
"There are, though - well, how should we say this - the taxpayer money is not being used to pay the bonuses," Burnett explained on NBC's Feb. 1 "Meet the Press." "I think people could understand if you work for a company - right? If the three of us worked for a company, your guests, and I lost $10 billion but Steve [Forbes] over there, he made a billion dollars. So overall the company actually loses money, but Steve went and did his very darndest for that company and he made money. So should he be paid for his work? That's essentially what we're talking about here."
With all the populist sentiment generated from the economic slowdown by politicians, CNBC "Mad Money" host Jim Cramer is seeing eerie similarities with the comments of President Barack Obama and the words of a communist revolutionary.
Cramer, appearing on MSNBC's Feb. 2 "Morning Joe," drew comparisons between remarks between the first head of the Soviet Union, Vladimir Lenin, and Obama. Obama criticized Wall Street's moneymaking on Jan. 30, when he said there would be a time "for them to make profits, and there will be time for them to get bonuses. Now's not that time. And that's a message that I intend to send directly to them."
Cramer said that was similar to Lenin's writings. "Let me tell you something, we heard Lenin," Cramer said. "There was a little snippet last week that was, ‘Now is not the time for profits.' Look - in Lenin's book, ‘What Is to Be Done?' is simple text of what I always though was for the communists, it was remarkable to hear very similar language from ‘What Is to Be Done?' which is we have no place for profits."
Between Election 2008 and the early moments of the Obama administration, it was assumed a new New Deal was coming complete with massive infrastructure projects. But, now the stimulus package is so full of other things even some of the most unlikely news outlets have noticed.
In an amazing moment of clarity, resembling the end of a Hardy Boys novel after Frank and Joe solved a mystery, CNBC "Mad Money" host Jim Cramer and MSNBC "Hardball" host Chris Matthews questioned the meager infrastructure spending in the stimulus bill that passed in the House of Representatives on Jan. 28 by a 244-188 margin, without a single Republican vote during "Hardball" that night.
Matthews asked Cramer if the stimulus spending included in the House version of the bill would be "enough boost" for the economy.
Like him or not, this time he has a valid point.
CNBC rabble-rouser and "Mad Money" host Jim Cramer questioned the merits of Timothy Geithner, President Barack Obama's Treasury Secretary-designate, and told viewers on CNBC's Jan. 22 "Street Signs" that, had he been in Geithner's shoes, he'd face criminal prosecution.
"I happen to have a meeting with my lawyers just to discuss this - with my battalion of lawyers, the $2,000-a-hour gang - and you know, they would say if it was Cramer, I would be prosecuted, maybe criminally prosecuted," Cramer said. "And my lawyers were somewhat shocked that on Chris Matthews I said it was OK, given the fact they said Geithner better get himself the best lawyer in town."
The proposed automaker bailout has a big stamp on it that says "union-built," but the news media hasn't noticed.
Over the past month, accusations have been flying against several Southern senators who oppose a $14 billion bailout for the beleaguered big three automakers and support the the alternative of Chapter 11 bankruptcy. These senators, critics say, are representing the interests of foreign automakers that donate heavily to their campaigns. But what has been largely ignored is the other side of the equation - the influence of the United Auto Workers (UAW) on the members of Congress that voted for the bailout.
According to campaign finance data from the Center for Responsive Politics Web site OpenSecrets.org, when broken down by how members of Congress voted, for the 2008 election cycle the UAW gave more than eight times as much in campaign cash to members that voted for the bailout than those that voted against it -- $1.14 million to proponents versus just $136,500 that voted against it.