Stewart versus Cramer

Jim Cramer just went on The Daily Show with John Stewart. John Stewart is super sharp, Cramer is not a complete idiot. You may be wondering why I care about this, but it has a lot to do with what I do vocationally, and I believe that what Jim Cramer and his ilk does is very harmful to investors. Before I hear the commentators I wanted to give my perception of this match up.

In short, I thought John Stewart absolutely destroyed Jim Cramer. If people react like they ought, he will be fired from CNBC, and nobody will listen to him anymore. John Stewart nailed Cramer to the wall. I would have done it a little differently, but he brought out very clearly the main point that all of this hype and "stock picking" does not help individual investors, but hurts them and pads the pockets of the people who benefit from all the trading.

I think Cramer knew that he had to come on Stewart's show and defend himself. He was also trying to minimize the damage. Stewart would have none of that. Cramer wanted to get in and out without a big scene, but Stewart brought him down. His voice was shaking and the interview was very uncomfortable. He spanked him and talked to him like a child. That was one of the most humiliating things I have ever seen, and it couldn't have happened to someone who deserved it more. It will be very interesting to see how this plays out in the media and in specific for CNBC.