As a follow up to Friday’s CNBC Cramer  rant,  comes this very humble appearance on The Colbert Report:

Great stuff.

You gotta give Cramer credit for having the balls to go on this show after last week’s meltdown . . .

Category: Financial Press, Markets, Psychology

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

48 Responses to “Jim Cramer on the Colbert Report”

  1. SPECTRE of Deflation says:

    Balls he has, brains he’s short of.

  2. wunsacon says:

    I wrote the Colbert Report a year ago suggesting they get Barry on, so that Colbert could call him unpatriotic for his S&P “5000″ call. I’m sure my email went into the bit bucket…

  3. johntron says:

    The Daily Show’s overall of the subprime issues (from a week ago) was funny as well.

  4. Bob A says:

    Well for once the clown is on the appropriate network…

  5. Ross says:

    Cramer is the Joe Granville of the new century. Of course he would go on the Colbert Report. He is an showboat. All hat and no cattle. The fact he has become an icon for the masses simply means he is the Judas goat. Probably a well paid one but nonetheless.

  6. Cliff Mason says:

    I don’t give him credit for having “balls”. I give him credit for being a lunatic ego maniac who would go on any tv show at any time just to be on tv and in the spotlight.

    Yeah, he really “cares” about all those people…only as long as they watch him be a moron and follow him so he keeps getting paid and his ego keeps inflating.

  7. wunsacon says:

    In relative terms, it seems to me he de-emphasized the “my-Wall-Street-friends-losing-their-jobs” message and emphasized the “little-people-losing-their-homes” message.

    I don’t watch his show. But, that rant was very entertaining. That clip “no idea!” ranks up there with that Coach Mora Coor’s commercial clip “playoffs???”.

    http://www.youtube.com/watch?v=Qwq7BYOnDrM

  8. dukeb says:

    Nothing more than the media’s dead-cat bounce of the Creamer breakdown. There’s no evidence of balls here. In a way, I find it even more disgusting than the original video.

  9. Aaron says:

    I certainly believe Cramer went overboard in his rant on Friday. The Colbert Report is not necessarily the best place to come out and make the most humble appearance after a meltdown in my opinion.

  10. Andy says:

    Some people are way too serious here.

    Colbert needed a little more time to skewer some more.

  11. W.Edwards says:

    Maybe he’ll get the chance after Cramer’s NEXT meltdown which probably isn’t too far off.

    This whole subprime/Alt-A/Jumbo(/Prime?)/liquidity/credit crunch story ain’t over yet, folks!

  12. Dervin says:

    It makes sense for him to go on the Colbert Report, explains himself in a low pressure situation, have a little laugh at his own expense, and he can start back on as a serious commentator next week.

    If he was on any of the finance shows, he’d be screwed either way. If they don’t cover his meltdown, they would say they’re covering up his behavior. If they focus on it, it’s the media covering nonsense again.

    I love the transformation mentioned by wunsacon about switching to the “People are losing their jobs…” to “7 million poor people losing their homes…” He spent like two seconds on that in his meltdown, and that was more like a statistic. Seven million people are going to lose their homes and my friends are going to lose their jobs as a result.

  13. Brian says:

    I guess the fed is listening to him. They “pumped” out $24 billion today. Apparently the ECB is listening too, putting out $131 billion.

  14. John F. says:

    I wonder if he has the balls to call a real market meltdown on prime time, e.g., “…if I was still at my hedge fund….” I suspect if he was still at his hedge fund today, he’d be over 50% cash or short. Here’s a thought: Cramer calls for a crash and thereby contributes to triggering it. Individual investors get fed up, stop watching CNBC, and take up other hobbies. Mad Money is eventually canceled. Cramer, who owns no stocks and very little real estate, makes a killing buying a depressed market. Remember in the early days of the show, where he says (in the intro) “I am the market?”

  15. Michael Schumacher says:

    Speaking of Cramer and shows:

    This just sums up the worth of his site:

    http://www.thestreet.com/s/liquidity-crisis-goes-global/markets/marketfeatures/10373354.html

    Scroll down to the “recent articles” section and read the headline by the exact same writer less than 18 hours ago……..

    gotta love that…….

    Ciao
    MS

  16. Jim Bergsten says:

    Not to split hairs, but Cramer was talking about his “25 years in the business” five years ago. Isn’t the number closer to thirty now?

    Perhaps, like me, he stopped counting birthdays after he hit fifty.

  17. brian says:

    Judas Goat. yup.
    Cramer’s line about concern for “tom joad”?
    nice touch.

  18. G says:

    Dervin: Read this until you get it. Your friends SHOULD lose their jobs. In fact, every single person from the home builder to the foreign central bank fund manager should be out on the streets. Your friends wanted the transaction cash from “selling” to people who they knew going in had less than zero chance of actually surviving the loan terms. Your friends knew they had a BBB- equity product and sold it as AAA to the foreign banks.

    Every professional job fires you if you funk up very important deliverables. This is no different. Welcome to the real world.

    And, most importantly, quit whining – you’re only guaranteed the OPPORTUNITY to be happy in America. You’re not guaranteed happiness.

    Bottom line: Your friends gambled and lost. Now they get to suffer the consequences.

  19. bucky katt says:

    Cramer is just in love with himself and his ego needs to be fed. The more face time he can get on the boob tube, the better he feels.

    If he had balls he’d be trading this shit like the rest of us.

  20. Eclectic says:

    **A Mea Culpa from Eclectic**

    I’ve changed my whole view of Jim Cramer’s passion play from last Friday. I’ve come to realize I was wrong. I’d assumed he’d have no effect on the FOMC, but it’s crystallized in my mind now that he indeed did have an effect, and the effect was the inclusion in the FOMC statement of what I’ll term as: “The Cramer Inclusion.”

    Yes, that’s right… I’m ready to enforce the objectivity on myself that I consider to be the Holy Grail of philosophical and intellectual discourse.

    Winston, you and Jake were very kind to give me kudos, and I thought I’d deserved them… but if I’m the supreme objectivologist I claim to be, then I’ll have to take the stand and refute my own prior understanding.

    You want to know what the Cramer Incusion was?… Okay, let’s stack the June and August statements in reverse order for you and take an [excerpt] from each that, in comparison, illustrates the tiny, every so tiny, difference that makes me wrong about what I’d thought was no difference:

    http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070807/default.htm

    [Economic growth was moderate during the first half of the year. Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy.]

    http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070628/default.htm

    [Economic growth appears to have been moderate during the first half of this year, despite the ongoing adjustment in the housing sector. The economy seems likely to continue to expand at a moderate pace over coming quarters.]

    You know what the difference is, other than the obvious lack of volume of words in June?… Well, essentially it’s the Cramer Inclusion and I’ll identify it for you:

    “Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses.”

    That’s it my friends. It’s the words extracted from an FOMC pursuing almost the equivalent of an armed struggle, in which one of it’s members mounted a verbal attack on the assumptions gaining headway in the market that the Fed would bend its knees to what Cramer’s tirade was all about… and Cramer was right.

    He wrote the song that defenders of the market have used since then to paint the picture of a Fed that will ultimately write a check for the Greenspan Put.

    You need not make the faulty assumption that he doesn’t know he was right. Oh, he didn’t get everything, but he got THE THING he wanted. If you don’t think so, you’re as fooled as I was that I’d been right.

    This is bigger than some academic discussion, bigger than the issue of punishment for the guilty, bigger than Bernanke’s desire to shed the helicopterizin’ image that he himself installed recklessly.

    It’s here… it’s in our face… it has to be dealt with.

    I’ll withdraw everything I said about Cramer in this matter, except the shrill monkey part, but that shrill monkey did something that I’ll now acknowledge. It’s very likely he top-ticked FOMC policy. They may as well have pulled up a chair and made a Cramer Seat.

  21. stormrunner says:

    OK Eclectic

    So now they cut at the next meeting, by how much and will it help.

  22. Eclectic says:

    Storm,

    All I can say is that I expect the next cut will be between meetings… I expect the next increase will be on a scheduled meeting date.

    I have no insight my friend. My opinion is like a kernel of corn in Iowa.

    I am a nobody. Nobody is my name:

    http://www.youtube.com/watch?v=qOanX_TSE5U

  23. Eclectic says:

    Storm,

    Won’t help… read all my theory.

  24. stormrunner says:

    Just a thought I’m not really tuned to all this money flow dynamics, but if it took 131B to quell the run in the EU how are we gettin off at 24B. Are they cutting us slack because their currency is new and can absorb the shock – or are we gonna have to create a whole lot more in the comming days. The general opinion is today’s fall in the EU was largely related to US subprime. I’m sure they have their own issues but thats how they’re playing it.

  25. Tim says:

    I was hoping to see the round-house slap across the face just like in “Moonstruck”

    …”Jim, snap out of it”.

  26. Jojo says:

    Cutting interest rates isn’t going to fix the underlying problems. Check out:
    http://globaleconomicanalysis.blogspot.com/2007/08/will-rate-cuts-save-economy.html

  27. Aaron Byrnes says:

    There have been many times when Cramer did his Booyah Booyah when there was an annoucement of a job loss or a factory outsourcing. He even got some dope in the audience to go along with him on the Booyahs.

    Of course that’s my unemployment and my declining standard of living he’s celebrating. His hedgie friends have no loyalty or care for the country in which they live, their community or its future.

    Therefore Jim, YOU HAVE NO RIGHT to come to me an plead for sympathy when your buds get fired for making reckless decisions. And you definitely HAVE TO RIGHT to expect special gov’t intervention directed toward helping your buds out of their jam.

    What ever happened to that personal responsibility lecture you like to use on us proles?

    Cramer, all I have to say to you and your friends is “Put some ice on it.”

  28. Winston Munn says:

    Eclectic:

    I’m writing this after Thursday’s action and news. Interestingly enough, watching the clip on Comedy Central I heard something from Cramer that before I’d ignored as hype – “It’s Armageddon.”

    I started thinking about his rant – about how he was hearing how bad it was, i.e. insider information. And the more I thought the more I realized this was not a rant to the Fed – it was more like the frantic protestations of a non-english-speaking person who has witnessed a bomb planted in a building trying to warn the english speaking folks entering the building.

    I still give you Kudos – I don’t think it was Cramer at all – the same fellows he knows can get information through to the Fed, as well. Cramer, IMO, was just a middleman with too much information and went into information overload blowoff.

    Kind of frightening stuff, in this context.

  29. Eclectic says:

    Well, Winston… if you’re going to hold me down and force feed me kudos, it must mean I initially planted a strong seed.

    But, the beast is on every channel, every network; he covers up the Internet. About all that’s left is a guest appearance on an old Andy Griffith Show… They’d have to technically insert him, sepia toned, into a segment with Barney and Andy:

    Barney (flummoxed and livid cause Andy’s taken his one bullet): “Andy!… You have NO IDEA!… NO IDEA how humiliated I am… You haVE nO iDEa!!

  30. Winston Munn says:

    Oh, Barney. It’s not as bad as all that. Come on, now. Aunt Bee just baked some fresh rhubarb pie. I know how you love Aunt Bee’s rhubarb pie…..

  31. wunsacon says:

    Yo “G”, Dervin was quoting Cramer but didn’t put quotes around every word. If I read your post correctly, you thought Dervin was speaking for himself. Anyway…

  32. Eclectic says:

    I once met one of the actors of that show while the actor was having a sigmoid proctoscopy:

    http://www.pemed.com/surgery/w-a-fbes.jpg

    Eclectic: “Well, hello… I’ve always wanted to meet you!”

    Character (on knees, on table, scope protruding – shakes my hand): “Oh, uh, yeah… uh, yes, glad to meet you too, but uh, well… not like this of course, haha.”

    I’m swearing this with my hand up, Winston.

  33. Eclectic says:

    Barringo, I have a philosophical question for you:

    How would give an asshat a proctoscopy?

  34. Winston Munn says:

    Well, Eclectic, if he was smiling the whole time I’m betting it was Gomer.

  35. Eclectic says:

    Winston,

    Can you imagine explaining the derivatives markets to an assembly of Mayberry residents?… How ’bout pro-forma EBITDA?… Backdated stock options?

    If you made statements about liquidity, would you want ole Ange sneakin’ around your files at night to check on it?

    Remember on “Beverly Hillbillies” when Mr. Drysdale overheard Jed and Jethro talking about crawdads (freshwater crawfish), and he tried to find and corner the synthetic crawdad derivatives market?… If you remember correctly, he ruined a few of his friends doin’ it.

  36. Winston Munn says:

    Eclectic:

    Maybe even better would be Dan Rowan and Dick Martin explaining CDOs to Goldie Hawn, with Arte Johnson as the German soldier sticking in his head and saying, “Very interesting. But you screwed it up!”

  37. Jason Rasp says:

    Wow, so all these people leave comments to be haters of Cramer? I can’t say that I agree often with his method of delivery, but the message is on target it seems. It seems to echo what Bill Gross has written in the last couple months, what J Grantham at GMO has been saying for quite a while, Fleckenstein, ummm Ritholtz… I personally think his “postal” performance was no performance. This is the guy who broke monitors and keyboards on a regular basis and does not suffer idiots. I think he broke from the “Clown Cramer” we see on CNBC regularly, got tired of the Gerber babyfood news we normally get and flipped. I think I’m glad it happened b/c it took that “sanitized” bs that CNBC chokes down everyone’s throat daily and turned it on its head. You don’t have to like Cramer to appreciate what happened. It was probably the only “real” piece on the channel for the whole day/week/month/year. Sad that people do not recognize it.

    Is his plea the correct course of action? Dunno. Gut says we’ve past the period of postponement and must face some of our problem now without Fed interference…

  38. Kaos says:

    Balls? Barry. Dude! Jim’s been right compared to you with regard to both bullish *and* bearish calls. And he is 100% right on this call re the Fed.

    Nothing here for Jimbo to be ashamed of at all!

  39. Cramer is the new “Orifice of Delphi”…What a freaking “Momentum Whore”..The guy is going to be reponsible for sending hundreds of thousands to the poor house. A true “Icon of the Bubble Markets” of the new century..

  40. Jim Cramer says:

    I’m surprised at how few of my groupies have shown up (Kaos)

    Meet me backstage — and wear the pink lip gloss you know I like so much!

  41. day4night says:

    I’d love to know what Barry and others think of Marc Faber’s recent comments on Bloomberg tv.

    (This link may or may not work:)
    http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/vINDOL2pjWeI.asf

  42. day4night says:

    oops… the link doesn’t work. Well, Faber’s on the Bloomberg.com video section.

    One salient point:
    There will be deleveraging now, so the markets will go down. (So simple it almost sounds dumb…)

  43. Dervin says:

    G, I’m sorry, I wasn’t clear. I was describing Cramer’s rant on CNBC vs. NBC.

    I don’t have any friends who are big players on wall street.

    But I did hip check Phil Purcell once and blow off Mitch Merrin, when I was at Morgan Stanley.

  44. stanleyb says:

    The Federal Reserve just spent 62 Billion this week to keep Jim Cramer’s friends employed.

    Would it have even cost a tenth of that, over the course of a year, to employee all the “forgotten men” that Cramer claims he’s concerned about? Has he only read Grapes of Wrath, or has he read any of the more recent books about Depression Era monetary policies like,
    http://www.amazon.com/dp/0066211700

    Will any C-level staff lose their job, have their bonus reduced, or even show the slightest amount of compassion towards the American Taxpayer that will now be paying for this multi-billion dollar bail out the rest of their working lives?

    Call me skeptical. I predict the only result of this will be an extra 62 billion dollars in bonuses this year to go around Wall Street.

  45. Jim Bergsten says:

    The more I think about this, the more I believe the entire rant (and subsequent exposure) was pre-planned (which does not argue for or against the message, the messenger, or the medium)…

    1. With all due respect, Erin was completely nonplussed with Cramer’s outburst, suggesting she knew it was coming and was prepared for it.

    2. There are serious logistics involved in getting a person on a bunch of talk shows IN PERSON with less than 24 hours notice.

    3. Rumor has it Cramer’s ratings are not what they were.

    4. We’re on the cusp of the Holiday Book Market.

    We make it up, you decide.

  46. Evil Dad says:

    I subscribe to Cramer, he does a good job and makes me money, what can I say. The little guy has someone to utilize [for a minor cost..hey, no bs here- value add...] who has already made his $$ in the 80s 90s. He may have an ego, but he gives the lil guy perspective on the market they otherwise would not have. Kudos to Jim as always- calling it out and entertaining us.

  47. rubarb says:

    Jason Rasp has it right – and Bergsten too – people can hate Cramer for the cartoon character he plays, but if you read through his showboating, he’s actually insightful (given his experience) and says things most mainstream press is either ignorant of or afraid to say

    he had his rant… and then 6/7 days later the Fed and other Central Banks inject billions of $/yen/pick your currency of choice into the system – can you Cramer-haters see through your bias to think that maybe there’s any inkling of truth to his point that things are really bad out there??

    and no, the Central Banks have no desire to prop up Wall Street bonuses – its only to come in ala LTCM if they think there’s going to be a systemic meltdown

    so, listen to his message, not how he’s saying it

  48. rubarb says:

    sorry, I meant evid dad has it right too, not bergsten