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CNBC Criticism and Jim Cramer Interview (March 2009)

It's the inevitable consummation of this largely manufactured battle between a man who makes people laugh for a living and whatever people think I do. In a televised, two-part hatefuck that is, by all measure, bound to disappoint anyone that's been following it. Catch the fever!

Mr. Cramer, don't you destroy enough dough on your own show? Boom goes the dynamite! [Laughs.] How weird is our world when Jim Cramer's on TV baking pie and Martha Stewart is the one who went to jail for Securities fraud? That's weird.

CNBC sells itself as financial experts. And they have the access to the CEOs. And yet, they didn't catch any of this. And here they are blaming people who don't have the financial expertise and saying that they're part of the problem. [...] It seems like the banks and those that cheerlead them turned an arithmetic problem into a geometric one. They took a linear debt issue and by turning it into derivatives and securities and all that, now it's a gigantic problem. So, shouldn't we yell at them?

So, let me tell you why I think this thing has caught some attention. It's the gap between what CNBC advertises itself as and what it is. And the help that people need to discern this.

Look, we're both snake oil salesman to a certain extent, but we do label the show as snake oil here. Isn't there a problem selling snake oil as vitamin tonic?

I want the Jim Cramer on CNBC to protect me from that Jim Cramer.

When you talk about the regulators [going after market manipulation], why not the financial news networks? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One that has been sold to us as long-term: Put your money in 401Ks, put your money in pensions and just leave it there, don't worry about it, it's all doing fine. And then there's this other market, this real market that's occurring in a back room where giant piles of money are going in and out, and people are trading them, and it's transactional, and it's fast but it's dangerous, it's ethically dubious and it's hurting that long-term market. And so what it feels like—and I'm speaking purely as a layman—it feels like we are capitalizing your adventure by our pension, and our hard-earned—and that it is a game that you know, that you know is going on, but that you go on television as a financial network and pretend isn't happening.

I can't rationalize the brilliance and knowledge that you have about the intricacies of the market with the crazy bullshit I see you do each night.

I understand you want to make finance entertaining, but it's not a fucking game. And I, I—when I watch that, I get—I can't tell you how angry it makes me. 'Cause what it says to me is: You all know. You all know what's going on and you can draw a straight line from those shenanigans to the all that stuff that was being pulled at Bear, and at AIG. And all of this derivative market stuff that is this weird Wall Street side bet. [...] You knew what the banks were doing and yet were touting it for months and months. The entire network was. So now to pretend that this was some sort of crazy, once-in-a-lifetime tsunami that no one could have seen coming is disingenuous at best and criminal at worst.

The CEO of a company lied to you. But isn't that financial reporting?

It's very easy to get on this after the fact. The measure of the network and the measure of the man is—CNBC could act as [...] nobody's asking for them to be a regulatory agency. But whose side are they on? It feels like they have to reconcile: is their audience the Wall Street traders that are doing this for constant profit on a day-to-day, short-term—these guys at these companies were on a Sherman's March through their companies, financed by our 401Ks, and all the incentives of their companies were for short-term profit. And they burned the fucking house down with our money and they walked away rich as hell. And you guys knew that that was going on.

Honest or not, in what world is a 35:1 leveraged position sane?

When are we going to realize in this country that our wealth is work? That we're workers, and by selling this idea of, "Hey man, I'll teach you how to be rich"—how is that any different than an infomercial?

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