Let's go back in time to three days before Jim Cramer's humiliating, remorseful Daily Show appearance, when the CNBC host appeared on Today to call Jon Stewart an alarmist "comedian" and scoff at the Daily Show as nothing but "a variety show." What changed in 72 short hours?
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You got that right! Cramer was a changed man by the time he got on Stewart's show, and that wasn't the end of his journey of personal growth. By the end of the show, he was a defeated shell of a man, who had been shown bragging (in a 2006 videotaped interview played on the show) about manipulating the stock market by starting rumors, and bragging about getting away with it because "the SEC doesn't care," although he admitted that it had been illegal. What an amazing transformation!
John Stewart was right: Investing is not a game. People's 401k's are at stake. Manipulating the markets is simply robbery, whereing money comes out of the pockets of average people who are depending on it, and going into the pockets of people like Cramer, who spread lies about companies in order to mislead people into buying or selling when they shouldn't. And CNBC does precious little reporting on that. Hopefully, they will end their care-free broadcasting of "biznotainment" and focus on reporting what really makes a good company, rather than just giving CEOs a free soapbox from which to trumpet their greatness.