The Daily Show's now-famous takedown of CNBC was peppered with embarrassing quotes by Fast Money host and comically inept market prognosticator Jim Cramer. Cramer thinks this is "absurd," and frankly his feelings are hurt.
"It rankles me," Cramer wrote today, that Daily Show host Stewart used a clip of him appearing to advocate investment in Bear Stearns stock. He has a point: In that particular segment, Cramer was talking about accounts at the investment bank, not stock, in response to a question from a viewer. Deposits at Bear Stearns indeed proved safe.
Funny, though, that Cramer is silent on the four other clips of him Stewart pulled, like the one where he said Bank of America shares, then trading in the 50s, were "going to 60 in a heartbeat" (they never made it and are now under $4); or that people should "buy buy buy" an "oversold" 2007 stock market priced at roughly twice today's levels.
At least Cramer is responding to Stewart, skirting CNBC's official policy of ignoring the Daily Show and wishing it would go away. The newspaper-reporter-turned-hedge-fund-manager might be dispensing terrible financial advice, but he retains his touch for self promotion. As always.