Dec
03
2012

When a Tax on the Rich Is Actually a Tax on the Rich

bartiromo

Meet the Press hosted what David Gregory dubbed a "special economic roundtable"  on December 2 that included "CNBC's dynamic duo,"  Maria Bartiromo and Jim Cramer. But Bartiromo's comments about tax increases for the wealthy needed a factcheck. She started by making a familiar conservative point about the so-called "fiscal cliff"– that the White House talks about ending tax cuts for the wealthy, but will not talk about spending cuts: And the fact is that I find it extraordinary that we are zeroing in on this discussion only about taxes, and we do not have this kind of elaborate discussion when […]

Nov
13
2012

David Gregory: Obama's Failure to Embrace CEOs

usatsoothe

Post-election lessons are everywhere in the media, as pundits either try to explain how Mitt Romney lost or what Obama must do in his second term. My favorite example of this came on the front page of USA Today (11/8/12): If you think it's somewhat odd that Obama would need to "soothe Wall Street," then you'll never make it in big media. On Sunday, NBC Meet the Press host David Gregory (11/11/12) was offering similar advice alongside CNBC host Jim Cramer (the one whose prediction of a massive Obama landslide doesn't prevent him from being a political pundit): GREGORY: Jim, […]

Aug
10
2009

GE Workers Don't Know One 'Successful Unionized Co.'

Partisan blogger Nick (8/6/09) has republished a new email campaign from American Rights at Work that reviews how, "just before Bear Stearns went under, CNBC's Jim Cramer had strong advice for his Mad Money viewers: buy Bear Stearns stock, and fast!" Of course, "then the company imploded and thousands of ordinary people saw their retirement savings vanish. Oops." Nick continues: Now Cramer is telling his viewers the Employee Free Choice Act will hurt the U.S. economy. Cramer was wrong then, he's wrong now! But this time we know exactly what will happen if viewers listen: Millions will lose out financially. […]

Jun
19
2009

CNBC's Jim Cramer Still on Air–Still Wrong

Amanda Terkel of Think Progress (6/18/09) has posted video and transcript of an MSNBC segment in which Joe Scarborough asked CNBC's Jim Cramer about "a stunning poll the New York Times has this morning suggesting that Americans are more concerned about deficits than stimulus": Cramer claimed that Americans aren't buying into healthcare reform right now because "it just means tax increases, and there's got to be someone who pays for it." According to Cramer, the solution that "everybody" wants is for Obama to "go away": "But until we get the economy moving again, I think everybody wishes that Obama would […]

Apr
03
2009

Champions of the Little Guy?

Jim Cramer, CNBC: "I think Goldman is a great firm…. The good guys are in charge. [Lloyd] Blankfein is a fabulous guy. Do people want him in jail? Does Paul Krugman want him in jail? Where do they want these guys?" Mike Barnicle, Boston Herald: "Paul Krugman wants anyone who makes over $75,000 a year in jail." –MSNBC's Morning Joe (4/2/09), cited in Huffington Post (4/2/09)

Mar
18
2009

On Groupthink and 'Financial Infotainment'

Editorializing in the Wall Street Journal (3/18/09) on how "Financial Journalists Fail Upward," Wrecking Crew author Thomas Frank sees the "world of financial infotainment" as its own "market where accountability does not seem to exist" and in which "the old order discredits itself, but the old order persists nevertheless": This needs to be repeated every time someone pleads, "Who could have known?" Plenty of people did see the disaster coming. Most of them were marginalized, however, laboring at out-of-the-way econ departments, blogs and B-list think tanks. They were excluded and even ridiculed because their larger understanding of the economy was […]

Mar
17
2009

Richard Cohen on Jon Stewart's 'Cheap Shot'

Many observers praised the Daily Show's Jon Stewart for his hard-hitting interview with CNBC's Jim Cramer. Columnist Richard Cohen (Washington Post, 3/17/09) begs to differ. Actually, Stewart was "wrong" to go after Cramer, Cohen wrote–it was a "cheap shot at business media." His main argument is that Stewart charged that Cramer "knew all the time what was happening" at game-playing financial companies, but Cohen has a list of CEOs at such firms who lost money on their own company's stock, so even they must not have known what was really going on: "When someone puts his money where his mouth […]

Mar
13
2009

Jim Cramer–Calm, Sober Wild Man

During his well-publicized appearance with Jon Stewart (Daily Show, 3/12/09), CNBC's Jim Cramer tried to present himself as a rational financial journalist, dismissing his on-air wild man persona as entertainment. But if you listened to his calm, sober pronouncements, they really weren't all that rational. For instance, he said by way of apology, referring to the current financial crisis, "I got a lot of things wrong because I think it was kind of [a] one-in-a-million shot." Well, no–if you build a financial system on the idea that assets are going to keep rapidly increasing in value forever, the system's eventual […]

Mar
13
2009

There's Nothing Funny About CNBC

Economics writer David Lieberman (USA Today, 3/11/09) previews a Today show interview with CNBC's Mad Money host Jim Cramer by pointing out that Cramer will "have to answer for misguided stock predictions–including some last year urging investors to buy and hold Bear Stearns just before the investment bank collapsed." But the ironic bit comes after Cramer's dismissive quote–"Oh, oh, a comedian is attacking me!"–when business journalism academic Andrew Leckey "says that while CNBC wants to be seen as serious, 'The best ratings go to a wacky guy.' Cramer often bellows and uses sound effects to highlight his stock picks." As […]