Friday, March 13, 2009

CNBC's Jim Cramer Responds

I don't subscribe to Realmoney,'s paid site. I used to, but with the amount of financial commentary on the web these days, it's not a must-read for me anymore. But Jim Cramer (not pictured) writes a blog at Realmoney, and after last night's appearance on Jon Stewart's Daily Show, Cramer blogged back (excerpt at Hullabaloo). Draw your own conclusions.

CNBC has been taking a lot of flak lately. I think many financial types have been complaining about the network for quite awhile, but now that the country is in a horrible bear market and some of the hosts (Cramer and Rick Santelli) have been criticizing Obama, the network is on the national stage.

CNBC has guests on who voice their opinions. It's only natural that mutual fund managers are bullish. Their mutual fund charters demand that they be fully invested all of the time.

Corporate CEOs are also always cheerleading their company. Selling and marketing their business is part of their job descriptions. We're never going to see a CEO who says "Boy, we're sucking wind and cooking the books to make it appear as rosy as possible." Won't happen. Their stock would dive and they'd lose their job. The board of directors would fire them.

I still watch CNBC. Especially around the market open. But I flip to Fox Business News quite a bit. Much more sincere, calm and rational, with less corporate cheerleading. Emphasis on the "less" part of that last sentence.