Jim Cramer vs. Jon Stewart

If you are a fan of The Daily Show with Jon Stewart, you are probably aware that for most of this week, there's been something of a war or words between Jon Stewart and Jim Cramer (the host of Mad Money and author of numerous investing books). And if you aren't watching The Daily Show, why not? It's excellent satire, and like all good satire, holds up a mirror to our culture.

It started last week, when Jon Stewart had a segment featuring some of the mistakes made by CNBC in their marketing predictions. Jim Cramer, as one of the major stars of CNBC was featured quite a bit (along with Rick Santelli, whose cancellation prompted the clips being aired), particularly with regard to his recomendations to buy Bear Stearns.

Jim Cramer responded that clips were taken out of context, leading to yet another Daily Show clip collection showing that although Jim Cramer was correct about that particular clip, he had recommended buying it recently. (If you take nothing else from this blog entry, take the knowledge that The Daily Show is very good at finding embarassing film clips).

Finally, things came to a head in Thursday's episode of The Daily Show. Jon and Jim went head to head, and from my perspective, Jon Stewart came out ahead. Here's a few thoughts I had as I watched all this (I happen to be a huge Daily Show fan, going back all the way to when Craig Kilborn was the host). Some thoughts that have occurred to me as I re-watched the clips and considered Jim Cramer's reactions:

1) The financial media has made many, many mistakes, and it's nice to see someone call them on it. I'd love to see Jon Stewart interview the CEOs of the banks, hedge funds, and investment companies, and see what he'd do with them. He is easily one of the best interviewers I've ever seen, and when he's on the top of his game (as he was on Thursday), he is a sight to behold.

2) Jim Cramer has managed to bump up my opinion of him as a result this interview. He didn't really hold his own, but the simple fact that he was willing to subject himself to this scrutiny and potential recrimination speaks well of his personality and openness.

3) If I recall correctly, court jesters were considered to have a special place in the medieval court. They were the only ones were able to insult the king, and in that way, speak truth to power. It seems that we live in times where only the jesters in the news media (The Daily Show, the Colbert Report, The Onion) are willing to point out the utter absurdity of our financial system. And kudos to them; I just wish we could get more people like Jon Stewart out there, looking out for us.

So, go ahead and watch the Daily Show interview; it really is an excellent example of a populist rebuttal to recent financial events. Plus it has more than a few jokes!

CNBC wants to give you a pony!

Actually, no, no they don't. But, CNBC is the television network most associated with business, and with the business world in a huge funk at the moment, happiness is a bit hard to find. CNBC is doing what it can to help people find merriment in these troubled times by introducing: There must be a pony in here somewhere*

It's a rather eclectic collection of humorous stories about current events related to money and finances (this is CNBC, after all). Some of the topics include:

-How to fake your own death: Particularly relevant, given the number of financiers who've tried to fake their own deaths to escape punishment (Marcus Schrencker, Art Nadel, etc.) and failed horribly, there's now a guide to doing it right. The big suggestion: fake-crash your airplane into the ocean, where the fact that there isn't actually a body inside will be easier to explain away.

-Banker-Shaped Stress Balls: Stress balls formed to look like Alan Greenspan, Henry Paulson, and Ben Bernanke. Possibly the best idea I've heard of yet to vent your frustration with the current financial situation without actually hurting anyone. I'll start to get nervous when they come out with Banker Shooting Range Targets, though.

-Being a Dominatrix, for Fun and Profit (Mainly, Profit): A personal favorite, this story about women getting into fetish work to make ends meet. Good work if you can get it, I suppose; with a going rate of $80 an hour, I'm almost upset nobody would pay ME for such services.

All in all, There must be a pony in here somewhere (or, as it's sometimes called, the Pony blog) seems like an entertaining, somewhat irrelevant look at the wacky world of finance. According to the opening article, it's supposed to only last until the financial world picks up again; however, I hope they keep picking up these stories after things get better, money-wise.

Oh, and while I'm hoping, here's to things getting better soon. *Crosses fingers and hopes*

*The name of the blog is taken from the punchline of a joke that Ronald Reagan was fond of:

A psychiatrist is asked to treat twin brothers with extreme personalities — one a pessimist, the other an optimist.

The pessimist’s treatment was a room full of toys. The boy burst into tears, refusing to play with any of them. He was afraid he would break them.

With the optimist, the treatment was a room full of manure. The optimist, true to form, climbs to the top of the pile and exclaims, “With all this manure, there must be a pony in here somewhere!”

Here's hoping, kid.