Live Blogging the Jon Stewart - Jim Cramer showdown
Nonetheless, Stewart clearly won this clash of the titans. It was not even close. As my wife noted, Cramer would have been crying like a baby if the show lasted longer.
Here are some highlights from the show:
10:59: The Daily Show called the coming Cramer-Stewart confrontation the "feud of the century" and "Brawl Street."
11 - Jon Stewart says it's "go time." He pretends to be water-boarded when people ask him about financial matters. Stewart blasts Cramer for appearing on Martha Stewart's show making a pie. Martha Stewart asked Cramer to pretend the pie dough was Jon Stewart; Cramer pounds it with a roller.
11:05 -- Stewart introduces Cramer after doing a segment on Bernie Madoff. Cramer sounds a contrite tone, arguing that everyone made wrong calls. Cramer insists that he is not mad with Stewart.
11:09 -- Stewart shows the promo for Mad Money. "Is there a problem with selling snake oil as vitamin tonic?" Stewart sad. "I try really hard to make as good of a call as I can." Stewart brought up Cramer's comments about short selling, "CNBC could be an incredibly powerful tool of illumination," he said. "It is a game that is going on and you pretended is not happening."
More from Stewart: CNBC is "not just guiltily of a sin of commission rather than a sin of omission." "You are pretending you are a dewy-eyed innocent. I know you want to make finance entertaining but its not a f-ing game."'
11:18 Cramer: "I did not think Bear Stearns would evaporate overnight. I wish I had found Madoff."
11:25 Stewart asked whether CNBC was responsible to Wall Street or average investors. Cramer replied that that he and the rest of the CNBC gang could have done a better job. He mentioned that CEOs and government officials lied to CNBC, something that Stewart said was their job to figure out.
11:29: Stewart tried to strike a diplomatic note at the end. He argued that he would stick to making "fart noises" if Cramer would tell the truth about the economy. At the end of the program, Stewart said: "I hope that was as uncomfortable to watch as it was to do."