Eugene Cho

jon stewart is my new hero

What does it say about our country that we have to hear the cold and hard truth from a comedian?  Check out the video below as comedian Jon Stewart of the Daily Show interviews and exposes Jim Cramer – the self hyped investment and financial guru.  

We are going through a painfully historic economic crisis and recession.  It’s repercussions will be felt for years or at least, I suspect that’s the case.  Things may never be the same – and maybe that’s good.  Why?  I’m no economics sage but something is clearly broken.

We’ve sought wisdom and guidance from our politcians, national leaders, and powerful CEOs and all we’ve had thus far are lots of finger pointing, bailout packages, and [insert thoughts here].  Well, we’ve finally heard something accurate and prophetic from our comedic “fool”:  

“It’s not a f**in’ game…”

Just once, I’d like to hear someone say, “I’m sorry.”

The video is 8+ minutes long but well worth it.  Let me know what you think.

You can watch it via Hulu or directly at the Daily Show.

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42 Responses

  1. Lars says:

    Stewards comment om their sins of “commission and omission” are at the core of this issue.. and that is just sad.
    Cramer is really exemplifying the greed that has caused the crisis in the first place. But I’m afraid he will just be a scapegoat to cover up for all our own greed. I don’t know, maybe.

  2. jadanzzy says:


    Have you seen Jon skewer Paul Begala and Tucker Carlson their now-cancelled show, Crossfire? He did the same thing. Expose them. And the show got cancelled afterwards.

  3. rymk says:


    As a guy who follows the stock market pretty closely I would have to disagree with you on this one. Cramer was the wrong target. Sure Cramer is bombastic and over the top in his personality but he is not the sinister con-man Stewart portrays him as.

    This was a hedge fund manager making over $150 million and traded it in to do a TV show because he wanted to help people. Does he sometimes get it wrong? Absolutely, but I don’t think he has ever maliciously set out to mislead his viewers. The guy usually just recommends very safe high yield, blue chip stocks anyways.

    The truth of the matter is that NO ONE believed the current economic meltdown was going to be this bad. So get mad all you want but cut people some slack for not being all knowing. Besides Cramer was the only financial pundit I know of who was literally screaming this was going to happen over a year ago, and telling people to pull their money out of the stock market at DOW 10,500.

  4. […] stole this video from Eugene Cho, a wonderful blogger who has that annoying habit of only offering part of the article on his RSS […]

  5. Andy M says:

    Most TV show people are con-men. Why else would they be on TV, really? Some are better, and some are worse than others, but in the end they all get paid to keep their show going, and that is a big incentive to keep their show interesting. I haven’t ever heard of the guy, so maybe I’m wrong. But in my opinion there isn’t hardly anyone on TV that truthfully wants to help people, and if they do genuinely want to help people, it ranks lower on their scale of priorities than making their usually very good living. And then they can feel good that they are “helping people”.

    I would say very few if any of them are “malicious”, and I would assume that they all mean well, but the incentive for having an “good” TV show outweighs any help they would actually offer people.

  6. daphne says:

    I love Jon Stewart and The Daily Show. Just another example of how jesters expose the truth.

  7. CPF says:

    Wow, I can’t believe Cramer was that blindsided! It was pretty clear he never saw that coming – I agree with you, I now have a lot more respect for Jon Stewart…

  8. […] Jon Stewart exposes the truth about Wall Street […]

  9. Kacie says:

    ahh… the network has pulled all of the youtube videos and the daily show website seems to be overloaded as well…. everyone is buzzing about this, though.

  10. Joe says:


    Found your blog via The Digital Sanctuary.

    I’m all subscribed up and will be following along. I’ll have to track down this video as it’s been pulled.

    Have great weekend.


  11. Barb says:

    Our finance advisor tells us over and over that the market is driven by two things: fear and greed. People buy high and sell low (thus losing money) because they are driven by fear and greed. Cramer stimulates that very thinking. I’ve given up Cramer for Lent 🙂

  12. eugenecho says:

    @rymk: yup. i agree in part. even jon stewart acknowledged that in the beginning of his interview.

    cramer is clearly not THE CAUSE but he’s clearly complicit, no?

  13. fsh says:

    Not really sure what all the hype and fuss is all about, but the interview was exactly what it was meant to be – entertainment. Stewart and Cramer are entertainers and with all the exposure they and their advertisers are laughing all the way to the bank! Cramer isn’t selling stock to clients, he is selling entertainment to increase advertisement dollars. It isn’t any different that what Stewart does. I can’t honestly believe that people watch Mad Money to get financial advice in as much as people tune into The Daily Show for their current events, but for those of you who actually do trade on Cramer’s advice – well, you probably paid for your education in stock trading. You should always do your own due diligence. If you’re not up to doing it yourself, well, do us all a favor and bury the money in your backyard.

  14. rymk says:

    I know it feels good to put a face on all the economic havoc but its really not CNBC or Cramer. It would be like blaming CNN for the Iraq war, just because they cover it. Sure CNBC can sensationalize things, but the truth is it is a niche channel that appeals to people who want to watch and learn about the market all day long. So when things are bad they will talk about it…alot.

    If we want to know who is responsible its much more complex than turning Cramer into a pinata. First we must look in the mirror. Millions of Americans bought homes under false pretenses and did not do their due diligence in making sure they knew what they were getting into. Thousands of banks over leveraged and gave $400K loans to people making $40K a year. CNBC did not do this, people did, banks did, and the government sat by because everyone was happy.

    That is why I find this pitch fork attitude toward CNBC to be a little bogus. What does Stewart want them to say on their channel when the market falls 60 percent in 18 months? Things are great? What does Stewart want CNBC to say when we are giving AIG 150 Billion dollars? Oh no big deal nothing to concern yourself with.

    Cramer is a stock picker, plain and simple. Same way you have sports analysts. They give an expert opinion, but that does not mean they are right 100 percent of the time. Did Cramer say some dumb stuff over the last year? Absolutely. But as someone who follows this stuff pretty closely, his batting average was better than just about everyone else.

  15. truth says:

    John Stewart is a crackpot. He is a joke (pun intended). This was all probably for ratings and in the end for…money.

  16. Ben C says:

    It’s all hoopla. It’s scripted. It’s preplanned.

  17. Matt says:

    I’m pretty sure that Cramer apologized about bear stearns afterwards according to some news article I read….

  18. beattieblog says:

    Yeah, I just blogged about whether or not Letterman and Stewart are the new Woodward and Bernstein –

    Last night was a true populist smack-down. My entry is a little tongue-in-cheek, but seriously, are these the only guys willing to give a hard interview? With the passing of Tim Russert, I’m beginning to wonder.

  19. beattieblog says:

    BTW, the thing about Stewart is that he’s honest about being a crack pot and in it for the money. He satirizes himself along these lines in the intro to last night’s show. That’s why I think it’s a bad idea to “feud” with him (and Letterman – see: McCain). They don’t have to maintain any aura of expertise and can shoot from the satirical hip – it’s just that often they hit a real bulls-eye (I think). Plus, Cramer didn’t come off looking that bad – if you watch the full, unedited interview online, you come away seeing Cramer as a pretty good guy (especially now that he’s not managing a hedge fund).

  20. iy says:

    yup. he’s a lot of people’s hero right now. i hear some news media people are saying jon stewart has a “messianic” streak because he thinks he is the only one who will ask hard questions. i think it’s ridiculous that asking the right questions means you’re being trying to be a hero, as opposed to doing your job.
    (i got this thought from — i love this blogger.)

    i ❤ jon stewart! too bad he’s married. we’re both from jersey. he lives in nyc. it could’ve worked, don’t you think? ; )

  21. Maia says:

    Best quote:

    After the video of Cramer explaining how to spin the “shananigans” of finance into entertainment…

    “What that says to me is that you all [CNBC] know, you all know whats going on… You knew what the banks were doing and yet were touting it for months and months. The entire network was and so now to pretend that this was some sort of crazy once in a lifetime tsunami that no body could have ever seen coming is disingenuis at best and criminal at worst.”

  22. randplaty says:

    Completely agree with @rymk. John Stewart is a comedian and knows NOTHING about politics or investment. He’s looking for a scapegoat and searching out for someone to destroy and he found Cramer. All he cares about is ratings and he gets them by blaming the economy on one network? One TV show? This guy is ridiculous.

    Cramer was gracious enough to come on the show and admit he was wrong about the market. What more can you want from the guy? Everyone was wrong and Stewart picks one guy to come on his show and rubs it in his face.

    How can you admire such a sleezeball?

  23. beattieblog says:

    Sleezeball? Hmmm. Stewart certainly represents a more “populist” and liberal perspective on politics and economics. And though he didn’t spend years managing a hedge fund and “gambling with people’s 401k money” he certainly isn’t ignorant on either economics or politics. Is he an expert? Obviously not. Is he a comedian? Obviously.

    I’m guessing there’s more of a philosophical / political difference here than wisdom meeting ignorance. Again, the difference with Stewart is he’s clear about his persona. CNBC props up Cramer and others as experts (or god?) when clearly they missed a few things and got caught in the act. Stewart points out the fact that the network who presents itself as the provider and “critique-er” of helpful financial advice for joe-viewer is filtering that advice through folks who have benefited from some of the wealthiest market players. Isn’t it possible at times for that to be like trusting the fox to give advice on how to protect your hens? Remember, what set Stewart off was the ridiculous rant by Santelli. Wouldn’t it be be nice if Santelli invested as much energy once in a while chastising his old buddies at the mercantile exchange? I think Stewart, fair or not, echoes what a lot of frustrated, voice-less Americans are feeling. Just as Santelli probably did, I suppose.

  24. beattieblog says:

    Sleezeball? Hmmm. Stewart certainly represents a more “populist” and liberal perspective on politics and economics. And though he didn’t spend years managing a hedge fund and “gambling with people’s 401k money” he certainly isn’t ignorant on either economics or politics. Is he an expert? Obviously not. Is he a comedian? Obviously.

    I’m guessing there’s more of a philosophical / political difference here than wisdom meeting ignorance. Again, the difference with Stewart is he’s clear about his persona. CNBC props up Cramer and others as experts (or god?) when clearly they missed a few things and got caught in the act. Stewart points out the fact that the network who presents itself as the provider and “critique-er” of helpful financial advice for joe-viewer is filtering that advice through folks who have benefited from some of the wealthiest market players. Isn’t it possible at times for that to be like trusting the fox to give advice on how to protect your hens? Remember, what set Stewart off was the ridiculous rant by Santelli. Wouldn’t it be be nice if Santelli invested as much energy once in a while chastising his old buddies at the mercantile exchange? I think Stewart, fair or not, echoes what a lot of frustrated, voice-less Americans are feeling. Just as Santelli probably did, I suppose.

  25. Maia says:


    Is that really what you took away from the video?

    I got a very different picture.

    I saw an extremely smart comedian who was able to take an complex topic, ask someone who was complicit in the perpetuation of unsustainable financial ideas and make it funny, honest, direct, fair and respectful of his guest all under 8 minutes.

    He even explained how it was unfortunate that Cramer is now the “face” of this ordeal when it wasn’t just him.

    Don’t you think after seeing the Cramer vids that he and people like him helped create the mess we are in now? They were basically leading the Marketing campaign of Wall Street’s bad behavior.

    My tax dollars will go towards cleaning up this mess long after Cramer is off the air. I think that is stealing and is criminal like JS said.

  26. Tom says:

    A recent article in The Economist was enlightening about folks like Jim Cramer and other expert talking heads. Turns out some researchers have shown pretty convincingly and exhaustively that expert political, economic and cultural pundits on TV have a remarkably poor success rate in anticipated trends and events, though their failures don’t seem to affect their popularity or tv/radio gigs. After recent experiences we’ve all had with experts and their expectations of flower strewn streets in Baghdad and ‘the end of the business cycle as we’ve known it’ the results aren’t surprising, I guess.

    But the researchers tried to examine why these experts–in a comparative sense–so often fail to get it right (beyond the fact that it’s hard to predict the future even in the best circumstances). Turns out being conservative, liberal, etc is irrelevant. They found the ‘experts’ who were consistently most reliable were characterized by more subtle and flexible mindsets, while folks operating out of more clearly ideological mindsets has far poorer results. They used the old idea of the ‘hedgehog and the fox’ to illustrate the difference. Hedgehogs know one big thing and much of their thinking revolves around it–foxes know lots of little things and are much more open to experience and revising their thinking.

    They went on to suggest that the requirements of television/radio may produce lots of ‘hedgehog’ talking head experts–basically, relatively bombastic, ideological and confrontational types who attract viewers with drama and turmoil. Foxes, though much better guides–think Warren Buffet–just aren’t nearly as entertaining. Maybe that’s why shows where foxes can shine like Charlie Rose or Tavis Smiley are on so late at night on PBS :^)

    Interesting and potentially enlightening. Wonder if this hedgehog and fox dichotomy might help explain part of the difference between fundamentalism and healthy religious faith, including healthy evangelicalism?

  27. randplaty says:

    I’m not rooting for Cramer here. Yes he was wrong and he should be held accountable for his predictions in a polite and respectful way. I don’t think Cramer was out to steal from Americans. That was not his intention.

    What is Stewart’s intention? It’s to poke fun while providing a critique. So what does he do? He smears Cramer. He’s making money off of someone else’s demise. He provoked all of this and he’s the one capitalizing. He makes fun of Cramer because Cramer is well known and its easy to target him. If he really wants to provide a critique of the market, why doesn’t he have the hedge fund managers on his show? Because they’re nameless. We cheer because we see someone with a name, Cramer go down.

    This is like watching a dog fight. Very very sad. Stewart is the only one that benefits from all of this. And he’s a hero?

  28. eugenecho says:

    @randplaty: cool. note that i didn’t say he was your hero. clearly, he’s not.

    you’re a much smarter guy so i’m surprised you think that he knows NOTHING about politics or investment. you thought he was a sleazeball and i thought he asked great questions. i do give kudos to cramer for showing up.


  29. booyahbagwells says:

    I would say not to easily jump on the bandwagon of Jon Stewart and even Jim Cramer. Look inside each of our hearts. We are as guilty of the current economic situation as anybody else. I did not hear anybody complaining when the stock market was doing well and we pocketed from our investments. I have lost just as much now as I have gained during the economic boom. But in the end, God remains the one constant in my life. Remember people we do live in a broken world. Good economic times does not mean all is well. And bad economic times reminds us how crippled life really is. Nobody in this story is a hero.

  30. todd says:

    Beattie you are just wrong in what you are saying. Its okay to not pontificate on everything, especially when you do not know what your talking about.

    Its false to claim that the divide between Cramer and Stewart is not wisdom and ignorance and is really a difference in political philosophy; when in reality Jim Cramer is just as liberal as Stewart. Jim Cramer has repeatedly said that he leans left and agrees with almost all of Obama’s platform, just not the timing of it. I think you might want to question why it is you view everything through such a political lense, even when it is clearly not there. Believe it or not, but there are liberals who love capitalism as well.

  31. Staci says:

    I concur with those who have pointed out that there is no way Cramer/CNBC should be held responsible for the “lack of warning” we Americans supposedly did not get. How long have we been told of the near-0% average savings rate? That the average family carries a credit card balance of tens of thousands of dollars from month-to-month? Who believed that we would ever be wise to pay 0% down on a house? Who believed that, as 21 year old college students with no income to speak of, we should respond to and accept every other credit card offer that came our way? That, as a nation, we were spending more than we were bringing in? That what goes up must come down?

    I fail to see where a TV personality is to blame for not sounding the alarm. Come on now. It’s OUR money. If we followed *anyone’s* investment advice without doing our own due diligence, then that is our pill to swallow. Not to mention the fact that what brought the house of cards down was an incredibly intricate and complicated series of events and transactions that take graduate level finance and economics courses to begin to explain.

    If this interview was truly about the larger issue of the media’s responsibility to guide its viewer/readership, then bring it on. However, considering the nature of the interview (Cramer started off saying, yeah we probably should have done more … yet Stewart pressed on), I truly doubt that. Stewart was also in it for the ratings, and shouldn’t lead us to think otherwise.

  32. beattieblog says:

    @Todd – my comment about ignorance vs. wisdom and there really being political / philosophical issues at play was not related to Cramer vs. Stewart but to the reaction to Cramer in some of the comments here on Eugene’s blog. I recognize that Cramer could probably be described as a fiscally conservative liberal. He mentioned voting for Obama last night. Don’t worry, I suffer from no delusion that all liberals dislike capitalism. I’ll try and be clearer in my future posts.

  33. beattieblog says:

    oops – there I go again being unclear: I meant to type, “…but to the reaction to STEWART in some of the commnents…”

  34. mike says:

    First time commenter here. Thanks for maintaining a great blog Eugene.

    As I watched the interview, I was actually more impressed by Jim Cramer. He was honest, apologetic, and respectful the entire time. John Stewart does have valid grievances against the financial system, but pinning them on Cramer (much like a pinata in the words of a previous commenter), cursing, pointing fingers, raising his voice, trying to humiliate the guy – I didn’t see prophesy, I saw someone scapegoating a very complicated, unfortunate, and widespread problem on one person. The sins of the financial system so permeate ALL of us in the country – to crucify Cramer because he so visibly participates in its activity was so very sad to watch. All the buzz surrounding this interview makes me want to cyber-shout: “let he who is without sin cast the first stone.”

    I follow Jim’s show and the market, and Jim has been outspoken about some of the grave problems facing the financial industry for a while. Has he been perfect? As he admits in the interview, no, and he wants to do better. I can’t help but wonder how much those trashing Cramer actually know about his show, his beliefs, him as a person, or even economics in general. Another quote comes to mind: “judge not, lest you be judged first.”

    Real prophesy I think would look different than what I saw on Comedy Central. It would be critical sooner, more subtly, before things have gone down and people have lost money in their 401k. It would be critical of the game that is the stock market while those who are playing (you, me, bankers, churches, schools, governments, families, companies) are winning and profiting from it. There are plenty of prophets who have done this and continue to do it, I just disagree that John Stewart should be included in that category.

  35. utah1234 says:

    While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?

    China is now worried about their dangerous over investment in US Treasury obligations. Washington ’s long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.

    The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See:


    Ron with 30 plus years in the investment business and banking industry.

  36. Andy M says:

    I watched the entire video, plus the ones leading up to it. I think Cramer and NBC created their own problem. They backed up that comment made by the guy in the stock exchange, I forget his name. And then they stuck to it.

    Cramer was apologetic and whatnot in the interview, but every other clip of him was him being defensive and ranting. I think he found himself in a corner that he could only get out of if he took that stance.

    I don’t think he meant any harm, but turning the stock market into entertainment I think is dangerous. Are they the root of the problem, absolutely not, but they weren’t helping it any, and as Jon Stewart said at the end of the interview, Cramer had unfortunately become the face of the whole issue, and so it was him that was taking the biggest blow. Jon Stewart wasn’t trying to destroy the man, or else the interview would have ended much differently than it did (find the video of the whole interview). But because Cramer became the focus of the debate, that is where Stewart got his information for the interview. The best way to debate someone is to show the flaws in their own words, not someone else’s. So I find no problem with Jon Stewarts tactics there, and he probably could have been much nastier if he had wanted to. But he was being fair and putting Cramer on the spot for what the man himself had said and done. Again, find the entire video, the interview ended well I think. The clip linked above just has the parts that make Cramer look really bad, you see the whole interview and you get a bit of a different picture.

    Mike – By the way, most of Prophecy is not about the future, it is about issues of the time it was written, and it was far from subtle. They used humor, and they usually said things that would have shocked the people around them. The prophets weren’t fortune tellers, they were truth tellers. So Jon Stewart showing the truth about problems such as this could definately be considered prophetical.

  37. Marcus says:

    Eugene – you continue to resonate on many levels. We were impressed with you MCC sermon on your visit. I even gave my son for his 13th birthday a Star Wars card, with a written note, Son, I am your father. He loved it as he remembered your communique.

    On Jon Stewart’s show – he was right on. Stewart’s pointing out what many of the others in this blog are touching on, “vetting of information” checking the facts, calling to accountability. In the age of instant information when the spoken words (TV, Cable, Utube) almost have more power than the written how do we hold the tellers accountable? We are seeing newspapers crash and burn. That was once a truth haven for journalism and vetting of information prior to publishing in print. What do we do now in the age of instant information? And with a generation that does not like to read…

  38. I consider The Daily Show to have the same news-worthiness as the rest of the US “news” channels. I just find The Daily Show more interesting than the others.

  39. […] Use the search box on the sidebar to find more posts about this subject.I stole this video from Eugene Cho, a wonderful blogger who has that annoying habit of only offering part of the article on his RSS […]

  40. LDB says:

    Stewart is a coward. Here’s why:

    He wants to be both a journalist and a comedian.

    The comedian part…wonderful, funny, awesome. The journalist part…John likes to get serious from time to time, take on certain people and topics and even debate others, all well and good, and he shows an obvious knack for it.

    I do notice though that when John is losing, is plain wrong, can’t articulate his view, or crosses the line, he runs for the safety of the “comedian” persona. He says, “Hey I’m just a comedian, you shouldn’t take what I say seriously”….no good. You wanna stick your neck out and question generals, scientists and policy makers, stick it out, don’t use “hit and run” tactics.

    Saul Alinsky taught that mockery is the most effective weapon to destroy an opponent’s ideas. Stewart believes in silly things like global warming due to carbon, transfer of wealth etc, but he is on the mockery offensive and he has the “comedian shelter”.

    This makes Stewart a tool of the left and a coward.

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One Day’s Wages

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You can do it, sun. Break through the clouds. I love her. Saturday morning date at Pike Market with @minheejcho. Enjoying the final day of sun before 6 months of rain and gray. Not lol'ing. Some of my moat memorable travels have been to Myanmar (otherwise known as Burma). In fact, the vision of @onedayswages began on my first visit to this country in 2006. On a recent visit, I began learning about the Rohingya people. Sadly, it has escalated to horrendous, genocidal proportions.

Thus far, about 500,000 people have been driven out from Myanmar through violence...with most going to Bangledesh...regulated to a massive refugee camp. Stateless. Undocumented. Minority groups. Dehumanized. Homes and villages destroyed. And so much more unspeakable atrocities.

Yes, it's complex and messy. It always is. But the root of this injustice as the case for so much brokeness in the world is the sin of dehumanizing one anotber as..."the other." May we see each person, including the Rohingya people, as one who is created in the image of God. It's the truth and the remedy to the incessant dehumanization that goes on in our world.

Lord, in your mercy. The obedience of discipleship which includes the work of justice is a marathon. It's long, arduous, and emotional. Be tenacious. But also take care of yourself. Create healthy rhythms. Don't burn out. We need you for the marathon. Friends, don't give up. Press on. In the midst of so much chaos in the world, may we continue to cling to the hope of the whole Gospel. May we cling unto Jesus:

Way maker!
Miracle worker!
Promise keeper!
Light in the darkness!
That is who You are!

What an encounter with the Holy Spirit at @seattlequest today. Grateful for our worship team, the gospel choir, and the Audio/Visual team. Thank you Matt, Teresita, and Chris. Please thank all the volunteers for us. .
The world is broken.
But God is not yet done.
God's work of restoration
is not yet finished.

This is our hope.
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