The Angry And the Self-Loathing

TW: With all of the videos of Stewart I post, I suppose I owe my two cents on the Cramer event. It was surprising for sure. I expected either a dull somewhat awkward fandango with little said or a smarmy insider, "we can fight, but we have made up" fest. Instead Cramer became Stewart's punching bag which ultimately is unfortunate.

I have listened to much Cramer over the years, I actually like him as he unlike almost all others of his ilk has in fact taken more of a populist tilt trying to provide "insider" perspectives while understanding most do not have them. He is self-aware, recognizing his primary CNBC show is just that, a show, where he spends as much or more time entertaining than analyzing.

Cramer's problem, amongst others, is that many of the paradigms upon which he built his financial career have been torn asunder. When the economy and the financial system are crashing many of those tricks of the trade no longer apply particularly well. When the economy and the financial system are crashing many of those personal relationships and sources of trust fall apart. The net result is that Cramer appears to be using a 20th century cookbook during a 21st century crisis.

I do not question Cramer's motives at this point merely his relevance.

Stewarts broadsides attacked not only Cramer's motives but made Cramer the poster child for all of the world's financial problems. For whatever reasons, Cramer sat there and took it (he tends toward self-flagellation anyway, he is a compulsive with all the associated baggage). Cramer is partially reflective of the problems but as Stewart mentioned at the very end not really the proper vessel for the frustrations.

Cramer for instance is not a Maria Bartiromo whose sole purpose in professional life appears to be landing interviews with top CEOs then asking soporific questions meant not to inform but to propagandize. Cramer is not a Larry Kudlow whose only role is to proselytize with evangelical fervor about the great American capitalist society whose promised land is within reach if only more tax cuts, less regulation and continued obeisance are provided to the great titans of wealth and prosperity. Cramer is not the producer that substitutes the steady relentless cacophony of a dozen voices at a time for actual analysis yet claims it means something. Cramer is not the mountainously arrogant executive who concocted serial means by which to grossly overpay himself during the good times.

Those folks are the ones to me who more aptly and metaphorically represent the failure of American style capitalism over the past thirty years. Something rotten has taken root and we are far from defining the full breadth of its tentacles and depth of its impact. Stewart clearly has tapped a vein of resentment, like all resentments it bears much truth but also some ignorance. There are many folks I would like to see hoisted upon their respective petards, Cramer is just not anywhere near the front of that line.