On The Daily Show last night host Jon Stewart took CNBC’s Jim Cramer to task again for predicting Scott Brown’s Massachusetts Senate victory would rally the stock market, only to see the Dow post massive drops in the last two days.
Here is the video, Cramer segment is in the last 2 minutes:
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|Indecision 2010 – The Re-Changening|
Cramer’s hyping of a possible Brown caused market rally started last week when he said, “More important, though, I think that investors who are nervous about the dictatorship of the Pelosi proletariat will feel at ease, and we could have a gigantic rally off a Coakley loss and a Brown win. It will be a signal that a more pro-business, less pro-labor government could be in front of us…How about a little bit less like the old Soviet Union? Yeah, that would be a bit more like it. Pelosi politburo emasculation!”
On Election Day Cramer said, “A Scott Brown victory is one of those things that will send markets up, that’s the truth.” Stewart did a little fantasy segment where he put all of his money in the stock market based on Cramer’s advice, only to see the market drop 190 points. Stewart said, “Cramer!!! I’ll see you in hell Cramer. Vengeance is yours.”
By the way, the Dow dropped another 213 points today. This proves two things. Most importantly the stock market is not influenced by politics, and secondly, Jim Cramer is guessing like everyone else who invests in the market. Once again, Jon Stewart demonstrated that the emperor is wearing no clothes.