Video: Stewart vs. Cramer -- full interview

Jon Stewart slammed CNBC's financial guru Jim Cramer in a tough interview on Thursday night's "The Daily Show," accusing the "Mad Money" host and his network of social irresponsibility during the financial crisis. 

"I understand that you want to make finance entertaining," Stewart said, "but it's not a game."

In an extended interview segment lasting the bulk of the half-hour show, Stewart said both hosts were "snake-oil salesmen to a certain extent," except that CNBC should have a higher standard of responsibility for covering the financial industry.

Stewart accused CNBC of failing to warn viewers about the pending crisis, and covering years of banking industry malfeasance like it was a "weird Wall Street side bet." The network's reporting, he said, was "disingenuous at best and criminal at worst."

Describing himself as a "big fan" of the show, Cramer acknowledged several of Stewart's points.

"Absolutely we could do better," Cramer said. "There are shenanigans, and we should call them out ... I should do a better job at it, I'm trying, I'm trying."

The men reconciled near the end of the interview, with Stewart saying Cramer had unfairly received the brunt of the criticism from the "Daily Show" attacks.

"You have become the face of this and that is incredibly unfortunate," Stewart said.

Here's the full extended and uncensored interview. PART 3 is probably the best clip, followed by PART 2 (may take a moment for the videos to show up):

PART 1: 

PART 2:

PART 3:

PART 4:

PREVIOUS: In defense of CNBC + previous "Daily Show" video clips

Comments

[Tye]

Watching this was excrutianting and you end up feeling bad for Cramer, he should really be comended for steping up and adminting his and his networks mistakes.
On the other hand, Jon Stewart and the Daily show team showed exactly what "journalism" is and should be. it was a high caliber interview, smart, funny, well researched (with archived videos).
I read not too long ago that the daily show was one of the most trusted news shows, I really think this interview showed why.

[Chris Jones]

What I don't get about this is why Cramer put himself through that? Who the f*ck is Jon Stewart? He's a comedian who only says something funny when his team of writers gives it to him. When did Jon Stewart become some kind of oracle of truth? He's just a liberal in the tank for Obama like everyone else in entertainment. The fact that so many people get their real "news" from a hack comedian pretending to be a news anchor says a lot about our current situation.

[Kyle M]

To Chris Jones, how do you figure that because Jon Stewart chooses to deliver news in a way that is both funny yet informative, that he loses his ability to be able to call out an organization and in this case specifically a person as well, on a bunch of closed door bullshit that they've been ignoring for at least a year with clear knowledge of the actual situation, yet still pushing a clearly false situation? You've got to be semi retarded. This was a well researched, high caliber interview as Tye has mentioned and it shows what journalism is supposed to be. "When did Jon Stewart become some kind of oracle of truth?" An oracle of truth? It's called exposing the truth. And because someone tries to straighten out a situation and inform the public of information which otherwise they'd never be privy to, and nail a hack financial reporter to the wall as being a fucking liar, that puts Jon in a negative position? You must be one of those uneducated sloppy, dumb angry Americans which make the rest of your otherwise intelligent country look bad. Go back to school.

[Giuseppe]

re: Chris Jones. The fact that it is a comedy show doing what should properly be the job of the journalists is what has contributed greatly to the current situation. The mainstream media (FOX, CNBC, CNN etc.) have allowed themselves to be entertainers and groupies for what they are supposed to be reporting upon. Sadly, it is entertainers such as Stewart, Colbert etc. who have filled the role of investigative journalists by using satire as their exposing tool. So don't blame Stewart or his ilk, or the new administration and the majority of people in your country who elected it. It is a response to the corrupt and venal administration of the previous 8 years, and their media sycophants who have us all in this mess.

[Trey]

Chris I guess you missed the point where Cramer said that he voted for Obama as well...

Its sad that these days everything deteriorates to political name calling and dismissal. "Oh he's a republican, I'm not going to listen to that thief." "That guys a liberal puke he doesn't know what he's talking about." Hopefully one day we can again evaluate ideas based on the idea itself not the political affiliation of the person that cam up with it.

[Mark]

The truth of the matter is this: Big business is CNBC's customer. They cater and pander to big business. CNBC doesn't care anything about the average viewer. If you watch their hosts throughout the day, all their opinions are pro big business. Examples: Regulation is bad, unions are evil, it's perfectly ok for a CEO to make hundreds of millions of dollars per year while closing factories and laying off employees blah, blah, blah.

[Not a raving Commie]

Mark wrote: "Big Business is CNBC's customer.... Examples: Regulation is bad, unions are evil, it's perfectly ok for a CEO to make hundreds of millions of dollars per year while closing factories and laying off employees blah, blah, blah."

These beliefs are not exclusive to big business. Small businesses are hammered by regulation far worse than big businesses are. Read some Milton Friedman and educate yourself on this point.

Unions ARE evil. I can't believe this is even debatable at this point. They should be illegal or at least pro-union legislation should be balanced by even-stronger right-to-work laws.

And it's perfectly OK for shareholders to pay their CEO millions of dollars if that's what a majority of them choose to do. It's called freedom, Karl.

Jim Cramer is an entertainer. So is Jon Stewart. Once in every while you learn something listening to their respective diatribes. Neither of them has ever forced anyone to watch, to buy something, or to vote for somebody.

So start taking responsibility for your own lives.

[Allen Charles Report]

I think Cramer showed he is fairminded and more honest than most by exposing himself to this kind of show. The reality of what Stewart brought out in this interview for the first time reveals a deeper concern for anyone that wants to save or invest for a future retirement or just to try to make a few dollars on the resources you may have. Stewart revealed a TRUTH that I have been seeing and attempting to get out for a very long time. Stewart was talking about the backroom or backstage happenings around the markers. Short sellers are killing the savings ( stock values in 401K etc.) every day. My feeling is that if you DO NOT OWN a stock you should not be able to sell it. What is happening is every time a stock goes up a few notches (pennies or points) along comes a large HEDGEFUND selling the stock at the new higher value and taking the growth (profit) out of the stock and after doing so it buys it back at the lower price to give it back to whoever it was supposedly borrowed from. This just KILLS any growth for savers (401k folks or long term savers) and allows the short sellers to sell someone else’s stock and take out the growth and then give it back with the value gone or decreased.

I have watched CNBC a few times and seen if anyone starts talking away from their agenda they are cut off very fast. I remember once when this happened the anchor made the commit, he could hear remotes changing the channel, which implied his viewers did not desire to hear anything else except Wall Street's agenda.

[Michelle]

NOT A RAVING COMMIE WROTE: "Jim Cramer is an entertainer. So is Jon Stewart. Once in every while you learn something listening to their respective diatribes. Neither of them has ever forced anyone to watch, to buy something, or to vote for somebody."

I walk into a school in a police officer's outfit and yell "Fire! I strongly suggest you leave!"

I look like a professional who knows what they are talking about. My image is supported by a uniform of trust. I am saying something vital to your future.

Who would take the risk of NOT following my instructions if they trusted me?