Jim Cramer of CNBC insists that Elizabeth Warren takedown ‘had NO impact’
Jim Cramer of financial news network CNBC, the man who famously urged investors to buy Bear Stearns stock a week before the company collapsed, has set his sights on Sen. Elizabeth Warren. According to Talking Points Memo, Cramer took to Twitter Wednesday and insisted that Warren’s appearance on the network last week “had NO impact” on people’s perception of the Glass-Steagall Act or Warren’s quest (aided by Arizona Republican Sen. John McCain) to break up the big banks before they can crash the economy again.
On “Squawk Box,” Warren appeared to effortlessly bat aside the two anchors’ pro-bank talking points, saying that once Glass-Steagall was implemented in the 1930s, the U.S. had a long period — 50 years — of relative financial stability. For each point the anchors brought up, Warren was ready with a calm, reasoned reply. In the words of Esquire blogger Charles Pierce, “The next thing they knew, they were sprawled on the canvas, and somebody was waving ammonia capsules under their noses, and Mills Lane [The famous boxing announcer and referee-Ed.] was standing above them, waving his arms.”
Naturally, this didn’t sit well with Cramer, who, on Wednesday, tweeted:
There is some weird strain of thought that CNBC got beaten by Senator Warren. I like the senator but she had NO impact. Sorry..
— Jim Cramer (@jimcramer) July 17, 2013
Cramer’s financial advice to viewers over time has been so bad — and his camera presence so unremittingly manic and shrill — that “The Daily Show” dedicated an entire segment to his and the network’s terrible track record in 2009. Then, the show did another segment a week later, in which “Daily Show” host Jon Stewart ripped Cramer in particular for giving people terrible financial advice that could end up bankrupting them.
Watch video of Warren’s CNBC appearance, embedded below via YouTube:
[image of Jim Cramer via Wikipedia.org]