Stewart blasts CNBC: 'Whose side are they on?'

Finally! After much back and forth -- and plenty of hype -- Jim Cramer sat down with Jon Stewart last night on the Daily Show.

And Stewart didn't hold back, tearing apart Cramer (and CNBC) in an exchange that rivals his famous takedown of Crossfire back in 2004.

"I understand you want to make finance entertaining, but it's not a f--king game," Stewart told Cramer.

Stewart played several clips of Cramer speaking soberly about the tricks he once used as a hedge fund manager, and then clips from "Mad Money." Stewart said that he wanted the " Jim Cramer on TV to protect me from that Jim Cramer."

"You all know," Stewart said. "You all know what's going on. You can draw a straight line from those shenanigans to the stuff that was being pulled at Bear and at AIG and all that derivative market stuff that is this weird Wall Street side bet."

"You knew what the banks were doing, and yet were touting it for months and months," Stewart said later. "The entire network was. And so now to pretend that this was some sort of crazy, once-in-a-lifetime tsunami that nobody could have seen coming is disingenuous at best and criminal at worst."

However, they both disagreed with Rick Santelli's rant on the floor of the Chicago Mercantile Exchange.

Finally! After much back and forth -- and plenty of hype -- Jim Cramer sat down with Jon Stewart last night on the Daily Show.

And Stewart didn't hold back, tearing apart Cramer (and CNBC) in an exchange that rivals his famous takedown of Crossfire back in 2004.

"I understand you want to make finance entertaining, but it's not a f--king game," Stewart told Cramer.

Some observable truths:

1) Cramer is being punished for calling Obama ‘the greatest wealth destroyer of all time’ and Stewart is doing the wetwork. Had he shut his mouth about Obama, this would not have happened. He was a fool for going on that show, Stewart made him look like a self-flagellating monkey, it was very embarrassing. Cramer was reduced to calling Dick Fuld a liar - as if that meant anything to anyone.

2) Stewart then repeats the canard that this financial crisis is the result of the greed of the Wall St bankers and their hedge funds and never once mentions that the trillion of subprime mortgages that had gone bad were forced upon banks by community organizers such as Barack Obama or underwritten by government agencies like Fannie Mae and Freddie Mac, run by Democrats like Franklin Raines. This truth seems to be buried somewhere.

3) Now Obama and his liberal left cheering squad are saying that these subprime borrowers were some how screwed by the Wall Street bankers. Let’s get something straight numbnuts, when a bank screws you it means that it doesn’t give you any money, period, let alone a gargantuan sum to buy a house that you cannot afford. They repeat the lie that makes no sense - that the banks took advantage, when in fact the second a loan is delinquent, subjects a bank to accounting losses and all associated negatives - it is never a goal, never. Maybe the securitization fees from the selling of mortgages since they supposedly don’t own them anymore? This myth is equally wrong since mortgage securitization has been going on for decades and had a happy life prior to subprime and Barney Frank forcing banks to underwrite loans that no sane businessperson would have ever done. Barney Frank and the Democratic party took the sacrosanct nature of the mortgage pledge and perverted it, adulterated it and ultimately the mockery they made of it came home to roost. (Now they seek to trash it completely by having their appointed judges vitiate them - leading to a destruction of capitalism.) It will always be, like busing, racial quotas, and low income housing - every stupid liberal idea towards social re-engineering destroys far more than it could have ever possibly achieved. Look what they have done, the waste, the lives, the enmity they created.

4) Our problems stems from too much government interference in the mortgage markets and mandating that subprime candidates be given loans by banks or by Fannie and Freddie. All real estate assets were artificially propped up by the government, to orgiastic levels, and when the Democratic constituency stopped paying back loans, that giant sucking sound was loan portfolios collapsing. Barney Frank, sleeping with a Fannie Mae executive whom he was overseeing, is part of a protected class who is not accountable for their actions, but Frank is one individual, if one was to be named, who is most responsible for this financial crisis.

Some more observable truths...

http://www.youtube.com/watch?v=ZWVmlxhk-tU

Interesting perspective about a socialist thug and his view on our markets. Cramer clearly discusses a major tenant of the Obama socialist agenda.

The truth is clearly against your view that it is so important to create a “new truth” to develop a fiction.

Cramer is absolute scum no matter how you slice it. We need to rid ALL of Wall-Street of corrupt scumbags destroying capitalism.

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.