At approximately 1:40EDT today, there was a segment on CNBC debating the value of having a 401k. One of the guests, Daniel R. Solin argued against investing in 401ks.
Recommend! The People want to know!
As the CNBC guest Solin discussed the value retained in not investing in 401ks, he took a jab at CNBC's Jim Cramer's advertisment slogan "In Cramer We Trust." Instead, Solin mentioned that CNBC should market the slogan "In Bogle We Trust" (John Bogle - another supposed investment guru).
About a few minutes later, Jim Cramer made a sudden "cameo" appearance on the set as grabbed another anchors shirt mic and went into an angry retort (diatribe) defending his own advice given to CNBC viewers to sell equities over the past several months. In addition, Jim Cramer went after John Bogle regarding how the S&P is flat and how index funds are useless. Finally Jim Cramer didn't even wait for a response from Solin and stormed off the set. The anchors on the set were both amused and a little shaken.. Solin actually retorted well on his own after Cramer stormed away from the set.
Seems like the "Mad Money" host is feeling a lot of leftover heat as a result of the smackdown bestowed on him from Jon Stewart.
I honestly don't think it's fair to pick on CNBC.. I've seen a number of posts here that unfairly cherry-pick soundbytes that snowball into hundreds of critical entries but there were guys like David Faber and Joe Kernan who were calling out investment bank analysts well before Spitzer exposed them. Where are those clips? Where were the appreciation diary posts?
Does Jim Cramer have faults in his recs? Sure, but he's in the infotainment business and there is a disclaimer at the beginning of every show that asks investors to evaluate the information properly prior to executing trades. It's not like viewers are forced to watch his show and execute trades for everything he recommends! Come on people!