Martin Peretz writes:
On Jim Cramer: What I think has happened between Cramer and part of the entertainment industry--which the fact and opinion industry is fast coming to resemble--is that Jim is actually animated by a passion. It is the passion of democratic capitalism. That concern is very different from the concerns of the $10-20 million television comedians who ride around in stretch limousines. Those folk are happy when the people are in trouble. Even Jon Stewart and the makers of his "Daily Show" are happy. Jim Fallows, an always righteous commentator (like his ex-boss Jimmy Carter), has elevated him to Edward R. Murrow who was also over-rated in his time. The folk Cramer has been trying to help all these years with "Mad Money" are basically middle class investors...
If Jim Cramer wants to help middle-class investors, he should begin every show by saying: "If your money is in the more informed half of actively-traded money, you should turn the channel right now: you won't learn anything here. If your money is in the less informed half of actively-traded money, you should turn off the set: find a Vanguard index bond fund and a stock fund, put your money in them by payroll deduction, and don't look at them for five years."
You can describe what Jim Cramer does in many terms. But none of them are that he is "trying to help... middle-class investors."