CNBC Under Siege

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Yale University chief investment officer David Swensen pulls a Stewart:

Jim Cramer exemplifies everything that's wrong with the advice -- and I put advice in quotation marks -- that is given to individual investors. Investing is a serious business. We're talking about retirement security of American citizens, and he turns it into a game. It's a game where his listeners lose. It's ridiculous. These high-turnover, rapid trading strategies enrich the brokers. If you look at Jim Cramer's approach on an after-fee, after-tax basis, the individual doesn't have a chance.

Stewart has so far devastated Cramer by simply showing evidence of his terrible, terrible judgment on stocks. The Bears stuff was just brutal - and Cramer's inability to take responsibility, like the neocons who still refuse to concede their Iraq mistake, makes him look weak. But then there's James Poniewozik. Jesus. You want to look away.

(hat tip: Justin Fox)

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