Scott Collins of the Los Angeles Times looks Monday at the controversy surrounding CNBC “Mad Money” host Jim Cramer and the growing competition that the network has with Fox Business Network.
Collins writes, “For his own part, Cramer insisted he ignores his legion of skeptics and haters. ‘I have not seen any of the Fox ads,’ he said. ‘You know why? For the same reason that I haven’t read a blog about me in years; I haven’t read an article about me in years. Because you know what? I gotta do my job.’
“Cramer explained that he advised viewers to sell stocks for near-future needs simply because that’s what he was doing. With a daughter headed to college next fall, he said that, as the market spiraled down, he frantically called his broker to cash out of some mutual funds. ‘I’m not just a TV person,’ he said. ‘What I am is a dad who happens to have a show.’
“But he wanted to make clear that he isn’t running away from investing in stocks. ‘I am still committing for my retirement. I’m not backing away. Because I have no intention of retiring in the next five years.'”
Read more here.
