Peretz defends Cramer

Martin Peretz of The New Republic, an old friend of CNBC “Mad Money” host Jim Cramer, defends him and his forecasting on the show in a blog post Friday.

Peretz writes, “I’ve known Jim for more than 30 years. We’ve had spats two times. He was responsible once. I, the other. I’ve done business with him and made money with him. And we started The Street.com together. He is a trusted and loving friend.

“He is now being battered in the press. Mostly by people whose careers are built on ridiculing others. I happened to have watched the ‘Mad Money’ show in which he spoke about Bear Stearns. He did not not not not say that you needn’t worry if you had stock in Bear Stearns. He said you need not worry if you had a brokerage account with Bear Stearns. That was true… and still is true. But we all utter silly enough words in the ordinary course of life that we don’t have to invent them, and Jim has his share of them. I do, too.

“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.”

Read more here.