HBO comedian John Oliver launched a scathing attack on CNBC’s Jim Cramer on Sunday, twisting the investment guru for his volatility over the appropriate response to rising inflation over the past several months.
Oliver criticized Cramer during a lengthy segment about the ongoing inflation crisis on his “Last Week Tonight” show — noting that the CNBC host was among the “loud voices” who had originally agreed with the Federal Reserve and other policymakers that the problem was temporary albeit a rate hike Interest is not necessary.
For example, here’s Jim Kramer: answering the question ‘What if it was a trash can full of cocaine and business school flyers wishing you were a real boy,’ said Oliver.
In a clip from November 2021, Cramer emphasized that Fed Chair Jerome Powell should not “squeeze the brakes” on the economy by raising interest rates.
“The interim team will win,” Kramer said at the time. “I say stop worrying about inflation.”
“Okay, let’s put aside the fact that he’s speaking at an intense level there, which is best described as [Broadway actress] Oliver said sarcastically, “Patty LeBon scolds a rude member of the audience, it is very clear that this clip, like Jim Kramer himself, did not age very well.”
Oliver added that Cramer made a “full 180” on his stance on inflation within six months of his original rant — and played a segment in which the CNBC host hit “a completely different tune.”
I think Powell may not understand. “We have to break this and we have to break it now, because that was the week I realized it was inflamed and it wasn’t gone,” Kramer said in the second clip. “I just didn’t know it was as bad as it is. It’s in every aisle. Inflation is in every aisle.”
Oliver expressed skepticism about the change in Kramer’s speech.
“Wow, that was a very exciting turnaround. It went from being loudly unconcerned about high prices to full ‘inflation’ in a matter of months,” Oliver said.
“The reality is that a lot of smart people – and Jim Kramer – have read this situation wrong and there really isn’t a roadmap for what to do next,” Oliver added.
Powell, Treasury Secretary Janet Yellen and others have since admitted that they were wrong in concluding that inflation would subside as supply chain bottlenecks eased in the era of the pandemic.
The Federal Reserve is aggressively raising interest rates in an effort to tame inflation, which hit a new high of 9.1% last month.
Kramer has not publicly responded to Oliver’s segment. The Post has reached out to CNBC for comment.