Mad Money Cover
In January 2006, Joseph Nocera, a business columnist at The New York Times, opined that the "people who are watching Mad Money and following Cramer's advice are fools. " In late January 2007, Henry Blodget – himself indicted for civil securities fraud in 2002 and banned for life from the securities industry – criticized Cramer for overstating his abilities as a market forecaster, noting that in 2006 Cramer's suggested portfolio lost money "despite nearly every major equity market on earth being up between about 15% and 30%". In August 2007, Cramer called for the Federal Reserve to support hedge funds that were losing money in the subprime mortgage crisis, prompting Martin Wolf, the chief economics commentator for the Financial Times, to accuse Cramer of advocating an offensive and catastrophic "socialism for capitalists". [unreliable source?] In March 2009, Cramer and CNBC were criticized by Jon Stewart of Comedy Central's The Daily Show. Stewart questioned CNBC's reporting practices and what should have been done to possibly aid in preventing the economic crisis occurring at the time.