In an uncharacteristically serious interview of Jim Cramer from CNBC’s Mad Money, Jon Stewart flays Cramer for his failure as a financial commentator. Stewart does an admirable job of critiquing both Cramer and his employer, CNBC for serving as lap dogs for Wall St.
The blogoshpere has been running amok with this interview. Cramer is pissed because he felt he was sandbagged. CNBC executives are in a fury because, well, somebody actually had the temerity to call them out as an incompetent financial news network. Others are critical of Mr. Stewart because of his political perspective, tossing about the “S” word and so on.
What’s important here is that Stewart raised this issue of the complicity of the media in this crisis. For too long, the print and broadcast media have served as groupies to corporations and have not asked the hard questions. Jim Cramer took his lumps but the financial press as a whole needs to be taken out behind the woodshed for their failure to offer a proper critique not just a bit of 20/20 hindsight.
Good job Jon.
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