The feud with CNBC and Jim Cramer had been building for almost two weeks, and one has to give Cramer credit for coming on the show to try and end it, but Stewart took Cramer, CNBC and, by extension, the entire entertainment-industrial complex to task. Stewart essentially represented the American people -- everyone who lost half their IRA in four months thanks to massive, massive Wall Street greed -- while Cramer revealed in his whipped-dog response to the grilling a number of things:
- He doesn't realize that he is "them."
- He's not a responsible financial journalist, he's just a guy with opinions for hire.
- When the faux-anchor of a fake news show is asking tougher questions than an entire financial news network, that network loses whatever reputation it may have thought it had as a responsible financial journalistic outfit, and instead appears to be just another cheap sales job on those rubes we call the American people.
Stewart's a hero for standing up and challenging the media powers, even it through their court jester.
Oh, and the markets are up significantly this week. Does that mean that Obama is a hero, or at least can the stupid people on TV stop blaming him for the crash now?
2 comments:
Not saying Stewart isn't in the right, but speculation is speculation.
Also financial advice either is null and void 5 seconds after it's given or becomes very valid. Anything Cramer usually says affects the stock. If he says Stark Industries is a weapons company that doesn't build weapons, that stock is going to tank even farther.
If he says it's a good buy, and planes fly into a tower unexpectedly, or Obama gives his plan on how he's going to save the economy, a stock can tank. Stewart's show isn't a news show either, he might call it a comedy show, but really it's a 30 minute editorial (mostly political) with CC's Indecision '08.
Cramer is a crank and a psycho, and the whole rationale for what he does is incorrect. Anyone who watches cable TV for stock tips ought to save time by putting their $$ in a pile in the middle of the room and lighting it on fire.
Cramer - as you say - is just an opinion spewer passing himself off as a journalist, just like George Will or Broder or Friedman or Sully. Similarly, the idea that the financial press will "get it right" next time is a fantasy, just like the dream that the next time a Republican tries to take the US into a fake war guys like Will, et al will do anything other that cheerlead for the dominant political force.
While it's heartening to watch JS publicly humiliate Cramer don't expect anything at CNBC to change. In fact, the shenanigans over there will get worse because they understand that they have a serious probability of losing 50%+ of their viewership as the depression drags on.
(In fact Cramer's not even the worst guy on CNBC; that honor would have to go to his erstwhile sidekick, the cocaine-addicted thief, liar, pilferer of client accounts, and barred-from-the-securities-industry-for-life, Larry Kudlow, who is at the moment ludicrously claiming that he plans to run for Chris Dodd's Senate seat.)
ps: Mo, if any of your readers want some investment advice, here it is: buy gold, bottled water, and firearms.
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