Jon Stewart does the job that many folks are afraid to do. If you haven't seen this interview (and you'll have to get through a 30-second Hulu ad to see it) with Mad Money's Jim Cramer, watch this segment and then see the whole thing at www.thedailyshow.com.
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Stewart is an ass. Where was he two years ago when this was going on? He blames it all on CNBC, yet he has his own forum where he could have brought this to light. CNBC is the most unbiased channel of the cable news shows. It is nothing like Fox or MSNBC, or even Dave Letterman or Jon Stewart. You are an embarrassment Jon. Now media watchdog groups are calling for CNBC's head. Where were they two years ago? Why are they blaming CNBC when they could be blaming NY Times, Forbes, Wall St. Journal, etc. They obviously don't watch Cramer. They probably can't even locate CNBC on their home TVs. Media watchdog group and Stewart are just after the populist public (that don't pay attention) much in the same way Obama grabbed their attention.
I don't think anyone would confuse Stewart with a serious journalist. What his show does is show the absurdity of the pompous news gathering organizations and pokes a little fun at the power establishment.
CNBC is specifically a netword about business. One would have thought they would have been more critical or insightful about what was going on.
Even Cramer admits they were asleep at the switch. I give Cramer credit for coming on the show and defending the network.
I like CNBC, watch "Closing Bell" everyday and loved Rick Santelli's rant, but Stewart is right, you can't just blame homeowners for taking bad loans when it was the banks that simply winked at the rules and regulations and good common sense in making the loans.
It was a house of cards, and apparently everyone, except those of us who invested our hard earned money into 401ks, knew that all it was going to take was a little breeze to blow the whole thing down.
CNBC should have been more of an investigator than a cheerleader during the past few years.
Jon Stewart is a pompous ass, and he at least admits it, but his show is the purest form of political satire that we have today.
That's why I like it.
You are right, however, that the finger can be pointed in a lot of directions beyond CNBC.
I think Stewart took off on them because of their visceral reaction to his satire of them.
Just sayin'
"Everyone" did not know it was a house of cards. Every 401(k) has a money manager at the helm. Fidelity, where most boothies are invested, has some of the best in the business (contrafund, low-price stock fund). If "everyone" knew this was going to happen, they would have all sold short or bought puts or stayed entirely in cash and made us a ton of money in the process last year. Citigroup's investment branch and others would have made a pile of cash shorting their own stock. Cramer was specifically talking about what he would have done at his hedge fund, the seedy, unregulated side of the investment community that delighted in bringing the entire financial system down in order to line their coffers. Your logic and the entire populist argument on this escapes me, probably b/c 90% of Americans don't understand this at all and the politicians are capitalizing on it.
I just can't stand that most of this tragedy is the result of a form of gambling, and one where you're betting someone LOSES.
If the gaming commission can be such tough mofos, how were the SEC so easily duped?
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