By Frank MacekIf you haven't heard about the attack that Jon Stewart made on CNBC "Mad Money" host Jim Cramer on "The Daily Show" this week, you'll be shocked to find out that according to Jon - the media (and specifically CNBC) is basically to blame for the downward spiral of the economy.
Jon feels the media (for which he is a part) should be the central whipping post for the miserable failure of the Bush Administration's policies that refused oversight of the greedy Wall Street swine and their oil rich, controlling buds. So, Jon takes aim at someone he apparently doesn't like, Jim Cramer, and faults - only - CNBC for not accurately reporting that problems were brewing - and that Jim Cramer led the way in deceiving his viewers. Now, we have shifted from the media to just CNBC.
For those of you intelligent enough to understand the workings of the fourth estate, the media's job is to report the news...we don't predict it. Should we lead our newscast tonight with "Dozens will die in car accidents, maybe, tomorrow?" If we did, Jon would say that we might be scaring people into not driving their cars anymore. We might then be responsible for the collapse of the gas futures market or auto sales?
Stewart seems to believe that Cramer misleads the public about where to invest and why. It's true that investors have come to believe in the sound reporting of CNBC when it comes to financial news. But, no one has yet to master the future of the market - and how can we expect Jim Cramer to be any different?
"Mad Money" is as much entertainment as business. The format works for a reason: people like the entertainment value while trying to understand the market. Is Jim going to be right every time, No.
The viewer controls the power. Take that little remote and change the channel if you feel a show is biased or not reporting factually. That is the surest way to get it off the air. You have the power, not the networks in this new media age. But, now should we blame the public for watching? Jon would.
Our Director's Cut question is then why if Stewart felt that CNBC and especially Jim Cramer were so misleading investors and caused the downward spiral of the economy based on bad financial reporting, did Jon wait so long to "expose" this sinister plot to send investors into spiral? Jon apparently was far more intelligent than the rest of the world - but kept quiet until now.
We know this one already - Jon saved his attack for a RATINGS SWEEP PERIOD to benefit HIMSELF and his little show. Now, that IS fair and balanced reporting.
Jon, the rest of the media doesn't tolerable stupidity either.
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