Stewart boots Cramer

Wow. Please watch. For heaven’s sake pay attention. This is important.

PBS Planet Money earlier today:

You may recall that Stewart went after Cramer and his CNBC cohorts last week for giving bad stock tips and missing the big picture in the lead-up to the market’s collapse. Last night’s TDS was largely given over to an extended conversation between the pair, and Stewart went at Cramer for telling “Mad Money” viewers to take a long view on their investments even as he was aware that the “shenanigans” of heavy-duty investors had turned the market into a minefield.

2 Replies to “Stewart boots Cramer”

  1. Mike Roy (likesoy) wrote:

    The problem is that there’s no accountability on Stewart’s part. He can say whatever he wants, and if anyone calls him on it, he hides behind “I’m just a comedian.”

    He’s got a huge bias, and even if he admits that, millions of people are taking his view as gospel. I’m not saying he’s entirely wrong, but there’s a huge responsibility that goes along with that, so he can’t just have it both ways.

    Speaking of responsibility, an over-riding theme of his lecture last night was to take all responsibility away from the individual. Scary stuff.

  2. Chris Berg (BrokenBottle) wrote:

    I think that whether or not CNBC was giving out good stock tips wasn’t Stewart’s point. It started out with TDS making fun of the quality of CNBC’s tips but last night’s discussion with Cramer had a much larger point. Cramer was demonstrated to be a pretty bright guy who clearly knows how the stock market game can be played. Stewart’s point was that if Cramer (and presumably the other crew at CNBC) had that expertise at their disposal and didn’t use that expertise to flush out the BS the banks were handing them, then CNBC is complicit in the current banking fiasco. In the same way that Stewart called out Carlson and Novak on Crossfire for abdicating their responsibilities as journalists to be more than relays for political talking points, he called out CNBC for cheerleaders for the banks instead of doing their job and finding the facts behind the PR spin.

    I think that Stewart was fair to Cramer. He didn’t blame Cramer specifically but just used him as an example of why CNBC is misleading rather than informing their viewers. I suspect that Santelli would have gotten similar treatment had be been brace enough to show up a week ago.

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