It is in three parts, part one is below, then part two & part three.
If you have been following the stoush between CNBC's Jim Cramer and Comedy Central's Jon Stewart you will know it culminated in a rather bizarre interrogation of Cramer by Stewart on his Daily Show last week.
Stewart really gave it to him with both barrels.
Jon is a loony lefty but the interview is a cracker nonetheless.
The argument that Stewart put was basically that CNBC and business channels like it have been easy on the financial sector, don't ask the hard questions and do so because it is in the broadcaster's best interest to soft peddle their guests because it means more advertising from the likes of the very people that they are cosy with.
This has of course been exacerbated by the financial calamity we have had over the last few years and the fact that Jim Cramer and his ilk never asked the hard questions over the various banking collapses and financial skulduggery that has enveloped American business of late. Even when interviewees have knowingly lied to him he never thought to question them over their untruths.
Stewart also asked whether channels like CNBC were more a self interested group for business leaders to get their point across rather than there to inform the basic Joe on the street that they really should be there to inform the public, making a point that if CNBC were such financial experts then why didn't they inform the public of an impending financial collapse rather than continue to just spruik listed company managers and their companies to an unsuspecting sucker public.
Stewart put these questions to Cramer but was unable to get any more out of him than, "I will try harder..."
Watch the interview, it is priceless.
In New Zealand rather than ignorance our financial media suffer from incompetence, I'm not sure which is worse.
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Related Amazon Viewing
 | 60 Minutes - Jon Stewart (October 24, 2004) Buy new: $17.95 / Used from: $39.32 Usually ships in 24 hours |
c Share Investor 2009
Thanks for the Jon Stewart pointer. It should be compulsiory reading for eavery "financial adviser" in the country, and every journalist too. An in answer to your question, our financial journalists are incompetent, and it is worse . . .
ReplyDeleteDave, I think your financial journos are experienced/competent but many are choosing to ignore the facts and simply report any old crap just to stay in work.
ReplyDeleteIt IS despicable but the viewer/listener/reader must also learn to read between the lines and get their info from multiple independent sources.