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Stewart Took a Cheap Shot at Cramer, CNBC

Even CEOs couldn't predict crisis, let alone analysts covering them

By Kevin Spak,  Newser Staff

Posted Mar 17, 2009 7:43 AM CDT

(Newser) – Jon Stewart’s pantsing of Jim Cramer was nothing but a “cheap shot,” writes Richard Cohen in the Washington Post. CNBC’s crew wasn’t covering up the impending crisis, and neither were the CEOs they interviewed. Many, including head honchos at AIG, Lehman Brothers, and Citigroup, lost fortunes investing in their companies. If they didn’t realize the stocks were doomed, “how was even Jim Cramer to know?”

Sure, CNBC, like most business media, was a “cheerleader for the zeitgeist." But even if financial journalists did know, what could they do? "They cannot barge into AIG and demand to see the books." Stewart "plays a valuable role," admits Cohen. "He mocks authority, which is good, and he mocks those, such as the media, who take the word of authority as if, well, it's authoritative. But given the outsize reception to his cheap shot at business media, he ought to turn his wit inward: Mocker, mock thyself."

In this March 12, 2009 file photo, Jon Stewart hosts a taping of Comedy Central's The Daily Show with Jon Stewart  in New York.
In this March 12, 2009 file photo, Jon Stewart hosts a taping of Comedy Central's "The Daily Show with Jon Stewart" in New York.   (AP Photo/Jason DeCrow, file)
In this Oct. 8, 2008 file photo, host Jon Stewart gestures during a taping of The Daily Show with Jon Stewart  in New York.
In this Oct. 8, 2008 file photo, host Jon Stewart gestures during a taping of "The Daily Show with Jon Stewart" in New York.   (AP Photo/Evan Agostini, file)
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It does not take cable TV to make a bubble. CNBC played no role in the Tulip Bubble that peaked, as I recall, in 1637, or in the Great Depression of 1929-41. - Richard Cohen

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COMMENTS
Showing 3 of 14 comments
Robert_Dada
Mar 17, 2009 12:54 PM CDT
You are correct. There were many pieces published long before this happened warning of the impending collapse.
Doctor-Zaius
Mar 17, 2009 12:47 PM CDT
There were those who knew. But they were ignored.
riffran
Mar 17, 2009 9:51 AM CDT
carefull, that sounded a lot like a conservative point of veiw...rofl...just kidding......(your right about "live with the consequences" thing..lol)

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