March 2009 Archives

CNBC Under Siege

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Via Sully, CNBC takes a few more hits from "serious people":

Yale University chief investment officer David Swensen pulls a Stewart:

Jim Cramer exemplifies everything that's wrong with the advice -- and I put advice in quotation marks -- that is given to individual investors. Investing is a serious business. We're talking about retirement security of American citizens, and he turns it into a game. It's a game where his listeners lose. It's ridiculous. These high-turnover, rapid trading strategies enrich the brokers. If you look at Jim Cramer's approach on an after-fee, after-tax basis, the individual doesn't have a chance.

Stewart has so far devastated Cramer by simply showing evidence of his terrible, terrible judgment on stocks. The Bears stuff was just brutal - and Cramer's inability to take responsibility, like the neocons who still refuse to concede their Iraq mistake, makes him look weak. But then there's James Poniewozik. ... You want to look away.

Jon Stewart's Exposé of CNBC

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Jon Stewart has been there to express the outrage that most of us everyday people feel about what's happened on Wall Street and in the financial sector. His initial take on the chattering classes, particularly on CNBC, was absolutely must-see TV. He exposed Rick Santelli and the rest of the CNBC barkers for the carnival of fools that they are.

For the record, the next segment of that March 4th show was an interview with Joe Nocera of the NY Times which is one of the best explanations I've seen so far as to what's going on. But let's move on to the continuing saga of Stewart holding CNBC accountable for their fast and loose chatter.

The talking heads of CNBC took offense at The Daily Show's summary of their squawking, appearing on various other media channels to voice their displeasure. Finally, Jim Cramer of CNBC showed up last night on The Daily Show. He probably should have stayed home. Here's what happened, courtesy of the This Week with Barack Obama blog.

Part One

Part Two

Part Three and the outtakes are below the fold.