Jim Cramer of Mad Money fame came on the Daily Show to “defend” his network. As you can see from the video, he puts up very little fight because he’s got no backing. They missed the boat. Stewart asks the question that I have for years about CNBC, “Why do you take the word of the CEO’s at face value. Your job, as financial reporters, is to do some other work to verify this info.” I think he sums up the frustration of everyone with part 3 of the interview.(To set this up, at the end of part 2, Jon showed a clip of Cramer talking about how to easy it is to manipulate stocks based on rumors.) The whole thing can be seen here.
I have never been a fan of Jim Cramer, you can ask any of my clients. I watch/or listen to CNBC on occasion to hear the headlines. However, like Cramer points out, they have 17 hours of live TV a day to fill. Give me 17 hours period and I will be out of material in 3. I have commonly referred to them as the Financial Inquirer. I have said for years that it’s entertainment first and financial news second.
Thanks, Jon Stewart for making legit what I have been saying for years.