Friday March 13, 2009 08:09 EDT
Jon Stewart is being widely celebrated today and Jim Cramer/CNBC widely mocked — both rightfully so — for Stewart’s devastatingly adversarial interview of Cramer (who, just by the way, is a Marty Peretz creation). If you haven’t yet seen the interview, you can and should watch it here; if you watch only one segment, watch the middle one and the beginning of the third.
Stewart focuses on the role Cramer and CNBC played in mindlessly disseminating and uncritically amplifying the false claims from the CEOs and banks which spawned the financial crisis with their blatantly untoward and often illegal practices. Here is the crux of Stewart’s critique of Cramer/CNBC:
In a sense, the media were victims of their own professionalism. Because there was little criticism of the war from prominent Democrats and foreign policy analysts, journalistic rules meant we shouldn’t create a debate on our own. And because major news organizations knew the war was coming, we spent a lot of energy in the last three months before the war preparing to cover it.